This is a particular topic that everyone is talking about.
As you know that we need to provide details of all expenses incurred during the month.
Recently the GST return filed, many took a long time and filed after due date because of a single reason. Providing all expenses details.
Now what I want to discuss is that what will happen to year end adjustments. I mean they are really bad. Adjustment is a bad practice.
Now everyone has to prepare their profit and loss account on monthly basis.
As per me now things are straight forward, GST return is nothing but your P/L account except provisions and GL adjustments.
What is your opinion on it?
Income tax year end adjustments is going to be a challenging task. Adjustments are not a bad thing, adjustments are bad when done to evade taxes.
Tax planning is different from tax evasion. But again tax planning should be done through out the year, instead of at year end.
With GST, as expense details has to be provided every month. Writing wrong expenses is not going to be an easy task.
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