{"id":26337,"date":"2024-03-24T20:27:46","date_gmt":"2024-03-24T14:57:46","guid":{"rendered":"https:\/\/carajput.com\/blog\/?p=26337"},"modified":"2025-05-15T18:55:57","modified_gmt":"2025-05-15T13:25:57","slug":"compliance-checklist-at-yearend-closing-at-31st-march-2024","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/compliance-checklist-at-yearend-closing-at-31st-march-2024\/","title":{"rendered":"Compliance Checklist at yearend Closing at 31st March"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69ea46ea93282\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69ea46ea93282\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/compliance-checklist-at-yearend-closing-at-31st-march-2024\/#Compliance_Checklist_to_be_done_at_year-end_closing_on_31st_March\" title=\"Compliance Checklist to be done at year-end closing on 31st March\">Compliance Checklist to be done at year-end closing on 31st March<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/compliance-checklist-at-yearend-closing-at-31st-march-2024\/#Year-end_closing_checklist_with_all_key_compliance_areas_for_the_financial_year_ending_31st_March_2025\" title=\"Year-end closing checklist with all key compliance areas for the financial year ending 31st March 2025:\">Year-end closing checklist with all key compliance areas for the financial year ending 31st March 2025:<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/compliance-checklist-at-yearend-closing-at-31st-march-2024\/#Sales_Revenue\" title=\"Sales &amp; Revenue\">Sales &amp; Revenue<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/compliance-checklist-at-yearend-closing-at-31st-march-2024\/#Purchases_Expenses\" title=\"Purchases &amp; Expenses\">Purchases &amp; Expenses<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/compliance-checklist-at-yearend-closing-at-31st-march-2024\/#Payroll_Employee_Compliance\" title=\"Payroll &amp; Employee Compliance\">Payroll &amp; Employee Compliance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/compliance-checklist-at-yearend-closing-at-31st-march-2024\/#TDS_Income_Tax_Compliance\" title=\"TDS &amp; Income Tax Compliance\">TDS &amp; Income Tax Compliance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/compliance-checklist-at-yearend-closing-at-31st-march-2024\/#GST_Compliance\" title=\"GST Compliance\">GST Compliance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/compliance-checklist-at-yearend-closing-at-31st-march-2024\/#Fixed_Assets_Depreciation\" title=\"Fixed Assets &amp; Depreciation\">Fixed Assets &amp; Depreciation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/compliance-checklist-at-yearend-closing-at-31st-march-2024\/#Bank_Cash_Reconciliation\" title=\"Bank &amp; Cash Reconciliation\">Bank &amp; Cash Reconciliation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/carajput.com\/blog\/compliance-checklist-at-yearend-closing-at-31st-march-2024\/#Inventory_Management\" title=\"Inventory Management\">Inventory Management<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/carajput.com\/blog\/compliance-checklist-at-yearend-closing-at-31st-march-2024\/#Loans_Interest\" title=\"Loans &amp; Interest\">Loans &amp; Interest<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/carajput.com\/blog\/compliance-checklist-at-yearend-closing-at-31st-march-2024\/#Financial_Statements_Statutory_Compliance\" title=\"Financial Statements &amp; Statutory Compliance\">Financial Statements &amp; Statutory Compliance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/carajput.com\/blog\/compliance-checklist-at-yearend-closing-at-31st-march-2024\/#Other_Year-End_Tasks-_Others_Complied_related_to_Accounting_books_Checklist\" title=\"Other Year-End Tasks-\u00a0Others Complied related to Accounting &amp; books Checklist\">Other Year-End Tasks-\u00a0Others Complied related to Accounting &amp; books Checklist<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/carajput.com\/blog\/compliance-checklist-at-yearend-closing-at-31st-march-2024\/#Income_Tax_Compliance_Checklist\" title=\"Income Tax Compliance Checklist\">Income Tax Compliance Checklist<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/carajput.com\/blog\/compliance-checklist-at-yearend-closing-at-31st-march-2024\/#Goods_and_Services_Tax_Compliance_Checklist\" title=\"Goods and Services Tax Compliance Checklist\">Goods and Services Tax Compliance Checklist<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/carajput.com\/blog\/compliance-checklist-at-yearend-closing-at-31st-march-2024\/#In_conclusion\" title=\"In conclusion\">In conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-28896\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Year-end-Compliances.jpg\" alt=\"Year end Compliances\" width=\"927\" height=\"1009\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Year-end-Compliances.jpg 816w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Year-end-Compliances-276x300.jpg 276w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Year-end-Compliances-768x836.