Filing of Income Tax Return

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As assured I give below some basic information for making filing of income tax returns slightly easy for small sized corporate entities and non- corporate entities falling under the requirements to have their accounts audited under Income Tax Act, 1961 ( Commonly called Tax Audit).  However I would like to alert you that this is only a indicative list and requirements can change on case to case basis under different circumstances. 

 

For Corporate assessees & Non-corporate assessees whose turnover is over Rs.40.00 Lakhs (Rs.10.00 Lakhs for Professional Income)

 

Due date for filing return of income is 30th September and accounts need to be audited for which following documents / records / books must be kept ready :

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Cash Book (Day Book);

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Bank Book;

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Purchase Register;

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Sales Register;

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Stock Register & Closing Stock Valuation Statement;

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Excise Records;

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General/Party Ledgers;

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Bank Pass Book/Sheets for all accounts;

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Bank Balance Confirmation Certificates of all accounts;

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Sundry Debtors/Creditors Balance Confirmation Certificates/Letters;

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Unsecured Loans/Advances/Deposits Parties Balance Confirmation Letters;

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Date/Item wise list of additions/deletions to/from Fixed Assets;

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Quantitative Statement for Opening Stock, Purchases, Sales & Closing Stock;

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Statement of Provident Fund, ESI, TDS deduction & remittance (month wise);

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Particulars of all types of payments made to Director/Partner or their relatives;

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Particulars of Loans taken/repaid during the year (other than from Bank/Financial Institution) with PANo.;

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Year ended 31st March outstanding liabilities (viz. bonus, sales tax, PF etc.), since paid details with proof of payment;

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Depreciation schedule under both Income Tax Act & Companies Act;

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Expenses incurred in Clubs;

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Details of penalties paid, if any;

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Details of gratuity paid, if any;

                      
For Corporate Assessees only (In addition to above):

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Board Meeting minutes book;

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Annual General Meeting minutes book;

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Copy of Annual Return filed with Registrar of Companies (ROC) with receipt;

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Copy of any other form filed with ROC with receipt;

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Particulars of Increase in Share Capital, if any;

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Particulars of further Investments made, if any;

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Age wise Sundry Debtors Statement;

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Loans Received/Paid from/to Directors.

 

I suggest one should set up a meeting with Chartered Accountant/Auditor atleast once in every fortnight during the last 3 months of the accounting year to ensure that all compliance requirements are done.