• Audit

This year my turnover going to exceed 2 crore so i need to get my account audited..? 
Suppose my accounts get audited and CA FILED the return and audit report and after that i find some error in my accounts say double entry of single invoice or skipped invoice as a result the figures of my accounts get change.. so than whats the remedy for that should i have to get my accounts audit again or CA will revise the return again..?
And also what information does contain the audit report ..? Means full balance sheet will go in that audit report.. say all my assests acquired till date..?
And if audit report not revised than what will be the consequences
Asked 3 months ago in Income Tax from Rewari, Haryana

Audit report and ITR both can be revised. Audit report is focused on your financial details and statutory compliances.

Vivek Kumar Arora
CA, Delhi
2412 Answers
105 Consultations

5.0 on 5.0

Dear Sir,

 

Hope you are doing well !!

 

Both can be revised subject to certain conditions. 

Payal Chhajed
CA, Mumbai
2069 Answers
17 Consultations

5.0 on 5.0

Yes you need to get accounts Audited under Income Tax. further you will also be audited under GST.

If the magnitude is not large than you can rectify that in next period by making reversal entry & disclosing effect of such error in subsequent Audit report.

Chirag Maru
CA, Raipur
147 Answers

5.0 on 5.0

Dear Sir

Tax Audit is applicable once your Turnover Exceeds Rs. 1Cr.

Yes ,you can file revised iTR & Tax Audit Report within the closing relevant assessment year.

Audit Report contains various concerned info. related to your business & Misappropriation in books of Accounts to be reported,Only Balance Sheet & p &L to be attached with Tax Audit Report.

Shiv Kumar Agarwal
CA, Delhi
297 Answers
66 Consultations

5.0 on 5.0

First of all the auditor needs to check whether everything is correct or not whether all invoices have been presented and all invoices present have been entered in the books and he mentions that audit report has been prepared based on the document presented by the assessee so it's the work of the assessee to provide all the documents in time.

However audit report and income tax return can be revised later on but generally audit report are not adviced to be revised.

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvements.

Thank you

Naman Maloo
CA, Jaipur
1363 Answers
16 Consultations

5.0 on 5.0

Hi

One needs to get his accounts audited if his turnover exceeds 1cr (2cr in case of presumptive taxation). Audit of accounts is nothing but a review and observation of the maintenance of accounts and financial statements and to report discrepancies, if any.

The copies of balance sheet and profit and loss account are to be annexed with the audit report.

In case of errors, ITR can be revised. Audit report can also be revised, but on very rare conditions.

Lakshita Bhandari
CA, Mumbai
2945 Answers
131 Consultations

5.0 on 5.0

Hi

Yes you have to get your account audited in these case. 

Yes return can be revised.

Yes full balance sheet will go in return.

 

Hope it helps

Swati Agrawal
CA, Indore
1006 Answers
3 Consultations

5.0 on 5.0

I won't suggest you to purchase car in cash because neither big businessman take car in cash eventhough they have lot of money in bank. So I will suggest you to take loan and then repay loan using your cash till then give your cash on loan and earn interest.

Regarding income tax there won't be any jail to you if you pay all tax, interest and penalty and this will surely attract notice so it's better to take loan and start filing ITR by atleast showing 3 lakh income every year.

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you

Naman Maloo
CA, Jaipur
1363 Answers
16 Consultations

5.0 on 5.0

There is no limit on having cash in hand if you can justify that cash.

 

It becomes difficult to justify the cash when you don't file return.

 

There is a possibility that you might receive notice since income tax department tracks the huge cash spending.

 

Penalty is at the discretion of tax officer. Jail is not very common. I haven't seen department puting in jail for such small things.

 

 

Lakshita Bhandari
CA, Mumbai
2945 Answers
131 Consultations

5.0 on 5.0

Hi,

 

There is no limit of cash in hand.

 

You might receive notice from tax department as you are no filing tax return.

 

If you not given satisfactory answer to department on notice then you may be charged for penalty not jail.

 

 

 

Payal Chhajed
CA, Mumbai
2069 Answers
17 Consultations

5.0 on 5.0

There would not be any issue if the earnings form the savings as below the maximum exemption limit. 

 

Vivek Kumar Arora
CA, Delhi
2412 Answers
105 Consultations

5.0 on 5.0

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