Important tasks to be completed before 31st March 2024

Important tasks to be completed before 31st March 2024: As the Year 2023-24 is about to end, we hope that you have already completed your tax deductions u/s 80C to Save Income Tax. But wait, this is not the only thing. Here is the list of tasks you need to do to save tax and be compliant before the Financial Year 2023-24 ends.

Here are the List of Important tasks to be completed before 31st March 2024

Applicability of Section 43B(h)

Be prepared for the applicability of Section 43B(h) of the Income Tax Act form 1st April 2024 for Disallowance of Expense on Non-Payment or Late Payment to Micro and Small Enterprises as there is no chance of due date extension.

Investment for Deduction u/s 80C/80D

Taxpayers who wish to continue with the old tax regime should make appropriate investments like ELSS, LIC, PPF, Medical Insurance etc. before 31st March 2024 as per section 80C, Section 80D, etc. to avail the benefits.

Filing ITR-U for AY 2021-22

31st March 2024 is the last chance to file an Updated Income Tax Return (ITR-U) for the Financial Year for AY 2021-22 (FY 2020-21). Please ensure that the same is done if required in your case.

Minimum Investment Deadline

The minimum yearly investment required for government savings programs such as PPF and Sukanya Samriddhi Yojana (SSY) is Rs 500 and Rs 250, respectively. Your account can be declared as in default and you might be charged a fee to get it back up and running if you fail to make this minimum deposit in any given fiscal year. Therefore, you have until March 31, 2024, to avoid default or paying a penalty if you invested in any such scheme during the current fiscal year but did not invest the minimum amount in it.

GST Reconcilliation to be completed before 31st March 2024

Input Tax Credit: Although the Due Date for claiming Input Tax Credit (ITC) of Tax Invoices or Debit Notes for Financial Year 2023-24 is 30th November 2024, it’s beneficial if you do the reconciliation of ITC booked in Books and claimed in GSTR-3B for the whole year in March 2024 itself. It helps smooth Tax Audit and GST Annual Return Filing at later stages.

Additionally, we need to check the credit as per rule 42/43, Section 17(5) and reverse the credit as per the provisions of GST Law.

Outward Tax Liability: We should reconcile GSTR-1, GSTR-3B, and the books in order to ensure that appropriate GST has been paid and the amount shown in GST Returns reconciles with the books.

FASTag KYC to be completed before 31st March 2024

The National Highway Authority of India (NHAI) has extended the deadline for updating FASTag KYC details from February 29 to March 31, 2024, in response to issues encountered by users of the app.

Drawing of Financials:

One is required to make the important entries, close the financials, find out the approximate profit, and pay the Advance Tax Accordingly. Those who have missed the deadline of 15th March for Payment of Advance Tax can still pay it by 31st March on payment of 1% Interest u/s 243C.

Issue TDS Certificate:

For tax deductions taken under various sections beginning in January 2024, taxpayers would need to provide a TDS filing certificate. The deadlines that apply specifically to each part are listed below;

TDS Certificate for taxes withheld for March 17–January 20, 2024, under sections 194–IA, 194–IB, and 194–M.

March 30 – February 20, 2024: Challan Statement for Tax Deducted Under Sections 194–IA, 194–IB, and 194M to be Filed.