CA Niyati Soni
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.
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.
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