revised tax audit

This query is : Resolved

Pankaj Jhawar (Querist)
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27 January 2011 After filing of ITR in time , the assessee found some mistake in the profit and loss account. Due to this there was incorrect computation of deduction u/s 80IB.
Now the assessee (partnership) wants to corect its balance sheet, revised correct ITR and claim correct 80IA deduction.

How the same can be done. What will be the date of revised tax audit. Will deduction will be available U/s 80IA

Guest

Guest (Expert)

27 January 2011 There is no provision for revised tax audit. However, you can revise the return of income within the limitation depending on A.Y. if your original return was filed timely.

CA Shiv

CA Shiv (Expert)
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28 January 2011 Agree.. There is no provision to revise the Tax audit. Also Tax audit view can differ from assessee and CA. and its not wrong also.

Revise ITR and Balancesheet. And if its done this year than original balance sheet and Tax audit report is not submitted to IT. And no need to change tax audit report.

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Guest

Guest (Expert)

28 January 2011 I don't think that a CA can change his audit report

CA Shiv

CA Shiv (Expert)
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28 January 2011 I didnt mention that CA needs to change Uadit report in this case.

And yes if it is required in certain specific cases, than CA can change the audit report. there is no restriction in ACT i guess.

Pankaj Jhawar

Pankaj Jhawar (Querist)
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29 January 2011 There was some incorrect figures in the Profit and loss account and Balance sheet due to which the annual accounts are now getting changed. so what is the remedy then to the tax auditor.
Further what are the ICAI guidelines for tax auditor in this respect

Guest

Guest (Expert)

29 January 2011 You may pl call at 09414463655 if you have not filed audit report .

Guest

Guest (Expert)

29 January 2011 As per institutes guidelines, CA can not change the report.

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Pankaj Jhawar

Pankaj Jhawar (Querist)
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31 January 2011 which guidelines...pls let me know the specific guideline as the assessee is changing his P/l so i wnat to see the consequences..

Guest

Guest (Expert)