Financial Year 2023-2024 is about to close Let's see Things to Do Before 31st March 2024:- Basic checklist for 31st March, 2024. Income Tax: 1. Make necessary investments eligible for deductions thereby reducing taxable income for FY 2023-24 and ultimately save tax. (Eg: PPF, LIC, ELSS Mutual Funds, Health Insurance, etc..). 2. Calculate tax liability and pay necessary advance tax. 3. Last chance to file updated income tax return for FY 20-21 by paying 50% additional tax. 4. Last chance to file updated income tax return for FY 21-22 by paying only 25% additional tax; thereafter, it would increase to 50% additional tax. 5. Ensure 43B(h) compliance which deals with timely payment to Micro and Small Enterprises. Such payments have to be made within 45days/15 days as applicable. 6. If turnover for FY 2023-24 exceeds Rs. 10 Crores, then, TDS provisions under section 194Q, TCS provisions under section 206C(1H) will become applicable for FY 2024-25...
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