DEAR FRIENDS,
A PRIVATE LIMITED COMPANY PURCHASED CERTAIN GOODS ON 8/4/2010.THE SUPPLIER OF THE SAID GOODS BOOKED HIS SALES ON 31/3/2010 SINCE THAT WAS THE DATE WHEN THE GOODS WERE DISPATCHED FROM HIS FACTORY.
THE SAID ACCOUNTS OF THE PRIVATE LIMITED COMPANY HAS BEEN TAX AUDITED AND THE REQUISITE PROCEDURES PERTAINING TO COMPANIES ACT I.E FILING OF ANNUAL RETURN,ACCOUNTS ETC HAVE BEEN COMPLETED.
THE SAID COMPANY HAS NOW RECEIVED A REQUEST FROM ITS SUPPLIER FOR ISSUE OF "H" FORM FOR THE LAST QUARTER I.E FROM 1/1/2010-31/3/2010.HOWEVER THE PRIVATE LIMITED COMPANY CONTENDS THAT IT HAS BOOKED PURCHASES IN THE NEXT YEAR AND HENCE CANNOT ISSUE "H FORM" FOR THE LAST QUARTER BUT CAN ISSUE IT IN THE FIRST QUARTER FOR THE SAID GOODS.
WHAT ARE THE OPTIONS AVAILABLE TO THE PVT LTD COMPANY KEEPING IN MIND INCOME TAX ACT,COMPANIES ACT AND MAHARASHTRA SALES TAX ACT.
PL GIVE SPECIFIC REFERENCE TO COMPANIES ACT AND INCOME TAX ACT REGARDING REVISING OF RETURNS WHICH WILL BE A COMPLICATED AFFAIR.
IS THERE ANY WAY TO AVOID REVISING OF RETURNS???
PL DO LET ME KNOW AT THE EARLIEST.
CAclubindia
