CA CMA Syam sundar

  Important Terms in GST 1. GSTIN (Goods and Services Tax Identification Number) 2. CGST Collected by the Central Government on intra-state supply of goods/services. 3. SGST Collected by the State Government on intra-state transactions. 4. IGST Levied by the Central Government on inter-state supply and imports/exports. 5. Input Tax Credit (ITC) Credit of GST paid on purchases that can be set off against GST payable on sales. 6. Output GST GST charged by a business on the outward supply of goods or services. 7. Composition Scheme A simplified scheme for small taxpayers with turnover below a threshold to pay tax at a fixed rate without ITC. 8. HSN & SAC Codes HSN (Harmonized System of Nomenclature) for goods and SAC (Services Accounting Code) for services. 9. Reverse Charge Mechanism (RCM) Liability to pay tax is on the recipient of goods/services instead of the supplier under specific circumstances. 10. Aggregate Turnover Sum total of all taxable, exempt, ...

  Annual Compliance Requirements for a Private Limited Co. in India Pvt Ltd Co. in India must comply with several regulatory requirements under the Companies Act, 2013, the Income Tax Act, and other applicable laws. Timely compliance not only ensures smooth functioning and legal standing but also helps avoid hefty penalties and director disqualification. 📅 Key Annual Compliance Requirements 1. Board Meetings ·      Frequency: Minimum of 4 meetings in a financial year (at least one per quarter). Except OPC, Small Companies, and Dormant Companies. ·      Gap Between Meetings: Not more than 120 days. ·      Documentation: Proper minutes must be maintained for each meeting. 2. Annual General Meeting (AGM) ·      Requirement: Mandatory each year (except the first financial year). ·      Due Date: Within 6 months from the end of the fin...

  IAS 37 – Accounting for Provisions and Contingencies: Simplifying the Complex Uncertainty is a reality in business. IAS 37 provides clear guidelines for managing these uncertainties by explaining when and how companies should recognize or disclose provisions, contingent liabilities, and contingent assets. => Key Considerations under IAS 37: a) Provisions (Recognize and Measure): Provisions are liabilities of uncertain timing or amount. A provision should be recorded if: - There is an obligation (legal or constructive) from past events. - The company expects it will probably (more likely than not) have to pay. - The amount can be reasonably estimated. Common examples: Doubtful debts, Stock losses, Warranties, or restructuring expenses. b) Contingent Liabilities (Disclose but Do Not Recognize): These are potential obligations depending on future events or existing obligations where payment is unlikely or can't be estimated reliably. Companies don't record t...

  𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝘀 𝗥𝗲𝗰𝗼𝗻𝗰𝗶𝗹𝗶𝗮𝘁𝗶𝗼𝗻 Accounts reconciliation is the process of comparing and matching financial records from two sources to ensure consistency, accuracy, and completeness. It helps detect errors, discrepancies, or fraudulent activities. ✅ Key Steps in Accounts Reconciliation: 1️⃣ Gather Records: Collect relevant documents like bank statements, invoices, receipts, and ledgers. ◀️ Compare Transactions: Match transactions from internal records with external documents (e.g., bank statements). 6️⃣ Identify Discrepancies: Look for missing transactions, duplicate entries, or incorrect amounts. ✅ Adjust Records: Make corrections or investigate inconsistencies. ◀️ Verify Balances: Ensure final balances agree after reconciliation. ✅ Types of Accounts Reconciliation: 1️⃣ Bank Reconciliation • Purpose: Compare cash ledger with bank statement. • Key Focus: Match deposits, withdrawals, and balances. • Common Discrepancies: Outstanding checques, bank fees, recording er...

  IAS 21 – Practical Guidance on Foreign Currency Translation Companies operating internationally face significant complexities due to currency fluctuations. IAS 21 provides comprehensive guidelines to ensure transparent and consistent financial reporting across different currencies. Key Areas Covered by IAS 21: => Determining Functional Currency: Entities must identify their functional currency—the currency of their primary economic environment. Indicators for this determination include: - The currency that mainly influences sales prices for goods and services, - The currency of the country whose competitive forces primarily determine sales prices, - The currency used for operational expenses and financial activities (e.g., payroll, purchases, loans). => Recording and Translating Foreign Currency Transactions: Transactions in foreign currencies must initially be recorded using the spot exchange rate on the transaction date, and subsequently, they foll...

ROC Compliance Due Dates for FY 2024–25 1. April 30, 2025 Form MSME-1 (Half-Yearly Return) Filing of outstanding dues to Micro and Small Enterprises for the period October 1, 2024, to March 31, 2025. 2. May 30, 2025 Form 11 (Annual Return of LLP) Applicable to all LLPs for the financial year ending March 31, 2025. Form PAS-6 (Reconciliation of Share Capital Audit Report) Applicable to unlisted public companies for the half-year ending March 31, 2025. 3. June 30, 2025 Form DPT-3 (Return of Deposits/Exempted Transactions) To be filed by companies (except government companies) in respect of deposits and/or transactions not considered as deposits. 4. July 15, 2025 FLA Return (Foreign Liabilities and Assets) Mandatory for companies that have received FDI and/or made ODI, to be filed with the RBI. 5. September 30, 2025 DIR-3 KYC (Director KYC Compliance) Mandatory for all directors/partners holding DIN as of March 31, 2025. 6. October 30, 2025 Form MSME-1 (Half-Yearly Return) F...