Contract receipts

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

28 September 2011 PLZ GIVE SOLUTIONS TO THIS:

IN KVAT MONTHLY RETURNS CONTRACT RECEIPTS HAD FILED RS.50 LAKHS INSTEAD OF 5 LAKHS, RETURNS ARE NOT REVISED WITH IN 6 MONTHS WHILE DOING 44AB AUDIT THIS MISTAKE HAS FOUND BUT AUDITOR CONSIDERING THE FILED TURNOVER ONLY. IS THERE ANY REMEDY TO COME OUT THIS PROBLEM.

Querist : Anonymous

Querist : Anonymous (Querist)

07 October 2011 NO REPLY PLEASE GIVE REPLY

CA UMESHKUMAR R. ACHARYA

CA UMESHKUMAR R. ACHARYA (Expert)
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05 December 2011 So far as Income Tax Act is concerned you donot have to worry as filing return under kvat is no conclusive and after all it was a typografical or other error only. you can file your it return after taking into consideration actual Contract receipt/Turnover.

Under KVat if time for revised return has passed you can rectify the mistake while filing annual return.

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