*Basic checklist for 31st March, 2024.*
*Income Tax:*
1. Make necessary investments eligible for deductions thereby reducing taxable income for FY 2023-24 and ultimately save tax. (Eg: PPF, LIC, ELSS Mutual Funds, Health Insurance, etc..).
2. Calculate tax liability and pay necessary advance tax.
3. Last chance to file updated income tax return for FY 20-21 by paying 50% additional tax.
4. Last chance to file updated income tax return for FY 21-22 by paying only 25% additional tax; thereafter, it would increase to 50% additional tax.
5. Ensure 43B(h) compliance which deals with timely payment to Micro and Small Enterprises.
Such payments have to be made within 45days/15 days as applicable.
6. If turnover for FY 2023-24 exceeds Rs. 10 Crores, then, TDS provisions under section 194Q, TCS provisions under section 206C(1H) will become applicable for FY 2024-25.
7. Obtain declarations from transporters for non-deduction of TDS under section 194C.
8. Reconcile and/or account for the TDS and TCS credit in books of accounts.
*Goods and Services Tax:*
1. File Letter of Undertaking (LUT) for FY 2024-25. LUT has to be filed if you make exports of goods/services or supplies to SEZ units/developers without payment of IGST.
2. Application to opt for composition scheme for FY 2024-25.
3. GTA services providers need to file a declaration for opting to pay tax under forward charge mechanism for FY 2024-25. Recipient are recommended to obtain and maintain a record of such declaration from GTA to justify non-payment of tax under reverse charge mechanism.
4. If turnover for FY 2023-24 has exceeded Rs. 5 Crores for the first time since inception of GST, then, generate and issue E-Invoice for supplies from 01st April, 2024.
5. If payments to creditors are due for more than 180 days, then, reverse the input tax credit availed on such transactions.
6. Start new invoice series from 01st April, 2024, unique for FY 2024-25.
7. Reconcile the data filed in GST returns with books of accounts and pass necessary entries, if any. (Eg: Reconcile the turnover, Match balance in Electronic Credit/Cash Ledger with books of accounts, make necessary adjustment to ITC available in books but not appeared in GSTR-2B, reverse the excess ITC claimed, if any, discharge the RCM liability if any, missed during the year, etcโฆ)
8. Reconcile and/or account for the GST-TDS and GST-TCS credit in books of accounts.
*Others:*
1. Make necessary year end provisions. Also, account for depreciation, amortization.
2. Verify closing stock, cash balance, bank balance, inter branch balance.
3. Collect FD statements from bank and account interest income.
4. Double check the statutory compliances on all the transactions. (Eg: TDS, TCS, RCM)
5. Account for foreign exchange fluctuations.
6. Balance Confirmation with third parties.
*P.S.:*
1. The post is neither an opinion nor an advice in any manner.
2. This is a general, inclusive list and not exhaustive.
Regards
Afzal Husain
Happy Learny
