Question 1

What services does CA Hemapriya S. provide?

Accepted Answer

The practice currently provides income tax filing, bookkeeping, GST filing, Virtual CFO support, outsourced accounting, partnership and company incorporation assistance, and support relating to tax or GST notices.

Question 2

Where is the office located in Coimbatore?

Accepted Answer

The office is located at No. 2211, Trichy Road, Next to Indian Bank, Singanallur, Coimbatore – 641005, Tamil Nadu.

Question 3

Is an appointment required before visiting the office?

Accepted Answer

Calling (+91 866-7431732) or sending an enquiry before visiting is recommended so that your specific requirement and relevant document requirements can be understood in advance.

Question 4

Can tax and accounting matters be coordinated remotely?

Accepted Answer

Yes. Depending on the nature of the service, documentation and applicable requirements, many filings and accounting processes can be smoothly coordinated remotely through secure digital channels, phone, and email.

Question 5

What should I bring or prepare for an initial discussion?

Accepted Answer

Begin with a brief overview of your business activity or tax situation. A service-specific document checklist can then be provided to guide you on the exact records needed.

Question 6

Who is required to file an income-tax return in India?

Accepted Answer

Individuals whose gross total income exceeds the basic exemption limit, all registered companies and partnership firms, individuals with foreign assets or income, and those meeting specific statutory criteria (such as significant electricity usage or bank turnover) must file an ITR.

Question 7

What documents are required for filing an individual salary return?

Accepted Answer

Common documents include Form 16 from employer(s), Form 26AS / AIS / TIS tax statements, interest certificates from banks, and proofs of tax deductions under applicable sections.

Question 8

Can a previously filed return be revised if a mistake is found?

Accepted Answer

Yes. If an omission or wrong statement is discovered, a revised return can be submitted within the statutory time limits prescribed under the Income Tax Act.

Question 9

How are capital gains on property or equity shares calculated?

Accepted Answer

Capital gains are calculated based on purchase cost, sale consideration, date of acquisition/transfer, allowable improvement expenses, and statutory indexation or exemption provisions where applicable.

Question 10

How often should a business update its bookkeeping records?

Accepted Answer

Maintaining records on a monthly or weekly basis is recommended for most growing businesses to ensure timely GST reconciliation and accurate financial visibility.

Question 11

Can previous accounting backlogs be sorted and organised?

Accepted Answer

Yes, provided supporting bank statements, invoices, and payment receipts are made available, historical accounting backlogs can be systematically organised and reconciled.

Question 12

What records are generally required to start bookkeeping?

Accepted Answer

Essential records include bank statements, sales registers, vendor bills, petty cash logs, and prior year closing balances or trial balance.

Question 13

What information is needed for monthly GST compliance?

Accepted Answer

A monthly sales register (with customer GSTIN, taxable value, and tax rates), purchase register, credit/debit notes, and bank statements reflecting tax payments.

Question 14

Why is Input Tax Credit (ITC) reconciliation with GSTR-2B necessary?

Accepted Answer

Under current GST provisions, ITC can only be availed if the supplier has uploaded the invoice in their return and it is reflected in your GSTR-2B statement. Reconciliation prevents interest penalties on ineligible claims.

Question 15

What should be done if a vendor fails to upload an invoice to the GST portal?

Accepted Answer

The discrepancy should be communicated to the vendor so they can include the invoice in their subsequent return, enabling you to claim the credit once it appears on the portal.

Question 16

What is a Virtual CFO and who is it suited for?

Accepted Answer

A Virtual CFO provides growing businesses with high-level financial analysis, cash-flow monitoring, budgeting, and management reporting on a flexible part-time basis, without the high fixed cost of a full-time executive.

Question 17

How does Virtual CFO support differ from standard bookkeeping?

Accepted Answer

Bookkeeping records historical financial transactions. Virtual CFO support analyses that data to help business owners understand cash-flow forecasts, profit margins, cost variances, and financial implications of business decisions.

Question 18

What size of business benefits most from Virtual CFO support?

Accepted Answer

Small to mid-sized businesses, startups, and owner-managed enterprises generating steady revenues that require structured financial oversight and decision support.

Question 19

What activities can be handled through outsourced accounting support?

Accepted Answer

Activities typically include routine bookkeeping, bank and credit card reconciliations, accounts payable and receivable tracking, month-end balance sheet schedules, and draft management report formatting.

Question 20

How are processes and responsibilities agreed upon?

Accepted Answer

A clear standard operating procedure (SOP) and scope agreement define the software environment, document handover methods, task schedules, and review responsibilities.

Question 21

Can engagements start with a trial or pilot batch?

Accepted Answer

Yes. Beginning with a defined pilot scope allows both teams to align communication, conventions, and quality standards smoothly.

Question 22

How do I choose between a partnership, LLP, and Private Limited Company?

Accepted Answer

The decision depends on factors including number of partners/promoters, personal liability preference, scale of business, statutory compliance appetite, and whether you plan to raise equity funding.

Question 23

What KYC documents are required for company directors or partners?

Accepted Answer

Promoters generally need PAN cards, valid address proofs (Passport/Voter ID/Aadhaar/Driving Licence), recent bank statements or utility bills, passport photographs, and proof of the registered office premises.

Question 24

What initial registrations are required after incorporation?

Accepted Answer

Post-incorporation steps include obtaining company PAN and TAN, opening a corporate bank account, depositing share capital, completing initial statutory declarations, and obtaining GST registration where applicable.

Question 25

What should I do immediately upon receiving a tax or GST notice?

Accepted Answer

Note the statutory response deadline immediately. Do not ignore the notice. Keep the communication along with the filed return, computation, and relevant bank/ledger records ready for professional review.

Question 26

Why is professional review recommended before replying to a notice?

Accepted Answer

A notice requires understanding the exact statutory section, verifying the factual basis of the query, and providing a structured, documented reply that avoids unintended admissions or conflicting statements.

Question 27

Does taking professional support guarantee notice closure or penalty cancellation?

Accepted Answer

No. Professional assistance ensures your facts and records are accurately and legally presented. The final outcome is determined by statutory tax authorities based on applicable law and verified records.

Question 28

How should sensitive financial documents and passwords be shared?

Accepted Answer

Never share passwords, OTPs, net banking credentials, or full identity cards through public website forms. Direct, secure document-sharing arrangements will be established after your initial consultation enquiry.

Question 29

How is client confidentiality maintained?

Accepted Answer

All client documents, financial statements, and business communications are handled with strict professional care and used solely for the agreed compliance and accounting purposes.

Frequently Asked Questions

General Practice & Process

Income Tax Filing

Bookkeeping & Accounts

GST Filing & Compliance

Virtual CFO Support

Bookkeeping & Accounts Support

Business Incorporation

Tax & GST Notices

Confidentiality & Document Sharing

Have a Question Not Answered Here?