My provision for tax as per accounts is Rs.472000/- but per Income tax act tax settled at Rs.744000/- how should I deal with the difference. I have filed the Income tax return by showing the provision of Rs.472000/- only I have not created the short provision now pls suggest me what is the option. should I need to provide for such short provision in accounts and adjust the accounts as at 31st March and Income tax return as well pls suggest thaanks for all.
1 Replies
CA Goutam Sharma
(Chartered Accountant in Practice)
(468 Points)
Replied 08 October 2011
Ravi ,
You need not revise the return at all.
All you need to do is to adjust the claim of IT department in your books.
However, be sure about the claim ie whether it includes any interest or not. If so then ,adjust the amount by segregating the two in P/L A/c
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