Important Checklist for March 31, 2024:

Finance and Investments, GST, Taxation and Statutary Compaliances News

⏩1. GST Compliance:

(i) File the Letter of Undertaking (LUT) for the financial year 2024-25 if engaged in exports of goods/services or supplies to SEZ units/developers without IGST payment.

(ii) Submit the application to opt for the composition scheme for FY 2024-25.

(iii) Providers of GTA services should file a declaration for opting to pay tax under the forward charge mechanism for FY 2024-25. Recipients must maintain records of such declarations from GTAs to justify non-payment of tax under the reverse charge mechanism.

(iv) If the turnover for FY 2023-24 exceeds Rs. 5 Crores for the first time under GST, commence issuing E-Invoices for supplies from April 1, 2024.

(v) Reverse input tax credit availed on transactions with creditors if payments are overdue for more than 180 days.

(vi) Implement a new invoice series unique to FY 2024-25 starting from April 1, 2024.

(vii) Reconcile GST return data with books of accounts and make necessary entries for turnover, ledger balances, adjustments to ITC, RCM liabilities, etc.

(viii) Reconcile and account for GST-TDS and GST-TCS credits in books of accounts.

⏩2. Income Tax Obligations:

(i) Invest in eligible instruments for deductions to reduce taxable income for FY 2023-24 and save taxes (e.g., PPF, LIC, ELSS Mutual Funds, Health Insurance, etc.).

(ii) Calculate and pay necessary advance tax based on tax liability.

(iii) File updated income tax returns for FY 20-21 with a 50% additional tax payment.

(iv) File updated income tax returns for FY 21-22 with a 25% additional tax payment (increases to 50% afterward).

(v) Ensure compliance with Section 43B(h) for timely payments to MSMEs.

(vi) If FY 2023-24 turnover exceeds Rs. 10 Crores, comply with TDS provisions under section 194Q and TCS provisions under section 206C(1H) for FY 2024-25.

(vii) Obtain declarations from transporters for non-deduction of TDS under section 194C.

(viii) Reconcile and account for TDS and TCS credits in books of accounts.

⏩3. Other Financial Tasks:

(i) Make necessary year-end provisions and account for depreciation and amortization.

(ii) Verify closing stock, cash balance, bank balance, and inter-branch balances.

(iii) Collect FD statements from banks and account for interest income.

(iv) Ensure statutory compliance in all transactions, including TDS, TCS, and RCM.

(v) Account for foreign exchange fluctuations.

(vi) Confirm balances with third parties.

⏩4. Corporate Social Responsibility (CSR) Reporting:

⏩(i) File the Annual Report on Corporate Social Responsibility in form CSR-2 for FY 22-23 by March 31, 2024, for companies to whom CSR is applicable. File after submitting Form AOC-4 as per MCA Notification of May 31, 2023.

Team – Intellex Strategic Consulting Private Limited

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