Important Tasks to do before 31st March 2025



Quick Summary
As the 31st March 2025 deadline approaches, businesses and individuals need to address several important financial tasks. This includes sorting and paying micro and small creditors, especially manufacturers and service providers, within 45 days of billing. Additionally, taxpayers must consider filing for the composition scheme (CMP-02) or furnishing a Letter of Undertaking for GST exports before the deadline. Year-end stock and immovable property verification, along with making necessary investments or donations for income tax deductions (like 80C, 80G), are also critical. Finally, don't forget to file updated income tax returns for AY 2022-23 if needed and consider tax-loss harvesting strategies to manage capital gains tax.

Check your Creditors List: Sort Your Micro and Small Creditors (Only Manufacturer and Service providers, excluding Traders) registered under MSME from the Creditors List. Make Payment to the above shorted Creditors within 45 Days of Billing.

Key Tasks Before 31st March 2025   Tax Deadlines

If you want to apply for the composition scheme next FY, you need to file CMP-02 before 31st March 2025.

If you are planning to export Goods/services without Payment of GST, then furnish the Letter of Undertaking before 31st March 2025.

All the taxpayers should do the verification of Stock at the year's end. Along with that, verification of immovable property should also be done and matched with book value. If it does not match, then prepare the reconciliation statement.

 

If a deduction u/s 80 ( for eg. 80C, 80G) is to be claimed in Income tax for FY 2024-25, then every taxpayer should verify the limits of Income tax and their tax liability and should invest, donate, etc. before 31st March 2025.

Furnishing of an updated return of income for the Assessment Year 2022-23: In Income tax, 31st March 2025 is the last date to file the updated return if the taxpayer has made errors or omissions in their original or revised return for FY. 2021-22.

 

Tax-loss Harvesting: Unlock Tax Saving. Investors can reduce their Capital gain tax Liability by selling loss-making stocks and they can buy the same stock on the current date. By using this strategy, Tax liability can be reduced to some extent.

Do ITC and Output Tax Liability Reconciliation and make necessary adjustments.

FAQ :

The deadline for filing CMP-02 to apply for the composition scheme for the next financial year is 31st March 2025.

Payments to sorted micro and small creditors (manufacturers and service providers, excluding traders) should be made within 45 days of billing.

If you plan to export goods or services without paying GST, you must furnish the Letter of Undertaking before 31st March 2025.

For FY 2024-25, taxpayers should verify income tax limits and their tax liability to claim deductions like 80C and 80G by investing or donating before 31st March 2025.

The last date to file an updated return of income for Assessment Year 2022-23 is 31st March 2025.

Investors can reduce their capital gains tax liability by selling loss-making stocks and repurchasing them on the same day through tax-loss harvesting.




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PROPRIETOR

I am Practicing Chartered Accountant and providing wide range of services namedAccounting, Risk Management, Tax Planning, GST Compliances, Audits, Advising onFinancial Structure, Wealth Management, Business Model Planning. I have been associated with the same field since more than 6 Years. I used to provide an updates ... Read more

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