project report

The CBDT has extended the tax audit report date for AY 2026-27 from 30 September to 21 October 2026 and the return date for audit cases from 31 October to 21 November 2026. If your accounts are subject to a tax audit, you now have a few days left to get the audit report uploaded and about five weeks after that to file your return. Use this window to close the books properly, not to relax.   At Sharda Associates , our Chartered Accountants (CA) complete tax audits, prepare Form 3CB-3CD, file returns and handle notices for proprietors, firms, LLPs and companies. We also prepare CA-certified project reports for bank loans, and an audited, filed return makes that report much easier to support. Banks usually ask for the latest audited financials and ITR before sanctioning a loan or renewing a limit. If you plan to apply this year, getting the audit and return done early means your project report, balance sheet and tax filings can all be submitted together. Contact a CA now if your aud...

Short answer: For income tax, an expense can be claimed even without a GST invoice if it is genuine, incurred wholly and exclusively for the business, and supported by other reliable evidence, with cash payment limits observed. For GST, input tax credit cannot be claimed without a valid tax invoice or other prescribed document. So the expense may be deductible, while the GST paid on it may not be recoverable. Business owners often hear two opposite answers to this question from two different advisers: "no bill, no expense" and "bill is not necessary". Both are half right, because income tax and GST apply different rules to the same payment. Sharda Associates is a CA-led firm that has prepared over 45,500 CA-certified project reports. Lenders and auditors read the profit and loss account closely, and a pile of weakly supported expenses lowers confidence in the whole set of accounts. This guide separates the income tax position from the GST position, explains the...