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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






 
     
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