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Year-end-Compliances-800x871.jpg 800w\" sizes=\"(max-width: 927px) 100vw, 927px\" \/><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"Compliance_Checklist_to_be_done_at_year-end_closing_on_31st_March\"><\/span><span style=\"color: #000080;\"><strong>Compliance Checklist to be done at year-end closing on 31st March<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-29072\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Task-to-do-upto-31-March-2025.png\" alt=\"Task to do upto 31 March 2025\" width=\"1047\" height=\"1228\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Task-to-do-upto-31-March-2025.png 2029w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Task-to-do-upto-31-March-2025-256x300.png 256w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Task-to-do-upto-31-March-2025-873x1024.png 873w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Task-to-do-upto-31-March-2025-768x901.png 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Task-to-do-upto-31-March-2025-1309x1536.png 1309w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Task-to-do-upto-31-March-2025-1746x2048.png 1746w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Task-to-do-upto-31-March-2025-800x938.png 800w\" sizes=\"(max-width: 1047px) 100vw, 1047px\" \/><\/p>\n<p>The company must ensure that the appropriate TDS, GST, ESI and PF has been taken and paid. Checking Closing Stocks as of March 31, 2025: The amount and item-by-item value of closing stocks as of March 31, are required in tax audit instances as well as for book closing. March is an important month when it comes to different deadlines for compliance with the Income Tax Act and the Goods and Services Act. To avoid heavy penalties, taxpayers must submit the necessary paperwork by the deadline. This Compliance Checklist to be done at yearend Closing at 31st March, based on the specific needs and requirements of your organization and industry.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Year-end_closing_checklist_with_all_key_compliance_areas_for_the_financial_year_ending_31st_March_2025\"><\/span><span style=\"color: #000080;\">Year-end closing checklist with all key compliance areas for the financial year ending 31st March 2025:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>March 31st marks the close of the financial year in India, and it\u2019s absolutely critical for individuals and businesses to wrap up essential financial tasks before the deadline.\u00a0 Year-End Closing Checklist for FY 2024-25 (As on 31st March 2025)<\/p>\n<ol>\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Sales_Revenue\"><\/span><span style=\"color: #000080;\">Sales &amp; Revenue<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<ul>\n<li>\u2705 Finalize and issue all pending invoices up to 31st March 2025.<\/li>\n<li>\u2705 Reconcile sales with GSTR-1 &amp; GSTR-3B.<\/li>\n<li>\u2705 Ensure compliance with Ind AS\/AS for revenue recognition.<\/li>\n<li>\u2705 Identify &amp; provide for bad debts based on age analysis and recovery chances.<\/li>\n<\/ul>\n<ol start=\"2\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Purchases_Expenses\"><\/span><span style=\"color: #000080;\">Purchases &amp; Expenses<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<ul>\n<li>\u2705 Record all pending supplier bills received up to 31st March.<\/li>\n<li>\u2705 Match ITC claimed with GSTR-2B for March.<\/li>\n<li>\u2705 Accrue unpaid expenses (audit fee, rent, utilities, etc.).<\/li>\n<li>\u2705 Allocate prepaid expenses to future periods (e.g., insurance, AMC).<\/li>\n<\/ul>\n<ol start=\"3\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Payroll_Employee_Compliance\"><\/span><span style=\"color: #000080;\">Payroll &amp; Employee Compliance<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<ul>\n<li>\u2705 Process March salaries with appropriate PF\/ESI deductions.<\/li>\n<li>\u2705 Accrue for bonuses, gratuity, leave encashment as applicable.<\/li>\n<li>\u2705 Deposit all statutory dues before the due dates.<\/li>\n<li>\u2705 Deduct and deposit TDS on salaries under Section 192.<\/li>\n<\/ul>\n<ol start=\"4\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"TDS_Income_Tax_Compliance\"><\/span><span style=\"color: #000080;\">TDS &amp; Income Tax Compliance<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<ul>\n<li>\u2705 Deposit any pending TDS deductions before 30th April to avoid interest.<\/li>\n<li>\u2705 Reconcile TDS receivable with Form 26AS &amp; AIS.<\/li>\n<li>\u2705 Ensure advance tax liability is fully discharged before 15th March 2025.<\/li>\n<li>\u2705 Rectify any defaults in TDS returns (24Q, 26Q, 27Q) using TRACES.<\/li>\n<\/ul>\n<ol start=\"5\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"GST_Compliance\"><\/span><span style=\"color: #000080;\">GST Compliance<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<ul>\n<li>\u2705 Reconcile GST payable as per books vs returns.<\/li>\n<li>\u2705 Claim all eligible ITC before due date (due date of filing GSTR-3B for April 2025).