1 MIS reporting

2 SOP's Required for each item in the financials

3 Standalone and consolidated of financials for the FY2021-21

4 Statutory compliances(Payments and returns)

- GST( monthly,Annual)
- PF
-TDS
5
SOP's For Revenue
TDS
194N
194Q

194I

194C
194J

3B
1

1
2
3
4
5
6
7
 Particulars
Cash withdrawl exceeding 1Crore
Payments to residents for the purchase of goods if the aggregate value of goods exceeds Rs 50 lakhs.(TDS is deductible on valu

Rent on a) Plant and Machinery

b) Land/building/furniture/fitting w.e.f 1st April 2019, tax deduction limit on rent is increased to Rs 2.4 lakhs p.a. from Rs 1.8 la
Payment to contractor/sub-contractor.
a)   Individuals/HUF
b)   Others
(b) Remuneration/fee/commission to a director;
(c) For not carrying out any activity in relation to any business;
(d) For not sharing any know-how, patent, copyright etc.
(e) Fee for technical services, and
(f)  Royalty towards the sale or distribution, or exhibition of cinematographic films.
(g) Fees for technical services but payee is engaged in the business of operation of call centre

GST due dates

20th of the succeeding month
10Th of the succeeding month

Sec 43B(On actual payment basis irrespective of the year of accrual of its liability)
Any tax, duty, cess or fee paid under any law in force is allowed as a deduction when it is paid- this includes GST, customs duty
Contribution to any recognized employee’s benefit fund: contribution by the employer to any employee’s benefit fund namel
Bonus or commission payable to employees- this amount should be the actual bonus/ commission paid to employees and no
Interest on borrowings from Public Financial Institutions or State Financial Corporation in accordance with the conditions gov
Interest on loans and advances from Scheduled Bank in accordance with the conditions governing such loan
Leave encashment provided by an employer to his employees
Payment to Indian Railways
 Rate
2%
0.10% 206c(1h) Sec 194Q overrides 206c(1h)

2%
10%
1%
2%
10%
10%
10%
10%
2%
2%
2%

r cesses paid. Interest paid on these taxes are also eligible for deduction.
ation fund, gratuity fund before the due date for depositing those funds or before the due date of filing income tax returns
o them as shareholders.
me tax returns
 Deferred tax Calculation

1 Employee related As per income tax act As per books of accounts

provision for Gratuity
Provision for Leave Encashment
Provision for Bonus or Commission Sec 43B
PF and other funds-Provision

2 Fixed assets
WDV as per incometax Land should not be depreciated so re
WDV as per companies act

3 Statutory and other dues

Provision for tax,duty and cess Sec 43B
Provision for interest

4 Provision for bad debts Infuture if we writeoff the bad debts

5 Provision for dimuntion on current investment Reasonable certainity that in it'll generate futu
6 Business losses and unabsorbed depreciation
7 Expenses incurred on which TDS not deducted/Paid Sec 40a
8 Other expenses
Exp.allowed as per income tax act
Exp.allowed as per books
9 Any other timing differences
ation

books of accounts

ould not be depreciated so reduce the land value and don’t consider the revalution value

if we writeoff the bad debts it'll be allowed as per incomet ax act

nity that in it'll generate future taxable income

Now not allowed as per income tax in fututre if we deduct and deposit it'll be allowed