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To Do List for Accountants before 31st March 2019

To Do List for Accountants before 31st March 2019

As you are aware that Financial year 2018-19 is about to end, below are some of the points that shall be kept in mind prior to 31st March 2019:

ACCOUNTING:

  • All Bank Accounts should be reconciled with bank statement.
  • Depreciation to be charged in books of accounts as per Companies Act 2013 / Income Tax Act 1961, as applicable.
  • Analysis of long outstanding debtors that shall be written off as ‘Bad Debts’.
  • Provisions shall be made for all expenses for March’ 2019, such as Telephone Expenses, Rental Expenses, Electricity Expenses, etc.
  • In case of any Fixed Deposits, etc, interest income should be booked for the year on accrual basis, Interest Certificate shall also be obtained from Bank.
  • All Long outstanding payables / receivables shall be cleared to the maximum extent.
  • In case of Unsecured Loans, interest should be booked on accrual basis for the year.
  • All services rendered / sales done to be recorded in books of accounts and reported in GST Returns accordingly.
  • All expenses pertaining the year should be accounted for in books.
  • Cash in hand balance in books as on 31.03.2019, should be an appropriate amount. Any excess cash should be deposited in Bank account.
  • Physically verify and value inventories/stock as on 31st March 2019, for valuing in books.
  • Any other income / expenses/ other transaction pertaining to the year should be accounted in books.
  • Physical Verification of cash to be done by management as on 31.03.2019.
  • Ledger scrutiny of all ledger (specially sundry debtors & sundry creditors) should be done thoroughly.
  • Foreign debtors & Foreign creditors, should be re-valued at exchange rates at 31st March 2019.
  • Confirmations to be obtained from respective debtors / creditors / parties to whom loans given / taken, for outstanding balance, so that accounts can be reconciled.

GOODS AND SERVICE TAX (GST):

  • Pending GST liabilities to be taken care of.
  • Prepare GST Reconciliations – between GSTR 1, GSTR 3B and books of accounts & ITC availed in GSTR 3B, accounted in books of accounts and reflecting in GSTR 2A.
  • GST Dept also has given last chance to rectify mistakes relating to GST Returns of FY 2017-18 & ITC for that year, till 31st March 2019. Hence, same should also be taken care of while filing GST Returns of March’ 2019.
  • Reconcile the Cash ledger, Credit Ledger and Liability ledger on GSTN Portal with books of accounts.
  • All the entries should be done before the year-end relating to Debit notes, credit notes, rate difference, discount, etc should be reconciled.


TAX DEDUCTED AT SOURCE (TDS):

  • TDS deduction on Salaried employees to be considered before crediting salary for month of March’ 2019.
  • Analyse expense on which TDS has not been deducted, and deduct & deposit TDS thereon, with interest.
  • TDS Receivable should be reconciled with Form 26AS, and Form 16A shall be obtained from respective persons for all quarters.
  • Prepare TDS payable reconciliations between books of accounts and Form 26Q/24Q/27Q and make relevant revisions , if required.

ADVANCE TAX:

  • 100% of Advance Tax for the year is to be paid till 15th March 2019, as reduced by amount of advance tax paid in earlier instalments.
  • If in case you have not paid any Advance tax during whole financial year, you are advised to pay at least 90% of your advance tax liability, latest by 31st March 2019, in order to avoid Interest for default in payment of Advance tax u/s 234B of Income Tax Act 1961.
  • Kindly note that Interest for deferment of Advance tax u/s 234C of Income tax Act 1961, shall continue to be levied.

MISCELLANUOUS:

  • Individuals are advised to make investments under LIC , Fixed deposits, Mediclaim, etc, if they want to claim deductions under Section 80C / 80D / etc.
  • Salaried Individuals are advised to submit all investments proofs (Housing loan certificates , Mediclaim and LIC receipts, house rental receipts for claiming HRA, proofs of any other investments done, etc) to their employers, so that TDS can be deducted accordingly.

 

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