Critical Errors That Can Cost You:

  • Missing Signatures: Ensure all receipts and documents are properly signed
  • Incomplete Information: Verify all documents have complete details (amounts, dates, descriptions)
  • Cash Transactions: Maintain proper documentation even for cash payments
  • Personal vs. Business: Clearly separate personal and business expenses
  • Foreign Language Documents: Get certified translations for foreign documents

Red Flags That Trigger Audits:

  • Disproportionate business expenses to income
  • Unexplained cash deposits in bank accounts
  • Missing or incomplete supporting documentation
  • Inconsistent information across different forms
  • Unusual expense patterns or categories

Important Tax Filing Dates:

  • July 31: ITR filing deadline for individuals
  • October 31: Extended deadline for certain categories
  • March 31: Financial year end - last date for tax-saving investments
  • Quarterly: Advance tax payment dates (June 15, September 15, December 15, March 15)

Recommended Apps and Software:

  • Receipt Scanning Apps:
    • CamScanner: High-quality document scanning
    • Adobe Scan: PDF creation with OCR
    • Evernote: Document storage with search capabilities
  • Expense Tracking:
    • Tally: Comprehensive accounting software
    • Zoho Books: Cloud-based accounting
    • QuickBooks: Small business financial management

When to Consult a CA:

  • Complex business structures or multiple income sources
  • First-time business owner or significant income changes
  • International income or NRI status changes
  • Facing tax notices or assessment issues
  • Major life events (marriage, home purchase, business sale)