Recification Entry
This query is : Resolved
30 May 2008
Can we Pass Rectification Entry of 2007-08 in fin yr 2008-09 in any condition
30 May 2008
i think u can if it is not possible in 2007-08. but pls don't try to create suspence, simply ask by giving an example of wrong entry.
30 May 2008
in following cases
1.Last year exp. is booked short/ Excess
2.Last year income is booked short/excess
3.last year asset is booked short/excess
4.last year liab is booked short/excess
in case of return is filled and not filled
1.Last year exp. is booked short/ Excess
2.Last year income is booked short/excess
3.last year asset is booked short/excess
4.last year liab is booked short/excess
in case of return is filled and not filled
30 May 2008
if return not filed: if ur accounting software allows to modify old entries or make entry on 31.03, then do it in same year. otherwise make entry in next year.
if return filed : all these are cases of wrong estimate, u can make correction entry in next year, it is fully allowed by accounting principles and tax laws.
if return filed : all these are cases of wrong estimate, u can make correction entry in next year, it is fully allowed by accounting principles and tax laws.
31 May 2008
If i Pass rectification JV - where in i have debited or credited worng account in 2007-08 can i rectify the same in current year 2008-09 after return is filled
31 May 2008
31 May 2008
if i Debit "A" Branch instead of "B" Branch in 2007-08 then can i pass rectification entry in 2008-09 after return is filed for 2007-08
02 June 2008
remember one golden rule :
NO RESTRICTION ON PASSING RECTIFICATION ENTRIES ANY TIME.
u can pass any rectification entry as soon as u find the error. so don't worry, go for it.
if return not filed : if can pass in relevant year, pass it
if return filed : pass in earliest date in which u can.
but on the other hand i suggest that if the error make material change in taxable income and u can rectify in relevant year, better u pass in that year and revise the return.
NO RESTRICTION ON PASSING RECTIFICATION ENTRIES ANY TIME.
u can pass any rectification entry as soon as u find the error. so don't worry, go for it.
if return not filed : if can pass in relevant year, pass it
if return filed : pass in earliest date in which u can.
but on the other hand i suggest that if the error make material change in taxable income and u can rectify in relevant year, better u pass in that year and revise the return.
05 June 2008
whever u have problem, call me are sms me on 09424515253. through chat we can solve problem. (I am account teacher since 20 years. So many my student get rank in CA Exams.) SUBJECT OF EMAIL SHOULD BE "ONLINE ACCOUNT STUDENT AVAILABLE"
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