Abhishek Kumar’s Post

"Accounting: where ‘trial’ balances ⚖️, but we never stop being judged by auditors! 👀" Working across the compliances of 23 countries, I’ve learned that accounting isn’t just about crunching numbers 🔢—it’s about uncovering the stories behind them. Whether it’s preparing corporate tax filings 🏦 or reconciling intercompany transactions 🔄, every financial statement has a tale to tell. From hunting down missing invoices 🕵️♂️ to reconciling foreign exchange differences 💱, finance is a mix of precision 🎯, patience ⏳, and a bit of detective work. But at the end of the day, nothing beats the satisfaction of closing the books just right and getting all the compliances filed on time ✅. #AccountingLife #FinanceHumor #ReconciliationWins #InternationalAccounting #TaxationMatters

Summary: CBDT Centres for Faceless Assessment The Central Board of Direct Taxes (CBDT) has set up various centres for the purpose of facilitating faceless assessments: 1. National e-Assessment Centre: ▪Centrally controls and facilitates the entire e-assessment process. 2. Regional e-Assessment Centres: ▪Operate under the jurisdiction of the Regional Principal Chief Commissioner, responsible for making assessments. 3. Assessment Units: ▪Identify key issues, determine liabilities (including refunds), analyze information, and perform related functions. 4. Verification Units: ▪Conduct enquiries, cross-verifications, examine books of accounts, witness statements, and other related functions. 5. Technical Units: ▪Provide technical assistance on matters such as legal, accounting, forensic analysis, IT, valuation, audit, transfer pricing, data analytics, and management. 6. Review Units: ▪Review draft assessment orders to ensure that all relevant facts, evidence, laws, and judicial decisions have been properly considered. These centres collectively streamline and enhance the efficiency of the faceless assessment process.

🚨 𝐀𝐭𝐭𝐞𝐧𝐭𝐢𝐨𝐧 𝐓𝐚𝐱 𝐏𝐫𝐨𝐟𝐞𝐬𝐬𝐢𝐨𝐧𝐚𝐥𝐬, 𝐂𝐨𝐧𝐬𝐮𝐥𝐭𝐚𝐧𝐭𝐬, 𝐂𝐅𝐎𝐬, 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐚𝐧𝐭𝐬 𝐚𝐧𝐝 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐎𝐰𝐧𝐞𝐫𝐬! As the 7𝐭𝐡 𝐲𝐞𝐚𝐫 𝐨𝐟 𝐆𝐒𝐓 𝐚𝐧𝐧𝐮𝐚𝐥 𝐫𝐞𝐭𝐮𝐫𝐧 𝐟𝐢𝐥𝐢𝐧𝐠 approaches, are you prepared to tackle the 𝐜𝐨𝐦𝐩𝐥𝐞𝐱𝐢𝐭𝐢𝐞𝐬 𝐨𝐟 𝐆𝐒𝐓𝐑-9 𝐟𝐨𝐫 𝐅𝐘 2023-24? While the form remains unchanged, evolving monthly compliances and inherent limitations can turn differences into discrepancies, leading to audit issues, assessments, and inspections. 💡 𝐓𝐡𝐢𝐬 𝐯𝐢𝐝𝐞𝐨 𝐞𝐪𝐮𝐢𝐩𝐬 𝐲𝐨𝐮 𝐰𝐢𝐭𝐡 𝐞𝐬𝐬𝐞𝐧𝐭𝐢𝐚𝐥 𝐭𝐢𝐩𝐬, 𝐬𝐮𝐠𝐠𝐞𝐬𝐭𝐢𝐨𝐧𝐬, 𝐚𝐧𝐝 𝐛𝐞𝐬𝐭 𝐩𝐫𝐚𝐜𝐭𝐢𝐜𝐞𝐬 𝐭𝐨: ✔ Mitigate risks during filing ✔ Prepare for future challenges ✔ Streamline your compliance process 🔟 𝐒𝐭𝐞𝐩𝐬 𝐁𝐞𝐬𝐭 𝐏𝐫𝐚𝐜𝐭𝐢𝐜𝐞𝐬 ✅ Registers & reconciliation of all important data for outward, inward, and RCM - including e-way bill, e-invoice, GSTR1, 3B & 2B ✅ ITC claim, reversal & reclaim workings ✅ Maintain workings for every field in GSTR 9 & 9C ✅ Differences reported specific details ✅ Grievance complaint wherever necessary ✅ Attestation from taxpayer on the working sheet ✅ Consider uploading Reconciliations and Reasons for Differences ✅ Possible tax litigations, Additional tax liabilities ✅ Streamline your compliances ✅ Any scope for improvement in the internal process or compliance reporting Whether you're leading a business or advising clients, these actionable insights will help ensure accurate filings, risk mitigation, and audit readiness. 📌 𝐃𝐨𝐧’𝐭 𝐦𝐢𝐬𝐬 𝐭𝐡𝐢𝐬 𝐞𝐬𝐬𝐞𝐧𝐭𝐢𝐚𝐥 𝐠𝐮𝐢𝐝𝐞 𝐭𝐨 𝐆𝐒𝐓 𝐜𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞! #GSTwithSaradha GGSH & Co #GST #GSTR9 #TaxCompliance #AnnualReturn #TaxAudit #TaxProfessionals #TaxPlanning #GSTTips #FinancialManagement #ComplianceMatters #BusinessFinance #TaxReforms #RiskMitigation #AccountingTips #ITC #TaxConsulting #AuditReadiness #FinanceTips #TaxationUpdates #BusinessGrowth

