project report

  Short answer: If your startup is a company, the law requires a chartered accountant, as the statutory auditor, and a CA is also the practical choice for GST, TDS, income tax and ROC filings, DPIIT and tax-holiday applications, valuations, fundraising and bank-loan documents. Not every task is legally reserved for a CA, and a small proprietorship may not need an audit at all. But the cost of a wrong or missed filing is usually larger than the cost of good advice. Founders rarely start a company to do compliance. They start to build a product, and accounts, filings and tax are things to deal with later. The trouble is that later arrives on a calendar: a GST return is due every month, ROC returns every year, and an investor or a bank will ask for clean numbers just when you are busiest. Sharda Associates is a CA-led firm that has prepared over 45,500 CA-certified reports, including project reports and CMA data accepted by banks. We see what founders are asked for at the moment the...

Short answer: You cannot edit a GST invoice once it is issued. If you charged too much tax, issue a credit note. If you charged too little, issue a debit note and pay the extra tax. If you made an e-invoice and notice the error within 24 hours, cancel it on the portal and issue a fresh one. The right fix depends on how late you find the error. Key points Rate too high: credit note under Section 34. Rate too low: debit note, then pay the additional tax. E-invoice: cancel within 24 hours on the invoice portal, otherwise use a note. The 30 November limit applies to credit notes that reduce your liability. Pick Your Situation What happened What you do Document Charged 18% instead of 12% Refund the extra 6% Credit note Charged 12% instead of 18% Collect and pay the extra 6% Debit note Error found before sending the invoice Cancel and reissue New invoice E-invoice error found within 24 hours Cancel on the portal, reissue New e-invoice E-invoice error found after 24 hours Use a credit or de...

  Short answer: Issue a credit note when the value or tax on an earlier invoice has to come down. The usual cases are goods returned by the customer, an invoice showing more value or tax than correct, services found deficient, and a discount agreed in advance but given after the sale. Report the credit note by 30 November following the financial year, or by the date of the annual return if earlier, or you lose the tax reduction. Key points Law: Section 34 of the CGST Act. Issued by the supplier to the customer. Reduces the supplier’s tax liability and the buyer’s ITC. Time limit: 30 November following the financial year, or the annual return date, whichever is earlier. Check Whether You Need One Situation Credit note? Customer returns goods Yes Invoice shows higher value or tax than correct Yes Service was deficient and you reduce the price Yes Post-sale discount agreed earlier and linked to invoices Yes Discount already shown on the invoice No Price increase after the sale No, is...