💡 10 Essential Tasks to Complete Before March 31st, 2024!

💡 10 Essential Tasks to Complete Before March 31st, 2024!


As we approach the end of the financial year, here are 10 crucial tasks for taxpayers to ensure smooth financial planning and compliance:



1️⃣ Tentative Financials Review: 📊

Prepare tentative profit & loss statements and balance sheets, compare them with previous year's figures and budgeted numbers to plan effectively.


2️⃣ Advance Tax Payment:⏰

If advance tax hasn't been paid before March 15th, make sure to settle it before March 31st to minimize interest charges.


3️⃣ Review of AIS/26AS: 🔍

Reconcile TDS through Form 26AS or AIS. Follow up with parties who deducted TDS but failed to report it. Verify if SFT transactions, like property transactions above Rs. 30 Lakhs, are correctly reflected.


4️⃣ Investment for Deductions: 💰

Invest or donate before March 31st to avail deductions under old tax regime for AY 2024-25.


5️⃣ Aadhaar/PAN Link Status Check: 🔗

Confirm Aadhaar/PAN link status for existing vendors. Ensure new vendors are registered with linked Aadhaar & PAN to avoid higher TDS rates.


6️⃣ Letter of Undertaking (LUT) Application: 📝

Exporters or suppliers to SEZ without GST payment should apply for LUT (GST RFD 11) for FY 2024-25.


7️⃣ Reconciliation of Outward Liability: 🔄

Ensure reconciliation of outward tax liability between GSTR 1, GSTR 3B & Books in March 2024 return.


8️⃣ Reconciliation of Input Tax Credit: 🧾

Reconcile ITC claimed in GSTR 3B with GSTR 2B and books. Follow up with parties not filing GSTR 1 or reporting transactions. Reverse any ITC due to Rule 42, 43 or delayed payments.


9️⃣ Payment of RCM: 💳

Recalculate and discharge total RCM liability for the year in March GSTR 3B return to avoid future tax recovery notices.


🔟 Scheme Assessment & E-invoicing: 💼

Assess turnover and input tax credit for the year to decide on Composition Scheme or QRMP for the next financial year. Generate e-invoices for B2B and export supplies from April 1st, 2024, if turnover exceeds Rs. 5 Crore for the first time in FY 23-24.


Let's ensure timely completion of these tasks for a hassle-free transition into the new financial year! 💼💡


#FinancialPlanning #TaxCompliance #YearEndTasks

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