In India, Financial Year begins with 1st of April and end on 31st March every year. Hence, 31st March is the date by which important taxation related obligations should be fulfilled. Following are the things which shall be taken care of as the financial year is ending soon.
There are mainly two types of taxation system which are discussed here under in detail:
1. Income Tax-
The last date for filing Income tax return for AY 2019-20 is 31st March, 2020.The belated income tax return for AY 2019-20 shall be filed latest by the end of 31st March, 2020.
100% of Advance Tax for the year is to be paid till 15th March 2020, as reduced by amount of advance tax paid in earlier installments
If in case you have not paid any Advance tax during whole financial year, you are advised to pay at least 90% of your advance tax liability, latest by 31st March 2020, in order to avoid Interest for default in payment of Advance tax u/s 234B of Income Tax Act 1961.
Kindly note that Interest for deferment of Advance tax u/s 234C of Income Tax Act 1961, shall continue to be levied.
TDS deduction on Salaried employees to be considered before crediting salary for month of March’ 2019
Analyse expense on which TDS has not been deducted, and deduct & deposit TDS thereon, with interest
TDS Receivable should be reconciled with Form 26AS, and Form 16A shall be obtained from respective persons for all quarters.
Prepare TDS payable reconciliations between books of accounts and Form 26Q/24Q/27Q and make relevant revisions, if required.
Individuals are advised to make investments under LIC, fixed deposits, Mediclaim, etc., if they want to claim deductions under Section 80C / 80D / etc. The minimum compulsory annual contribution to PPF account is Rs. 500. So if you have PPF Account then you need to contribute at least Rs. 500 per financial year. The last date of this contribution is 31st March, 2020.
Salaried Individuals are advised to submit all investments proofs (Housing loan certificates, Mediclaim and LIC receipts, house rental receipts for claiming HRA, proofs of any other investments done, etc.) to their employers, so that TDS can be deducted accordingly.
2. Goods and Services Tax (GST)-
The total turnover in your Current year up to 31st March is to be calculated for the purpose of determining the aspects like applicability of GST Registration, Eligibility of opting Composition Scheme, and Applicability of Filing of specific returns