Tax compliance deadlines and tasks to meet before March 31st
March 31st is fast approaching, and several tasks need to be completed! Here’s a list of tasks to finish before March 31st, 2025.
Income Tax
GST
Tax Saving Investments:
Old Regime –
- Provident Fund
- Equity Linked Savings Scheme
- National Savings Certificate
- Health Insurance
- Life Insurance
- National Pension Scheme
- Donations eleigible u/s 80G
New Scheme
- NPS Contribution by Employer
Tax Loss Harvesting
- Share Market Losses can be booked to reduce overall tax liability
AdvanceTax
- If Tax Liability exceeds 10,000 and there is income from other sources other than salary, advance tax is required.
Capital gain Planning
- Investments to be made for claiming exemptions under 54,54F,54EC.
ITR-U
- Last Date to file ITR-U for FY 21-22 is 31st March
43B(h) Compliance
- Payment to MSMEs within 45 days to claim deduction under Income Tax Act.
Letter of Undertaking
- Furnish LUT for FY 25-26 for entities involved in zero rated supply.
Composition Scheme
- File Form CMP-02 before 31st March to opt for composition scheme for FY 25-26
E Invoice
- Check for E-Invoice applicability for FY 25-26 if AATO exceeds 5 Crore
ITC Reversals
- Ineligible ITC, Blocked ITC if any claimed to be reversed.
2B Reconciliation
- Reconcile ITC Credit as per books and 2B Data and follow up for any missing credits.
Rule 86B Compliance
- If the Annual turnover is more than 50 lakh in a month, 1% liability to be paid in cash .
ISD Registration
- Mandatory ISD Registration for distributing credits.
GST Amnesty Scheme
- Tax to be paid by 31st March 2025 to claim benefit under GST Amnesty Scheme for FY 17-18 to FY 19-20
GTA Declaration
- GTA opting for foward charge in FY 25-26 to provide declaration on the GST portal by 31st March 2025
Hotel “Specific Premises”
- Hotels and Restaurants must delcare specific premises to get benefits of reduced GST Rates.
