Essential Financial Tasks to Complete Before 31st March

📅 Financial Year-End Checklist: Key Actions Before March 31st

As the financial year draws to a close, March 31st marks a crucial deadline for various financial, professional, and personal obligations. To ensure a smooth transition into the next financial year, here’s a checklist of key actions you should take before the month ends.

✅ 1. Review Your Financials

• 📊 Calculate Your Turnover: Assess your turnover to determine compliance with various tax laws, audit applicability, GST registration limits, e-invoice limits, eligibility for the Composition Scheme, and presumptive taxation under Section 44AD.

• 💰 Maximize Tax Savings: If you’re opting for the old tax regime, invest in tax-saving instruments like ELSS, PPF, or NPS under Sections 80C, 80D, etc., before March 31st.

• 🏦 Claim Deductions & Rebates: Review your expenses and investments to claim all eligible deductions and rebates to reduce your tax liability.

⚠️ 2. Avoid Interest Penalties

• 💵 Advance Tax Payment: If you haven’t paid your advance tax before March 15th, ensure it is paid by March 31st to minimize interest charges under Sections 234B and 234C.

📑 3. Conduct Book Reconciliations

Proper reconciliations help maintain accurate financial records and avoid discrepancies. Ensure the following reconciliations are done:

• 📋 GSTR-1 with GSTR-3B

• 🚛 GSTR-1 with E-Way Bills

• 🧾 GSTR-1 with E-Invoices (if applicable)

• 📚 ITC of Books with GSTR-3B

• 📜 ITC of Books with GSTR-2B/2A

• ✅ GSTR-3B with GSTR-2B

• 🔄 Reversal Provision under Rule 42 & Section 17(5) of GST

📂 4. Update Financial & Legal Documents

• 🔄 Renew Expiring Policies: Review and renew any expiring insurance policies (health, life, or vehicle insurance) to avoid lapses in coverage.

• 📝 Review & Update Your Will & Nominations: Ensure that your will, nominees for investments, and insurance policies are updated to avoid any future complications.

🏛️ 5. File Important Forms Before March 31st

• 📜 Form LUT (Letter of Undertaking) for Exports: If you are an exporter, renew your LUT under GST to continue exporting goods and services without paying IGST.

• 🏦 Composition Scheme Registration (CMP-02): If you want to opt for the GST composition scheme for FY 2025-26, file Form CMP-02 before the deadline.

• 📑 Updated Income Tax Return (ITR-U): If you have missed filing your income tax return for previous financial years, use Form ITR-U to file updated returns.

🔎 6. Reconcile Key Financial Records

• 💳 TDS Entries: Match your books with Form 26AS to ensure all TDS credits are correctly accounted for.

• 📄 Form 26AS/AIS/TIS Reconciliation: Verify Annual Information Statement (AIS) and Taxpayer Information Summary (TIS) with your financial records to prevent tax discrepancies.

• 📊 GST vs Income Tax Reconciliation: Align GST filings with income tax returns to ensure accurate reporting and avoid notices.

🏢 How C.P. Agrawal & Associates Can Help

At C.P. Agrawal & Associates, we offer comprehensive financial and tax advisory services to help you meet all year-end compliance requirements efficiently. Our expert services include:

• Tax Planning & Filing: Maximize deductions and rebates while ensuring accurate tax filings.
• GST Reconciliation & Compliance: Avoid discrepancies and penalties with thorough GST audits.
• Advance Tax Advisory: Ensure timely advance tax payments to avoid interest penalties.
• Financial Record Management: Assistance in book reconciliations, TDS entries, and financial report preparation.
• Legal & Policy Updates: Review and update your will, nominations, and insurance policies.
• Business Advisory Services: Strategic financial planning to help your business thrive.

Let us help you close your financial year smoothly and set the stage for a successful new year. Contact C.P. Agrawal & Associates today!

🎯 Final Thoughts

Taking these steps before March 31st will help you efficiently close the financial year, avoid unnecessary penalties, and prepare for a seamless start to the new financial year.

Proactive financial planning today will save you time and effort later. Start early, stay compliant, and make informed financial decisions!

For expert guidance and assistance, contact C.P. Agrawal & Associates today!