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GwC Professionals

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GwC Professionals

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GwC is a multidisciplinary service provider with expertise in Taxation, Book Keeping, Audit, Company Law Matters etc.

We provide various services under one umbrella. We are experts in below services:
- I.Tax Return Filing, Assessment, Planning, Audit & Refund
- GST Registration, Return, Audit & Refunds.
- Accounting & Book Keeping.
- Internal Audit, Stock Audit and various Management Services.
- Company Law Matter
- Licenses & Other Advisory Services
- Cororate Re-Structuring
- Whistle Blow Services

20/10/2026

This Dussehra, let’s defeat the 5 demons of financial mismanagement. 🏹

In business, not every risk announces itself. Some hide in everyday processes.

🔥 Unreconciled books
🔥 Missed tax deadlines
🔥 Incorrect GST filings
🔥 Unverified expenses
🔥 Weak internal controls

Just as Dussehra reminds us that good triumphs over evil, strong financial discipline helps businesses overcome risks before they grow.

At GWC, we believe better compliance today builds stronger businesses tomorrow.

Wishing you a prosperous and risk-free Dussehra!

19/10/2026

Maha Ashtami Special: 8 Financial Checks Every Business Should Know 🪔

As we celebrate Ashtami, here are 8 checks that can help keep your business financially healthy:

1. GST Returns:Reconcile GSTR-1 with GSTR-3B.

2. Input Tax Credit:Verify eligible ITC against GSTR-2B.

3. TDS Compliance:Check deductions, deposits and return filings.

4. Bank Reconciliation:Match bank statements with book balances.

5. Receivables:Identify overdue customer payments.

6. Payables: Review pending vendor dues.

7. Expense Records:Ensure every claim has supporting documentation.

8. Tax Calendar:Track upcoming statutory deadlines.

Festive reminder:Compliance gaps are easier to fix when you catch them early.

Wishing everyone a blessed Maha Ashtami from GWC!

16/10/2026

9 Forms of Maa Durga. 9 Tax-Filing Checks You Shouldn’t Ignore. 🪔

This Durga Puja, let’s make tax compliance a little less daunting.

Before filing your Income Tax Return, check these essentials:

Income: Report income from all applicable sources.

TDS: Match Form 16 and Form 16A with Form 26AS and AIS.

Deductions: Claim only eligible deductions with valid proof.

Capital Gains: Include gains from shares, mutual funds and property, where applicable.

Bank Interest: Report taxable interest income.

Foreign Assets: Disclose them if applicable to your tax status.

Tax Regime: Check whether the old or new regime is more beneficial.

Refund Details: Verify your bank account is pre-validated.

Final Review: Check your return for errors before submission.

A little preparation today can prevent a lot of trouble later.

Shubho Sharodiya from GWC!

15/10/2026

Revenue is not audited by checking the sales figure.

A strong Revenue Audit asks:

→ Are sales recorded in the correct period?
→ Are credit notes & returns accounted for?
→ Do invoices reconcile with GST returns?
→ Are year-end sales supported by actual dispatch/delivery?
→ Are receivables actually recoverable?

Because ₹10 Cr of revenue means little if ₹2 Cr is sitting in questionable receivables.

Revenue should be real, recorded correctly, and collectible.

28/09/2026

🚨 TAX AUDIT DEADLINE EXTENDED

A relief for taxpayers and professionals handling tax-audit cases for AY 2026–27.

The CBDT has extended the due dates for specified taxpayers whose accounts are required to be audited under the Income-tax Act, 1961.

📌 NEW DEADLINES

Tax Audit Report�30 September 2026 → 21 October 2026
Income Tax Return (Audit Cases)�31 October 2026 → 21 November 2026

The extension applies to the specified category of assessees covered by the CBDT's announcement.

But here's the important part:
An extended deadline doesn't mean you should extend the work.
Use the additional time to:
✔️ Reconcile books with GST & TDS records
�✔️ Review revenue and expense recognition
�✔️ Verify receivables, payables and advances
�✔️ Check depreciation and fixed assets
�✔️ Review tax-audit disclosures�
✔️ Resolve outstanding accounting issues

Because rushing an audit report in the final days can create more problems than the deadline itself.

More time should mean better review — not delayed preparation.
📌 AY 2026–27 | Tax Audit Cases

25/09/2026

Revenue went up by 30%.

Everyone celebrated.

But the auditor asked one question:

“Did the cash go up too?”

Not necessarily.

