Season’s Greetings
Due date of income tax return filing for non-audit cases is coming very close. Any delay in filing will entail financial losses and penalties. Some steps need to be taken at your end before sharing data with us:
INCOME TAX
- Reconcile 26AS, AIS and TIS
- If TDS / TCS/ Advance Tax is short deducted - then pay it now.
- Ensure filing your return within due date to avoid late fee and time barring.
GST
- Yearly sales and purchase as per accounts should match with GST portal.
- While filing March’ GST return include rectification entry if required.
- File GST refund application before it becomes time barred.
- Pay creditors within six months to avoid reversal of ITC claimed.
INVESTMENT
- Review asset allocation and use SIP to achieve your goals.
- As per SEBI report – F & O trades - more people lose money
- Review old fixed deposits made at lower rate of interest and take benefit of higher interest currently on offer.
INSURANCE
- Assess insurance needs of business and family and take adequate enhanced risk cover.
GENERAL
- Update Bank Account, Mail Id, Mobile No and address on IT and GST site.
- Review outstanding loans to negotiate better terms with other lenders.
- Ensure Nomination for all assets and insurance policies.
- Check mail box daily / regularly for communication from Govt department.
Best Regards - Team CANRT - 30.06.2024
Disclaimer: The above discussion is for the information purpose, exclusively for our clients and do not constitute an advice or a legal opinion. If the reader needs details or wants to enquire further related to any of the above points, please write to us at support@canrt.com, alternatively, you can reach us at - 40151490 - 26855301