project report

Quick answer: Yes. If you do not deduct TDS on an eligible payment to a resident, or deduct it but do not deposit it on time, 30% of that expense can be disallowed under Section 40(a)(ia) of the Income Tax Act. For payments to non-residents, the full amount can be disallowed under Section 40(a)(i). Interest, late fee and penalty may also apply. At Sharda Associates , our Chartered Accountants (CA) review TDS compliance, conduct tax audits, file TDS returns and income tax returns and reply to notices for proprietors, firms, LLPs and companies, and also prepare CA-certified project reports for bank loans and business funding. Getting TDS right protects both your deductions and your tax audit report. Why Does TDS Non-Deduction Lead to Disallowance? The law wants the person making certain payments, such as rent, professional fees, commission and contractor charges, to deduct tax at source and deposit it with the government. If you claim the expense but skip the TDS, the income tax depar...

Quick answer: A mismatch between turnover in your books and turnover in your GST returns is common, and many differences have valid reasons such as timing, advances or exempt supplies. During a tax audit, the CA will ask you to reconcile the two, and unexplained differences can lead to GST notices, income tax queries and tax, interest and penalty. At Sharda Associates , our Chartered Accountants (CA) reconcile books with GSTR-1, GSTR-3B and GSTR-9, conduct tax audits, file income tax returns and reply to GST and income tax notices, and also prepare CA-certified project reports for bank loans and business funding. A reconciled turnover is the best protection during audit and assessment. Why Does Turnover in Books Differ from GST Turnover? Books follow accounting rules, while GST returns follow the time and value of supply rules in the GST law. This creates differences even when both are correct. During tax audit, the CA compares sales in the profit and loss account with GST turnover...

Short answer: Banks most often query or return CMA data because the figures do not match the ITR, GST returns, or audited accounts; the statements do not tie to each other, the working capital limit (MPBF) is calculated by the wrong method; or the projections and format do not suit the bank. All 10 mistakes are explained below, each with a fix. When a bank sends your CMA data back, it rarely says "the numbers are wrong." The file comes back with a short query, a request to revise a form, or a silent delay that stretches a working capital limit from days into weeks. The loan itself may be perfectly sound. What failed was the document that is supposed to prove it. Sharda Associates is a CA-led firm that has prepared over 45,500 CA-certified reports, including CMA data and project reports accepted by SBI, PNB, Bank of Baroda and other scheduled banks. In that work we also see the other side: files prepared elsewhere, or by the business itself, that come to us after a bank has a...