Wishing each and every one a very pleased and well-to-do new Fiscal Year 2025 – 26
Fiscal year end 2024 – 25 – Accounts closing Advisory
As we all aware, fiscal year 2024 – 25 is fast approaching and here is our quick advisory for your reference and perusal:
- Get the balance confirmation from Bank/s (For current account as well as loan/OD/PC/CC and EEFC accounts).
- Get the balance confirmation for receivables.
- Get the balance confirmation for payables.
- Credit Card / Debit Card account reconciliation.
- E wallet account reconciliation.
- Ledger review.
- Re grouping / classification of expenses, if any.
- Updating the capital work in progress.
- Working and recording the depreciation Journal Entry.
- Recording all the expenses and incomes as per matching principle.
- Provision for expenses, incomes and TDS there on, if any.
- Physical verification of stock / inventory.
- Fixed assets physical verification.
- MSME declaration to be obtained from all the vendors.
- Advance Tax Payment – 4th Installment (Due by 15th March 2025).
- Statutory schedules – TDS, eTDS, PF, PT, ESI and GST, etc.
- eTDS filing – Q4.
- Issuing form 16.
- Issuing form 16A (4th Quarter).
- Foreign currency Debtors and Creditors reinstatement.
- Recording foreign currency gain / loss JE.
- Annual filing and reconciliation of PT, PF, ESI and GST, etc.
- Preparation of Profit and Loss account & Balance Sheet schedules and tying the same with Trial Balance.
- As soon as the books of accounts are updated / reviewed and verified, please go ahead and prepare the financial statements as per the companies Act, 2013 and rules thereon.
- Audit for the fiscal year.
- Tax Audit and ITR filing.
- ROC filing.
- TP filing.
Thank you.
Courtesy: Team Tax Accounting @ Ganashri
Ganashri Advisers India LLP | +91 94801 18310 | +91 83106 26652 |
https://www.ganashri.com | cg@ganashri.com
Disclaimer
This document has been issued in the general interest of knowledge transfer purpose and it cannot be construed in any other manner whatsoever.