Businessmen asked to keep accounts ready to avoid I-T penalty

NAGPUR: Businessmen should be ready with financial statements latest by March 15 so that corrections could be made if required to avoid penalty and interest payment which is pretty high, said Kapil Hirani, a chartered accountant, on Friday.
Hirani was speaking at a programme titled ‘Making March meaningful’, organized jointly by Vidarbha Industries Association Taxation and Corporate Law Forum (VIATCLF) and the Nagpur branch of WIRC of ICAI at VIA Hall.

Hirani said that precautions should be taken by everyone in March when income tax has to be paid. Negligence and discrepancies in compiling data should be avoided to avoid penalty as it could be higher than business profit margins, he added.

He asked the business community to take a look at the expenses or payments where TDS in applicable and pay it in time else it will lead to unnecessary outflow of taxes. He advised to take professional opinion in case of confusion. He asked to check the related-party, parent-subsidiary or likewise transactions so that proper action could be taken in time.

CA Jai Poptani based his talk on indirect taxes covering VAT, service tax and GST. Revision of VAT returns as per its audit should be filed by March 15. If there is any liability under service tax, it should be paid so that penalty could be avoided at the time of audit. There are many due dates in the month such as filing of GSTR 1, GSTR 3B, Trans 2 and CMP 4 which should be complied with. He urged everyone to register with E-way Bill to avoid problems in business in future.

OS Bagadia, vice-president of VIA, Sachin Jajodia, convener of VIATCLF, Naresh Jakhotia, joint secretary, Umang Agrawal, chairman of Nagpur branch of WIRC of ICAI, Suren Duragkar and Kirit Kalyani were present.