Summary of 31 March 2025 से पहले ये 21 काम जरूर review करें, ताकि लाखों मैं interest और penalties बच सके
Summary
In the video titled "31 March 2025 से पहले ये 21 काम जरूर review करें, ताकि लाखों मैं interest और penalties बच सके," CA Mahi Punetha discusses critical financial strategies and actions that professionals, especially Chartered Accountants (CAs) and business owners, should undertake before the end of the financial year on March 31, 2025. The aim is to avoid interest, penalties, and ensure smooth financial operations in the upcoming year.
Main Financial Strategies and Key Points:
- Review Pending Income Tax Returns: Ensure all client Income Tax Returns are filed before March 31 to avoid increased outflow due to budget changes.
- Evaluate Tax Regimes: Assess if the old tax regime is more beneficial for clients with significant investments and ensure all deductions are claimed before the deadline.
- Advance Tax Payments: Confirm that all advance tax liabilities are settled to avoid interest penalties.
- Organize Investment Documents: Collect and organize all investment proofs to facilitate timely income tax return filing.
- Export Business Preparations: For clients engaged in exports, file the necessary forms to export without paying GST.
- Reconcile Financial Records: Match GSTR filings to ensure accuracy and reduce litigation risks.
- Evaluate Composition Scheme Eligibility: If beneficial, switch to a composition scheme by filing the required forms before the deadline.
- Maximize Tax Deductions: Review all potential tax-saving investments and contributions to ensure maximum deductions are claimed.
- Monitor GP/NP Ratios: Regularly check gross profit and net profit ratios to maintain consistent financial performance.
- Review Form 26AS and TDS: Ensure TDS and other tax deductions are accurately reflected in Form 26AS to avoid discrepancies.
- GTA Business Compliance: If applicable, file necessary declarations for switching between forward and reverse charge mechanisms.
- Check Accounting Accuracy: Verify that all income and expenses are recorded correctly to prevent year-end discrepancies.
- MSME Compliance: Ensure all outstanding dues are paid to avoid penalties under Section 43BH of the Income Tax Act.
- Reverse Charge Mechanism: Check compliance with RCM for commercial renting and ensure correct ITC reversals are made.
- Amnesty Scheme Benefits: Review eligibility for the Section 128A Amnesty Scheme and ensure tax payments are made to benefit from it.
- Aggregate Turnover Evaluation: Assess whether the aggregate turnover exceeds 5 crores to prepare for changes in HSN requirements.
- ITC Reversal for Unpaid Suppliers: Ensure ITC is reversed for payments not made within 180 days as per Rule 37.
- Compliance with GST Rules: Check adherence to GST rules regarding input tax credits and necessary reversals.
- E-invoicing Considerations: If turnover is near the 5 crore threshold, prepare for e-invoicing requirements.
- Employee TDS Adjustments: Employees should request projected Form 16 from employers to ensure all claims are accounted for.
- General Review: Encourage a thorough review of all points mentioned to facilitate smooth filing and minimize future issues.
Presenters/Sources:
- CA Mahi Punetha
- Tax Capshop Channel
Notable Quotes
— 00:00 — « No notable quotes »
Category
Business and Finance