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CA Chandan Shahi
Startups | Tax | Acc... • 3m
Here are 10 important accounting tasks to complete before 31-03-2025 to ensure a smooth financial year-end closing and compliance: ✅ 1. Reconcile All Bank Accounts Ensure that bank statements match the books of accounts. Resolve any discrepancies between bank balances and accounting records. ✅ 2. Review and Clear Outstanding Receivables and Payables Follow up on pending customer payments to reduce outstanding receivables. Ensure all vendor payments are accounted for and clear pending liabilities. ✅ 3. Verify and Adjust GST Filings Cross-check GST returns (GSTR-1, GSTR-3B, and GSTR-9). Ensure proper input tax credit (ITC) reconciliation and resolve mismatches. File any pending GST returns. ✅ 4. Review TDS and TCS Compliance Ensure all TDS/TCS deductions and deposits are correctly recorded. File pending TDS returns (24Q, 26Q) and generate Form 16 for employees. ✅ 5. Depreciation and Fixed Asset Register Update Update fixed asset register with new additions and disposals. Charge depreciation as per applicable rates and methods. ✅ 6. Finalize Provisions and Accruals Record all year-end provisions (e.g., salary, bonuses, audit fees). Ensure expense accruals are accurate and complete. ✅ 7. Stock Valuation and Physical Verification Conduct a physical stock count. Reconcile stock discrepancies and update the books accordingly. Value closing stock as per accounting standards. ✅ 8. Review and Record Adjustments for Prepaid and Outstanding Expenses Adjust prepaid expenses for the current financial year. Record any outstanding expenses to match with the actual period. ✅ 9. Prepare Financial Statements Draft the Profit & Loss Account, Balance Sheet, and Cash Flow Statement. Analyze variances and reconcile all major accounts. ✅ 10. Tax Planning and Filing Preparation Estimate taxable income and plan for tax-saving options (investments, deductions). Ensure compliance with advance tax payments and adjust any shortfall. #incometax #gst #compliance
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