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Final Countdown: Complete These Essential Business Tasks Before March 31st

Author: Santosh Founder Alliance Tax Experts
One Stop Solutions for All Financial Needs

As March 31st approaches, it’s crunch time for businesses across India. The financial year-end is more than just a date on the calendar — it’s a critical deadline that can impact your compliance, tax liability, and financial planning for the year ahead.

Here’s a checklist of key tasks your business should complete before the financial year ends:

✅ 1. Finalize Your Books of Accounts

Ensure that your books are up to date and accurate. Reconcile bank accounts, close ledgers, and cross-verify invoices, payments, and receipts. This is crucial for smooth filing and audit preparation.

✅ 2. File Outstanding GST Returns

Missed any previous GST returns? File them now to avoid interest and penalties. Also, file GSTR-1 and GSTR-3B for March to ensure your Input Tax Credit (ITC) is correctly reflected.

✅ 3. Pay Advance Tax (If Applicable)

If your estimated tax liability exceeds ₹10,000 for the year, you’re required to pay advance tax. March 15 is the last installment date — but if missed, settle it ASAP with applicable interest.

✅ 4. Deduct and Deposit TDS

Ensure all TDS (Tax Deducted at Source) liabilities are cleared before March 31. Late deduction or deposit can attract stiff penalties and interest under the Income Tax Act.

✅ 5. Claim All Eligible Deductions

Whether it's depreciation, Section 80 deductions, or employee-related benefits, ensure you’ve claimed every deduction your business is entitled to. Last-minute investments can also optimize your tax outgo.

✅ 6. Prepare for Annual Financial Audit

Get your documents and records audit-ready. If your turnover exceeds audit thresholds, coordinating early with your CA or auditor will save stress later.

✅ 7. Issue Form 16A & Collect 15G/15H (If applicable)

Don’t forget to issue TDS certificates to vendors and collect self-declaration forms (15G/15H) from eligible individuals for the next fiscal year.

???? BONUS TIP: Talk to a Tax Expert

A small discussion with a professional can help uncover savings, avoid compliance issues, and plan better for FY 2025-26. That’s where we come in.

Need Help Before March 31?

Our team at Alliance Tax Experts is here to guide you through every filing, deduction, and deadline. Whether it’s GST, income tax, TDS, or business strategy — we’ve got you covered.

Call us at: 9769201316
Email: santoshpatil@alltaxfin.com
Website: www.alltaxfin.com

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