TMI BlogSuggestions for finalizing personal accounts and ITRX X X X Extracts X X X X X X X X Extracts X X X X ..... Suggestions for finalizing personal accounts and ITR - By: - CA DEV KUMAR KOTHARI - Income Tax - Dated:- 19-6-2019 - - Due date for furnishing Return of Income (ROI) is approaching fast. It is high time to be more careful and diligent towards filing of ROI on time to avoid consequences and disadvantages of delay in filing ROI New ITR forms have been prescribed. There are many new d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... isclosure and computation requirements in comparison to earlier years. Therefore, it is suggested to take immediate steps and advise clients to take immediate steps for. Identifying applicable and most suitable form of ITR according to facts and circumstances of assesse. Go through new ITR forms and compile information, reports, forms etc. Required to be filled in or attached t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the ITR form as may be applicable. Reconcile all balances of assets, liabilities in monetary terms and physical terms both wherever applicable and get confirmed from third parties and as per physical verification and statements etc., as far as possible. Also check adjustments in income from any assets which are not incorporated in accounts / Balance sheet but were charged to d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rawings, or gifts received and not incorporated in accounts etc. as many people do in case of PPF, EPF, NSC, gifts received in kind and cash, .. etc. . Make reconciliation of receipts of gross income / payments and TDS with form 26AS . This will also ensure accounting of incomes and expenses, and greatly reduces chances of mistakes in ascertainment of income. Caref ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ully check and get confirmed figures of incomes which are not subject to TDS and for which third party statements may not be immediately available. Obtain confirmations and make necessary adjustments. Account for income like interest on PPF, EPF, securities, mutual funds, LIP and ensure proper adjustment for refunds of Life insurance policies, interest on income tax refund and similar ite ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ms which are prone to omissions. Medical insurance, and preventive medical health check-up check payments, also check in drawings/ personal expenses account and insurance premium account etc. so that can be properly claimed. Can plan health insurance and preventive check up expenses considering composition of family, parents and payments being presently made to take full advantage of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... provisions. Gifts given and received, check proper adjustments in capital accounts and respective assets in hands of donor and done within family and close relations. Re-investment for capital gain exemption to be planned and done preferably before due date. Salary as director as director or executive: - employer employee relationship to be establishes. For this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ensure: Monthly payment, Attendance, Perquisites, deductions for absence. , etc. as is generally in case of senior officers. Plan to compile all documents and information well in time and file ITR well before due date so that list of pending work are reduced. The above list is illustrative and not exhaustive. - - Scholarly articles for knowledge sharing autho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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