Summary: CBDT Centres for Faceless Assessment The Central Board of Direct Taxes (CBDT) has set up various centres for the purpose of facilitating faceless assessments: 1. National e-Assessment Centre: ▪Centrally controls and facilitates the entire e-assessment process. 2. Regional e-Assessment Centres: ▪Operate under the jurisdiction of the Regional Principal Chief Commissioner, responsible for making assessments. 3. Assessment Units: ▪Identify key issues, determine liabilities (including refunds), analyze information, and perform related functions. 4. Verification Units: ▪Conduct enquiries, cross-verifications, examine books of accounts, witness statements, and other related functions. 5. Technical Units: ▪Provide technical assistance on matters such as legal, accounting, forensic analysis, IT, valuation, audit, transfer pricing, data analytics, and management. 6. Review Units: ▪Review draft assessment orders to ensure that all relevant facts, evidence, laws, and judicial decisions have been properly considered. These centres collectively streamline and enhance the efficiency of the faceless assessment process.

Master Annual Returns 📑 GSTR-9 and GSTR-9C are essential for GST compliance and accurate financial reporting. With timely filing and expert guidance, you can simplify the process and avoid penalties. Ensure your business stays on track! 🔍✅ #GSTCompliance #TaxFiling #FinancialReporting

Any corporation formed in the U.S. is required to file a Beneficial Ownership Information (BOI) report unless specifically exempt. Ready to file your BOI report? The deadline is December 31, 2024! #FileWithConfidence #Accounting #CPA #SmallBusiness #IRS #BeneficialOwnership #Compliance #FinCEN #BusinessOwner #Accountant

🚨 Attention Business Owners & Finance Professionals! 🚨 It’s time for GST Annual Return (GSTR-9) and Audit Report (GSTR-9C) Filing! Compliance is critical, and the deadline is fast approaching. Don’t risk penalties – ensure accurate and timely filing with our expert support. 🗓️ Deadline: 31st December 2024 💼 At Stratrich Consulting, we’re here to simplify the process and help you stay compliant. Don’t wait until the last minute! 🔗 Connect with us today or send us a message to get started. #GSTFiling #TaxCompliance #BusinessSupport #AnnualReturns #Finance #StratrichConsulting

Brief summary of the audit assertions for the profit and loss account: 1. Occurrence: Transactions recorded actually occurred. 2. Completeness: All relevant transactions have been recorded. 3. Accuracy: Amounts are recorded correctly. 4. Cut-off: Transactions are recorded in the correct accounting period. 5. Classification: Transactions are recorded in the appropriate accounts. 6. Presentation and Disclosure: Items are properly presented and disclosed in accordance with financial standards. These assertions help auditors verify the accuracy and reliability of the profit and loss account.

Don't wait until the last minute! Ensure timely GSTR1 filling for your business to avoid penalties. We'll guide you through the process. https://lnkd.in/ggqM-Sze #GSTR-1 #GSTCompliance #GSTReturn #GSTR1Filing #OutwardSupply #GSTOutwardSupply #TamilNaduGST #BusinessTaxes #Accounting #FinancialServices #FileOnTime #AvoidPenalties #GetHelpWithGST #AnugrahamConsultancy

Transfer pricing audit, here it comes. 🚨 Here are some suggestions to make the audit go smoother: 🔔 Fast communication: Verify that there is a clear immediate communication plan between tax and finance to avoid any delays. 📄 Transparency: Ensure that all your documents and data are up-to-date to answer questions with ease. 🔍 Control over Transfer Pricing (TP): Make sure that your Operational Transfer Pricing is well-managed and that your TP policy is correct. Audits happen for various reasons. Most of them aren’t in your zone of direct control. One thing is certain: “The first response can make or break the audit.” What other steps do you suggest to avoid or prepare for the audit? Looking forward to discuss in the comments!