BRIEF – Here is list of tasks as far as INCOME TAX is concerned that you should complete before 31-03-2019
1. PAY YOUR ADVANCE TAX before 15th March, 2019, if you are having high tax liability. Payment of Advance tax – If Taxpayers have not paid Advance Tax before 15th March then it should be paid before the 31st March so that less interest is levied.
2. PAY YOUR LIC, MEDICLAIM AND OTHER OBLIGATIONS TO CLAIM DEDUCTIONS BEFORE 31ST MARCH. If in income tax return deductions u/s 80 have to be claimed, then every taxpayer should verify their tax liability and should make the investment, donation, etc. before 31st March. To claim deduction under section 80C e.g. provident fund, insurance, etc., investment should be made before 31st March. Compulsory investment under PPF: 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, 2018.
3. RECONCILIATION & ACCOUNTING –Complete you accounting work as soon as possible to know your financial position, to know Gross profit & Net profit also. You can plan certain way to minimize your NP & also taxes. It is very important to reconcile all the bank accounts and loan accounts at the year end. Withdrawals of cash if required, for adjustment of expenses before March, 19. Taxpayer should reconcile the Debtors and Creditors balance. That is, taxpayer should verify the balance of his books of accounts with that of balance confirmation statement provided by them.
4. FORM 15 G/ H –The taxpayers who have income from interest only and it is less than the prescribed limit, then they can file manually or online in Form 15 G/ H. prepare details for Filing 15G 15H if you are Audited firm and made some payments doesn’t require to deduct TDS
5. CLOSING STOCK: In business world Profit and Loss account has great importance. This exercise will decide Gross profit & Net profit. Closing Stock is the base of this Profit and Loss Account. It is useful for Cash Credits with Banks, Insurance, and in many other business related work.
6. PAY ALL OUTSTANDING DUES OF LAST FINANCIAL YEAR-Pay all outstanding dues, expenses or provision for expenses made during last March… E. G. Salary
7. TDS– Deductions of the tax on all the expenses for the period April to February to be done before 31st March 2019, if not deducted 30% of such expenditure may be disallowed. Booking OF Expenses like Interest, Commission, Salary etc may attract TDS deduction.
8. LINKAGE OF AADHAAR WITH PAN & BANK ACCOUNT WITH PAN: It must be noted that the return of income tax payer will not be processed if Aadhaar is not linked to PAN. Also, the department said refunds will be sent to bank accounts as it will issue “only e-refunds from March 1, 2019.” Link your PAN (permanent account number) with your bank account to get your refund directly, swiftly and securely.
9. CALCULATION OF THE DEPRECIATION– The taxpayer should do the calculation of the depreciation on the fixed asset at the time of year end. Depreciation As per ROC and As per Income tax will be different.
10. DETAILS OF INVESTMENTS– Salaried persons should provide the details of investments to employer, so that less TDS will be deducted in the month of March. Salaried individuals are entitled to certain reimbursements on the basis of their salary structure such as medical reimbursements, Telephone, leave travel, house rent allowance etc. To claim such tax exemption, such persons need to submit the proof of such expenses to their employers.