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List of Tax Compliance Registered Assesses Must Fulfil Before 31st March
List of Tax Compliance Registered Assesses Must Fulfil Before 31st March

January 30, 2020

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In India, the beginning of the Financial is witnessed with the 1st of April and ends on 31 March every year. Being the end date of a Financial Year, it is mandatory for the taxpayer to fulfil all their tax obligations by 31st March.

As the current financial year is on its verge to end, mentioned below are the tax obligations that are required to be fulfilled by the taxpayers as soon as possible:

The tax system in India revolves around two categories namely:

  • Income Tax
  • Goods and Service Tax

Income Tax

The due date for income tax return filing valid for Assessment Year 2019-20 is 31 March 2020. Delayed return filing will lead to heavy penalties or large interest amount. Income Tax filing includes:

Advance Tax

It is required by the taxpayers to set off all their advanced tax liabilities last by 15 March (the remaining amount of advanced tax).

To be noted: In case of non-payment of Advance tax in the entire Financial Year, it is advised to the concerned taxpayer to set off at least 90% of his advanced tax liabilities by 31 March 2020 in order to escape from penalties or heavy interest payments under the Income Tax Act 1961.

Interest will be charged on delay in payment of Advance Tax u/s 234C of Income Tax Act 1961.

TDS Deduction

Tax Deducted at Source (TDS) on salaries shall be furnished before crediting the salaries to the respective employee’s salary accounts. Interest will be charged in case of a delay in deducting or submitting the TDS. The TDS sum received should be reconciled with Form 26AS and Form 16A shall be provided to the employee (on whose salary TDS is deducted) for all the quarters.

Prepare TDS payable reconciliations referring to books of accounts and Form 26Q/24Q/27Q and thus make revisions, if required.

Other Compliance

Assessees are suggested to invest in Life Insurance Policies, fixed deposits or other income tools if they wish to claim tax benefits U/S 80C or 80D etc. In case if an assesses owns a PPF account then it is required by him to contribute at least Rs. 500 per financial year. The last date to submit the required fees is 31 March 2020.

It is recommended for the employees to submit all their investment proofs such as Housing loan certificates, house rental receipts for claiming HRA, Mediclaim and LIC receipts, or proofs of any other investments done so that TDS deduction becomes easy.

GST Applicability

Goods and Service Tax (GST) is calculated in line with the taxpayer’s annual turnover (up to 31 March). Here basic parameters of eligibility is judged like eligibility for GST registration, taxpayer’s eligibility for opting Composition Scheme, filing specific returns.

Pending GST liabilities to be taken care of Reconciling the Cash ledger, Credit Ledger and Liability ledger on the Portal with books of accounts. So that there is no pace for mismatches or errors. Reconciliations between GSTR 1, GSTR 3B and books of accounts & ITC availed in GSTR 3B, accounted in books of accounts and reflecting in GSTR 2A.


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