CA CMA Syam sundar

  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...

  Big Changes in Tax Audit Form 3CD - Effective April 2025! If you're a business owner, CFO, or auditor — heads up! The CBDT has rolled out significant updates through Notification No. 23/2025. Here's what’s new: 🔑 8 Important Changes You Must Know: 1️⃣ Digital Income Now Fully Transparent (Clause 12) New Rule for Content Creators & Gig Workers: If you're earning from YouTube, Instagram, or freelancing — your income will now need clear disclosure. Example: A YouTuber earning ₹1 Cr must report this income separately, even under presumptive tax. 2️⃣ Old Deductions Wiped Out (Clause 19) Reporting of certain deductions like investment in new plants, backward areas, or rural projects is no longer required. Example: Deductions under Sections 32AC, 32AD, 35AC, 35CCB removed. 3️⃣ Settlement Payments Under Tax Lens (Clause 21a) Payments made to settle cases with SEBI or GST authorities must now be disclosed. Example: ₹50 lakh settlement to SEBI → Entire amount added back to tax...

🚨 Major Changes in TDS & TCS Provisions Effective from April 1, 2025 🚨 The government has introduced significant amendments to simplify tax compliance and reduce the burden on taxpayers. Key updates include: ✅ Higher TDS thresholds for interest, commission, rent, and professional fees ✅ Increased exemption limits for senior citizens and mutual fund dividends ✅ Rationalization of TCS on remittances and sale of goods Detailed summary mentioned below

  AT BRIJ GOPAL CONSTRUCTION COMPANY PRIVATE LIMITED ("BGCC") || Accounts & Finance and Taxation [INDIRECT TAXATION] || Assistant Manager - Ba1. Input Tax Credit Under GSTchelor of Commerce ("B.COM") || Masl 1. Input Tax Credit Under GST 1. Input Tax Credit Under GST ITC is a key feature of the Goods and Services Tax system that allows businesses to offset the tax paid on inputs, input services, and capital goods against their output tax liability. 2. Eligibility for Claiming ITC To claim ITC, a taxpayer must meet the following conditions: ✅ The claimant must be a registered taxpayer under GST. ✅ The goods and/or services must be used for business purposes. ✅ A valid tax invoice or debit note issued by a registered supplier must be available. ✅ The supplier must have uploaded the invoice in GSTR-1, and it must be reflected in the recipient’s GSTR-2B. ✅ The recipient must have paid the supplier (including tax) within 180 days of the invoice date. ✅ ITC m...

  TDS Returns Due dates - Q1 - ( 1 April - 30 June ) ➡️ 31st July Q2 - ( 1 July - 30 September ) ➡️ 31st Oct Q3 - ( 1 October - 31 December) ➡️ 31st Jan Q4 - ( 1 January - 31 March ) ➡️ 31st May. ✅Due dates for depositing TDS 1) April to Feb - 7th of the each following month 2) March - - 7th April (for tax deducted by govt. office) - 30th April (for other deductors) ✅TDS Returns Form 24Q - Quarterly TDS statement for tax deducted on salary payments. Form 27Q - Quarterly TDS statement for tax deducted while making payment, other than salary, to non-resident (not being a company), and foreign company Form 26Q - Quarterly TDS statement for other cases like TDS deducted on professional fees, interest payments, etc. ✅TDS Return Due Dates - Quarter Ending 30th June - 31st July 30th September - 31st October 31st December - 31st January 31st March - 31st May ✅If tax is deducted at source under Sections 194-IA, 194-IB and 194M the deductor shall furnish a challan-cum-statement in...