As we all aware, fiscal year 2020 – 21 is fast approaching, we have noted down the following activities:
- Balance confirmation from Bank/s (For current account as well as loan/OD/ PC/CC and EEFC accounts).
- Balance confirmation for receivables.
- Balance confirmation for payables.
- Ledger review.
- Re grouping of expenses, if any.
- Updating the capital work in progress.
- Working and recording the depreciation Journal Entry (JE).
- Recording all the expenses and incomes as per matching principle.
- Provision for expenses, incomes and TDS there on, if any.
- MSME declaration to be obtained from all the vendors.
- Advance Tax Payment (Final Installment).
- Statutory compliance schedules – TDS, PF, PT, ESI and GST, etc.
- Issuing form 16 and Form 16A (4th Quarter).
- Foreign currency Debtors and Creditors reinstatement as of 31st March 2021.
- Recording foreign currency gain / loss JE.
- Preparation of PL & Balance Sheet schedule and tying the same with Trial Balance.
- Once the books of accounts are updated, preparation of financial statements as per the companies Act.
- Audit for the fiscal year – 2020 – 21.
- Tax Audit and ITR filing.
- ROC filing.
- TP filing.
** Please keep in touch with your tax consultant / adviser for more clarifications, if any.
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