V K Patawari & CO - CA Firm

What are the guidelines for a balance sheet checking? 📑💼

​For any business owner, a balance sheet that simply tallies isn’t enough to pass an audit without friction. Auditors review your books against core audit principles to ensure every figure is complete, accurate, and fairly presented. On the assets side, that means proving your physical stock matches your books, verifying legal ownership of fixed assets, and confirming that customer dues (debtors) are genuinely recoverable.

​On the liabilities and equity side, auditors focus heavily on completeness and regulatory compliance. They review bank borrowings, reconcile vendor payables, and check for unrecorded expenses or unpaid statutory liabilities like GST and TDS. Always keep the ultimate audit mantra in mind: evidence without documentation is an assumption, and documentation without evidence is a risk. Preparing your reconciliations and third-party confirmations early ensures a seamless, worry-free audit experience! 📊✨

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How to declare undisclosed foreign assets in India? 🌍💼

​Holding foreign bank accounts, overseas shares, or offshore properties that weren’t reported in past tax filings? The Foreign Assets Disclosure Scheme 2026 offers a one-time opportunity for Indian resident taxpayers to voluntarily declare their undisclosed foreign income and assets to avoid future legal scrutiny under the Black Money Act.

​The scheme provides two clear routes: if your investment source cannot be explained (up to ₹1 Crore), you can regularize it by paying 30% tax plus a 30% penalty. Meanwhile, if the foreign assets were bought using taxed income or acquired while living abroad as an NRI (up to ₹5 Crore), you can declare them with a flat penalty of just ₹1 Lakh! With the deadline set for 31st December, coming forward early is the smartest way to ensure 100% peace of mind and tax compliance. 📊✨

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What are the new Professional Tax slab rates in West Bengal? 📢💼

​Big tax relief is here! Under the latest proposed schedule (Notification No. 1407-F.T.), West Bengal has completely revamped its Professional Tax rules—and the biggest win goes to salaried employees, with the monthly tax-free salary limit doubled from ₹10,000 to ₹20,000!

​The updated structure also brings crystal-clear slabs for individual professionals and businesses based on annual income and turnover, along with a flat ₹2,500 annual category for companies, directors, and specified digital consultants. Whether you run payroll or manage your own business, getting ahead of these rollout dates ensures 100% smooth, hassle-free compliance! ✨📊

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What are the common red flags in a tax audit? 🚨🔍

Small financial mismatches today can turn into big questions tomorrow!
When preparing for a tax audit, auditors look closely for hidden discrepancies that could trigger unwanted scrutiny notices. Warning signs like sudden spikes in business expenses, cash entries that do not match daily operations, or long-standing unpaid balances can instantly draw attention to your accounts.

Another major trigger is when your GST return figures fail to match your accounting books, or when important expenses lack proper invoices and supporting proof. Reviewing these key areas early and keeping your records fully documented ensures a seamless, hassle-free audit experience and keeps your business completely stress-free! ✨💼

Celebrating Our Partner, Vinay Kumar Patawari 🎉

A special day at VKP as we celebrated the birthday of our Partner, CA Vinay Kumar Patawari, surrounded by the VKP family. 🎂

From the thoughtful decorations to the warm wishes and shared moments, it was a wonderful reminder that a firm is built not only on professional excellence, but also on the people and relationships that make it special.

Wishing Vinay Kumar Patawari a very happy birthday and another year of growth, success and fulfilment.

V K Patawari & Co.
Values. Knowledge. Prudence.

🌟 Continuing Our Star Achiever Series!

​Great work deserves to be recognised. 🌟

At VKP, we value people who take ownership, stay consistent, and strive for excellence in everything they do.

We are proud to celebrate our Star Achiever for her dedication, performance, and commitment to quality.

Congratulations on this well-earned recognition! 🏆

Keep growing, keep learning, and continue inspiring the team. We’re proud to have you as part of VKP.

​ Accounting Audit Taxation Kolkata

"80 years of freedom, one legacy carried forward. 🇮🇳✨ Happy Independence Day! Jai Hind!
IndianFlag"

Are gifts received in India taxable or tax-free?

​Receiving a gift is always exciting, but under Section 56(2)(x) of the Income Tax Act, it can come with tax implications depending on who gave it and the occasion.

​As a general rule, any gift in the form of cash, cheque, or property received from a non-relative is completely tax-free only up to ₹50,000 in a financial year. The moment the total value exceeds ₹50,000, the entire amount becomes taxable under "Income from Other Sources" at your applicable slab rates.

​However, you don’t have to pay a single rupee in tax if the gift is received from defined relatives (like your spouse, parents, siblings, or children), received on the occasion of your marriage, or inherited through a will—regardless of the amount! Always maintain proper documentation to prove the source and stay stress-free during tax season.

​ TaxCompliance

What is the difference between Tax Audit and Statutory Audit?

​A Statutory Audit is a mandatory official check of a company's entire financial records to ensure that its balance sheet and income statements show a true and fair view of its financial position.

In contrast, a Tax Audit is a specialized review of a business or professional's accounts conducted specifically to verify taxable income, allowable deductions, and tax calculations under tax laws.

​The main difference lies in who needs them and under which law they are conducted.

A Statutory Audit is required under Company Law for all registered companies regardless of their sales or revenue.
On the other hand, a Tax Audit is governed by the Income Tax Act and only applies to businesses, partnerships, LLPs, or individuals whose turnover or receipts exceed specific statutory limits.

While a statutory audit focuses on overall financial transparency for shareholders and banks,
A tax audit ensures full tax compliance for the Income Tax Department.

What should you check before filing GST returns?

Filing your monthly GST return without proper checks can lead to tax notices, delayed tax credits, or extra interest fees.

Think of it like balancing a personal checkbook before making a payment—if your bill says you owe Rs.100 but your receipts show Rs.80, paying without checking causes unnecessary loss.
To avoid this, businesses must do three essential checks before the 20th of every month: verify that all outgoing sales invoices in your books match your GSTR-1, cross-check vendor purchase bills against your auto-generated GSTR-2B to claim only valid Input Tax Credit (ITC), and calculate your net tax liability carefully.