To do list before 31st March24

As we approach the end of the financial year on March 31, 2024, it is imperative to ensure that all essential tasks are completed to facilitate a seamless transition. As part of our commitment to financial responsibility and compliance, please take note of the following crucial tasks that may be applicable to you.

A. INCOME TAX Act

1. For Trusts: Trusts or Institutions were supposed to file Audit Report in the form 10B or 10BB before 31st Oct 2023 for the AY 2023-2024. Those, who have made mistakes in filing forms say,  a trust was required to file form 10B but filed 10BB and vice versa, have been given time to correct the mistakes and file correct form before 31st March 2024.   Rule prescribing the forms of Audit report for trust or institution Rule 16CC- trust or institution under the first regime - any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or subclause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10 of the Income Tax Act, 1961.   Rule 17B - trust or institution under the second regime - any trust or institution registered under section 12AA or section 12AB of the Act   Form 10B: where, (i)                the total income of trust or institution, exceeds rupees five crores during the previous year; or (ii)              such trust or institution has received any foreign contribution during the previous year; or (iii)             such trust or institution has applied any part of its income outside India during the previous year; Form 10BB: in other cases Download Circular

circular-no-2-2024 Trust audit report form correction.pdf

Download PDF • 193KB

Download press release

Press-Release-CBDT-allows-certain-trusts-institutions-to-furnish-the-audit-report-in-the-a.

Download • 107KB

2. LOWER/NIL TDS Deductions:

Income Tax Department that allows taxpayers to avail themselves of reduced TDS rates or exemption from TDS on specific incomes.

Form 15E - This is Certificate under section 195(3) of the Income-tax Act, 1961, authorising receipt of interest and other sums without sums without deduction of tax. CBDT Notifies Form 15E and Rule 29BA to determine Income for TDS on Payment to Non-residents under Section 195 of the Income Tax Act.

Form 13 - An assessee must complete Form 13 to get a NIL or lower TDS certificate under section 197. Such a certificate is issued if the assessee’s estimated tax liability justifies no deduction tax or deduction of tax at a lower rate.

File it before 15th March 2024

Recently Form 15E and Form 13 is made available at Traces for FY 2024-25 also

3. Advance Tax

If your income tax liability for the current FY 2023-24 is more than 10000 then you are liable to pay advance tax. Last instalment of the advance tax is due on 15th March, 2024.

4. ITR - U for FY 2020-2021

ITR-U or Updated Income Tax Return, is a form that allows taxpayers to update their ITRs by correcting errors or omissions within two years from the end of the relevant assessment year. For example, if you filed an ITR for FY 2020-21 and missed the revised/ belated return filing window, you can file an ITR-U after end of the assessment year, i.e. 31 March 2022 but within two years from there, i.e. 31 March 2024.

5. Tax Saving Investments:

To save the Tax you can invest in some tax saving instruments. for claiming those deductions in FY 2023-24, you must invest before 31st Mar 2024.

Read here: Tax saving options and choosing Right tax regime OLD or NEW

Tax saving options and choosing Right tax regime OLD or NEW

6. Payment to Suppliers who are micro and small Enterprises as per MSME Act.

Clause (h) added to Section 43B of Income Tax Act for ensuring timely payment to small enterprises.

As per this clause payment to such suppliers are to be made within 15/45 days to get allowance of that input. If paid after the time allowed, it can be claimed in the FY in which it is paid.

So, if any of your supplier is micro or small enterprise, and payment is yet pending, pay it before 31st Mar, 2024 to get allowance in this FY.

MSME 45 days rule explained

7. Closing the books

Important Reconciliation must be done before 31st Mar, 2024.

B. GST

1. File LUT (Letter of Undertaking) for next FY if you are Exporter before 31st March, 2024
   

2. Regular tax payers can opt for Composition scheme for Next FY before 31st March, 2024.

3. If You are Goods Transport Agency and want to opt for FCM (Forward Charge) file Annexure V before 31st March, 2024.

How to opt FCM

4. Important Reconciliation to be done before 31st March, 2024

Reconcile GSTR- 1 with sales book

Reconcile GSTR- 2B with Purchase book.

How to Reconcile GSTR- 2B with Purchase book using Excel

Disclaimer:- The opinions presented are exclusively those of the author CA Pratibha Varia. The material in this piece is intended purely for informational purposes and for individual, non-commercial consumption. It does not constitute expert guidance or an endorsement by any organization. The author, the organization, and its associates are not liable for any form of loss or harm resulting from the information in this article, nor for any decisions made based on it. Furthermore, no segment of this article or newsletter should be employed for any intention unless granted in written form, and we maintain the legal right to address any unauthorized utilization of our article or newsletter.