top of page
Search
  • Writer's pictureTax Market

"Stay Ahead of the Tax Game: Key Responsibilities for Taxpayers before the Financial Year Ends

March is a crucial month for taxpayers in India, as it marks the end of the financial year. Taxpayers have to ensure that they have completed all their tax-related tasks and obligations by this month. Here are some important things to consider from an income tax aspect this March ending:


Aadhaar-PAN linking:

The government has made it mandatory for all PAN holders to link their Aadhaar card with their PAN. The last date for Aadhaar-PAN linking is 31st March 2023. If you do not link your Aadhaar with your PAN before the deadline, your PAN will become inoperative, and you will not be able to complete any PAN-related transactions. So, make sure you link your Aadhaar with your PAN before the deadline.


Advance Tax:

If you have not paid your advance tax before 15th March, you must pay it before 31st March to avoid paying more interest. Advance tax is paid by taxpayers who have a tax liability of Rs. 10,000 or more in a financial year.


Investment for Deduction:

If you want to claim deductions under Section 80 of the Income Tax Act for the financial year 2022-23, you should verify the limits of your income tax liability and invest in eligible instruments such as ELSS, PPF, NSC, etc. before 31st March 2023.


Form 26AS:

Every taxpayer should download Form 26AS and verify the TDS deducted and TCS collected. Also, verify the income mentioned in Form 26AS and AIS (Annual Information Statement) with your books of accounts. Make sure that SFT transactions like purchase of mutual funds above Rs. 2 lakh, purchase of four-wheeler above Rs. 10 lakh, purchase or sale of property above Rs. 50 lakh, etc. are reflected in Form 26AS.


TDS on Salary:

Salaried employees should provide details of investments and deductions to their employers to ensure that less TDS is deducted in March.


Deduction for statutory dues:

If you follow the cash basis accounting system and want to claim a deduction for statutory dues paid, you must make the payment before 31st March.


Depreciation Calculation:

You should calculate the depreciation on your fixed assets at the end of the financial year.


Closing Stock Verification:

Verify your stock at the year-end and match it with the book value. Also, verify immovable property and match it with the book value.


Bank Reconciliation:

Reconcile all your bank and loan accounts at the year-end to avoid any discrepancies.


Comparative Balance Sheet and Profit and Loss A/C:

Prepare a comparative balance sheet and profit and loss account for the year to get a better understanding of your total turnover, profit-loss, expenditure, and other accounting ratios.


Form 15 G/ H:

If you have income only from interest, and the income is less than the prescribed limit, then you can file a declaration manually or online in Form 15 G/ H.


Taking these steps can help streamline your tax-related responsibilities and make the tax season less stressful. So make sure to stay ahead of the curve and file your Income Tax returns with ease. If you need any help with your tax-related needs, be sure to check out www.taxmarket.in for all your tax-related services. Happy tax season!



Click the button below to check out our services.





259 views

Comments


Recent Posts

Request Your Free Consultation

bottom of page