As we all aware, fiscal year 2020 – 21 is fast approaching, we have noted down the following activities:

  1. Balance confirmation from Bank/s (For current account as well as loan/OD/ PC/CC and EEFC accounts).
  2. Balance confirmation for receivables.
  3. Balance confirmation for payables.
  4. Ledger review.
  5. Re grouping of expenses, if any.
  6. Updating the capital work in progress.
  7. Working and recording the depreciation Journal Entry (JE).
  8. Recording all the expenses and incomes as per matching principle.
  9. Provision for expenses, incomes and TDS there on, if any.
  10. MSME declaration to be obtained from all the vendors.
  11. Advance Tax Payment (Final Installment).
  12. Statutory compliance schedules – TDS, PF, PT, ESI and GST, etc.
  13. Issuing form 16 and Form 16A (4th Quarter).
  14. Foreign currency Debtors and Creditors reinstatement as of 31st March 2021.
  15. Recording foreign currency gain / loss JE.
  16. Preparation of PL & Balance Sheet schedule and tying the same with Trial Balance.
  17. Once the books of accounts are updated, preparation of financial statements as per the companies Act.
  18. Audit for the fiscal year – 2020 – 21.
  19. Tax Audit and ITR filing.
  20. ROC filing.
  21. TP filing.

** Please keep in touch with your tax consultant / adviser for more clarifications, if any.