A revenue increase can look impressive while the underlying economics tell a different story.

For example:

Revenue ↑ 30%
Receivables ↑ 65%

That doesn't automatically mean something is wrong.

But it does mean the numbers deserve a closer look.

This is where a Revenue Audit gets interesting.

1. Revenue vs. Collections
How much of the reported revenue has actually been collected?

2. Receivables Ageing
Is the increase coming from genuine customers—or increasingly old outstanding balances?

3. Credit Notes After Year-End
Were significant sales reversed or reduced shortly after the reporting period?

4. Customer Concentration
Is a large portion of revenue coming from just one or two customers?

5. Unusual Year-End Sales
Did sales suddenly spike near the reporting date?

6. Contract Terms
Does the revenue recorded actually match the underlying contractual obligations?

The important distinction:

Revenue growth is a number.

Quality of revenue is a business question.

A company can report higher sales while simultaneously dealing with:

longer collection cycles + rising receivables + higher returns + weaker cash conversion.

That's why revenue should never be analysed in isolation.

Don't just ask:

“How much did we sell?”

Also ask:

“How much did we collect, when did we recognise it, and what supports the number?”

Because good revenue isn't just revenue that was booked.

It's revenue that makes economic sense.

22/09/2026

The bank statement is clean. The reconciliation still isn't.

Most businesses think a Bank & Cash Audit starts with one question:

“What is the closing balance?”

A better audit starts with:

“Why is this the closing balance?”

Consider a few items that can sit quietly in the books:

→ Cheques issued but not presented
→ Direct bank credits not recorded in the ledger
→ Bank charges missed in accounting
→ Interest entries not posted
→ Old reconciliation items carried forward
→ Transfers recorded in one bank but not the other

Individually, these may look small.

But collectively, they can distort the actual cash position.

One technical area that deserves special attention: Bank Reconciliation Statements (BRS)

A BRS isn't merely a document to make the bank balance match the books.

It should explain every material difference between the two.

And an auditor shouldn't just ask:

“Does the BRS tally?”

They should ask:

“Are the reconciling items genuine, current and supported?”

Because a reconciliation that contains the same unexplained items month after month isn't really a reconciliation.

It's a history of unanswered questions.

A strong Bank & Cash Audit therefore looks at:

Existence → Reconciliation → Supporting evidence → Classification → Cut-off → Controls

The goal isn't simply to prove that cash exists.

It's to establish that the cash balance reported by the business is reliable.

17/09/2026

May Lord Vishwakarma bless every creator, craftsman, and innovator with skill, wisdom, and prosperity.

Wishing you a very Happy Vishwakarma Puja! 🪔✨

16/09/2026

Your business can be profitable—and still be making expensive decisions.

Here's why an audit is more than a compliance exercise.

Imagine two companies:

Company A reports ₹1 crore profit.

Company B also reports ₹1 crore profit.

On paper, they look identical.

But an audit may reveal that:

→ Company A has strong cash flows and reliable receivables.

→ Company B's profit is tied up in overdue receivables, excess inventory and poorly documented advances.

Same profit. Very different financial reality.

This is where audit creates value:

1. Profit quality
Is the reported profit supported by actual business performance?

2. Working capital
Is money stuck in receivables or inventory for longer than expected?

3. Liabilities
Are there obligations that haven't been properly recorded or disclosed?

4. Internal controls
Can the business prevent errors, duplication, leakage or unauthorized transactions?

5. Financial decisions
Are the numbers reliable enough to support borrowing, expansion or investment decisions?

The key takeaway:

An audit doesn't just tell you what happened.

It can help you understand what the numbers mean.

Because:

Revenue tells you what you sold.
Profit tells you what you earned.
Cash tells you what you can use.
Audit helps you understand how reliable the picture is.

And for a founder, that distinction matters.

Good financial reporting isn't just about looking compliant.

It's about making decisions with fewer blind spots.

14/09/2026

May Lord Ganesha remove every obstacle, bless us with wisdom, and guide us towards growth and prosperity.

Wishing you and your loved ones a very Happy Ganesh Chaturthi! 🪔🐘

Address

1, Mall Road, Saltee Plaza, 6th Floor, Suite # 601A
Kolkata
700080

Opening Hours

Monday	10am - 7pm
Tuesday	10am - 7pm
Wednesday	10am - 7pm
Thursday	10am - 7pm
Friday	10am - 7pm
Saturday	10am - 7pm

Telephone

+913340045616

Website

http://www.gwcprofessionals.com/

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