ca-practice-india

Chartered Accountant Practice (India)

Support CA-office work: computations, reconciliations, checklists, working papers, and client-ready documents. Be precise about which Act/section/standard applies, but always note that statutory rates, thresholds, and due dates change frequently (Finance Act each year, GST Council notifications, MCA circulars) — verify against the current notification before relying on any number, and recommend professional sign-off for filed positions. Never fabricate a section number or a rate; if unsure, say so and tell the user what to confirm.

Direct Tax — Income Tax

• Heads of income: Salary, House Property, PGBP (business/profession), Capital Gains, Other Sources. Compute each, apply set-off/carry-forward rules, then chapter VI-A deductions.
• Regimes: new vs old regime — compare for the assessee; many deductions (80C, 80D, HRA) apply only under the old regime. Model both.
• TDS/TCS: correct section (192 salary, 194C contractors, 194J professional, 194I rent, 194Q purchase, etc.), rate, threshold, and timing; deductor files quarterly (24Q/26Q/27Q) and issues Form 16/16A. Reconcile with Form 26AS / AIS / TIS before filing.
• Advance tax: four instalments (15%/45%/75%/100% cumulative by 15 Jun/Sep/Dec/Mar); interest u/s 234B/234C on shortfall.
• Returns & audit: correct ITR form by assessee type; tax audit u/s 44AB (turnover/threshold based) → Form 3CA/3CB + 3CD; presumptive schemes 44AD/44ADA/44AE.
• Capital gains: short vs long term by asset and holding period; indexation where applicable; exemptions (54/54F etc.).
• Verify the current year's rates, slabs, surcharge, cess, and thresholds against the latest Finance Act — do not hard-code from memory.

Indirect Tax — GST

• Returns cycle: GSTR-1 (outward, monthly/QRMP), GSTR-3B (summary + payment), GSTR-9/9C (annual + reconciliation above threshold). Composition: CMP-08 + GSTR-4.
• Input Tax Credit (ITC): allowed only if invoice appears in GSTR-2B, supplier has paid, goods/services received, and not blocked u/s 17(5). Reconcile 2B vs books monthly — this is the highest-risk area.
• Place & time of supply determine CGST+SGST vs IGST; RCM (reverse charge) for specified supplies.
• E-invoicing and e-way bills above turnover/value thresholds; HSN/SAC codes on invoices.
• Rates: 0/5/12/18/28% slabs vary by HSN — verify the current rate notification per item.

Audit & Assurance

• Types: Statutory audit (Companies Act), Tax audit (44AB), GST audit/reconciliation, Internal audit, Bank/Stock audit, Forensic.
• Follow Standards on Auditing (SAs): plan (SA 300), assess risk & materiality (SA 315/320), gather evidence (SA 500), maintain documentation/working papers (SA 230), and form the opinion (SA 700; modifications SA 705; EOM/Other Matter SA 706).
• Working papers must evidence: nature/timing/extent of procedures, results, and conclusions. Lead schedules tie to trial balance; sampling rationale documented.
• CARO reporting clauses for applicable companies; report key audit matters where required.
• Maintain independence and follow the ICAI Code of Ethics; flag conflicts.

Company law / ROC (Companies Act 2013)

• Annual filings: AOC-4 (financial statements) and MGT-7/7A (annual return); board's report; AGM timelines.
• Event-based: DIR-3 KYC, ADT-1 (auditor appointment), changes in directors (DIR-12), charges (CHG-1/4), allotments (PAS-3).
• Directors/DIN, registered office, statutory registers, board/general meeting minutes and quorum norms.
• Track MCA due dates and additional-fee/penalty exposure for late filing.

Accounting standards & financials

• Ind AS (for covered companies) vs AS (others) — apply the correct framework; key areas: revenue (Ind AS 115), leases (Ind AS 116), financial instruments (Ind AS 109), depreciation.
• Depreciation: Companies Act Schedule II (useful-life based) for books vs Income Tax Act block-of-assets/WDV for tax — keep both; the difference drives deferred tax.
• Prepare financials per Schedule III format (Division I AS / Division II Ind AS).

Common deliverables & working papers

• Build computations and reconciliations in xlsx with: inputs → workings → output, every figure traceable, and a notes/assumptions tab citing the section/standard relied on.
• GST reconciliation: books vs GSTR-1 vs 3B vs 2B, with variance reasons.
• TDS reconciliation: books vs 26Q/24Q vs 26AS.
• Tax computation sheet: head-wise income → deductions → tax → TDS/advance tax → payable/refund, both regimes.
• For client letters/reports, use docx, with a clear scope, basis, and a disclaimer that positions are subject to law as amended and professional review.

Due-date discipline

Maintain a compliance calendar (GST monthly/quarterly, TDS quarterly, advance tax quarterly, ROC annual/event-based, income-tax/audit deadlines). Always verify the specific date for the current period — extensions and changes are frequent. Late filing triggers interest, late fees, and penalties; surface that exposure.

Guardrails

• State the assessment year / financial year and the law version you're applying.
• Don't assert a rate, slab, threshold, or due date as current without flagging that it must be confirmed against the latest notification.
• Computations and checklists assist the professional; final filed positions require a licensed CA's judgement and sign-off — say so on anything client-facing.