<\/li>\n<li>\u2705 Reverse ITC for unpaid invoices &gt;180 days as per Rule 37.<\/li>\n<li>\u2705 Issue debit\/credit notes for adjustments before filing March GSTR-1.<\/li>\n<\/ul>\n<ol start=\"6\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Fixed_Assets_Depreciation\"><\/span><span style=\"color: #000080;\">Fixed Assets &amp; Depreciation<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<ul>\n<li>\u2705 Update the Fixed Asset Register with purchases\/sales till 31st March.<\/li>\n<li>\u2705 Calculate depreciation under both:\n<ul>\n<li>Companies Act (Schedule II)<\/li>\n<li>Income Tax Act (WDV as per Rule 5)<\/li>\n<\/ul>\n<\/li>\n<li>\u2705 Classify assets properly (plant, computers, furniture, etc.).<\/li>\n<li>\u2705 Scrap\/transfer obsolete assets and adjust accordingly.<\/li>\n<\/ul>\n<ol start=\"7\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Bank_Cash_Reconciliation\"><\/span><span style=\"color: #000080;\">Bank &amp; Cash Reconciliation<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<ul>\n<li>\u2705 Perform bank reconciliation for all bank accounts till 31st March.<\/li>\n<li>\u2705 Identify and clear unreconciled entries (especially stale cheques).<\/li>\n<li>\u2705 Verify and record all petty cash transactions with proper bills.<\/li>\n<li>\u2705 Account for bank charges, interest, ECS, etc., till year-end.<\/li>\n<\/ul>\n<ol start=\"8\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Inventory_Management\"><\/span><span style=\"color: #000080;\">Inventory Management<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<ul>\n<li>\u2705 Conduct physical stock verification and reconcile with books.<\/li>\n<li>\u2705 Provide for slow-moving\/obsolete stock if needed.<\/li>\n<li>\u2705 Match stock figures with books and GST filings.<\/li>\n<li>\u2705 Apply correct valuation method (FIFO\/WAC) consistently and disclose basis in notes to accounts.<\/li>\n<\/ul>\n<ol start=\"9\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Loans_Interest\"><\/span><span style=\"color: #000080;\">Loans &amp; Interest<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<ul>\n<li>\u2705 Reconcile loan accounts with confirmation from lenders.<\/li>\n<li>\u2705 Ensure interest expense is booked correctly and TDS under 194A is deducted.<\/li>\n<li>\u2705 Ensure all EMIs are accounted for and paid on time.<\/li>\n<li>\u2705 Check compliance with loan covenants, if any (e.g., DSCR, Current Ratio).<\/li>\n<\/ul>\n<ol start=\"10\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Financial_Statements_Statutory_Compliance\"><\/span><span style=\"color: #000080;\">Financial Statements &amp; Statutory Compliance<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<ul>\n<li>\u2705 Draft provisional financials (P&amp;L and Balance Sheet).<\/li>\n<li>\u2705 Review all ledgers for anomalies and pass necessary journal entries.<\/li>\n<li>\u2705 Ensure compliance with:\n<ul>\n<li>Companies Act disclosures<\/li>\n<li>Securities and Exchange Board of India LODR filings (for listed companies)<\/li>\n<\/ul>\n<\/li>\n<li>\u2705 Evaluate tax planning options (e.g., 80JJAA, Sec 43B payments before 31st March).<\/li>\n<\/ul>\n<ol start=\"11\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Other_Year-End_Tasks-_Others_Complied_related_to_Accounting_books_Checklist\"><\/span><span style=\"color: #000080;\">Other Year-End Tasks-\u00a0<\/span><span style=\"color: #000080;\"><strong>Others Complied related to Accounting &amp; books Checklist<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<ul>\n<li>\u2705 Finalize &amp; obtain statutory audit reports, internal audit, and cost audit (if applicable).<\/li>\n<li>\u2705 Ensure timely:\n<ul>\n<li>Filing of DIR-3 KYC, MSME Form 1, DPT-3, etc., as applicable.<\/li>\n<li>Filing of Form Ministry of Micro, Small and Medium Enterprises Half-Yearly Return for outstanding dues.<\/li>\n<\/ul>\n<\/li>\n<li>\u2705 Back up all accounting and statutory data securely.<\/li>\n<li>\u2705 Obtain closing stock certificate from management or auditor.<\/li>\n<li>Make necessary year end provisions. Also, account for amortization, depreciation.<\/li>\n<li>Verify closing stock, cash balance, bank balance, inter branch balance.<\/li>\n<li>Collect Fixed Deposit statements from bank and account interest income.<\/li>\n<li>Double check the statutory compliances on all the transactions. (Eg: Tax Deducted at Source , Tax Collected at Source, Reverse charge mechanism )<\/li>\n<li>Account for foreign exchange fluctuations.<\/li>\n<li>Party Balance Confirmation with 3<sup>rd<\/sup> parties.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Income_Tax_Compliance_Checklist\"><\/span><span style=\"color: #000080;\"><strong>Income Tax Compliance Checklist<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Make necessary investments eligible for deductions thereby reducing taxable income for Financial Year 20X1 20X2 and ultimately save tax. (Eg: Public Provident Fund, Life Insurance Corporation, Health Insurance, ELSS Mutual Funds etc.).<\/li>\n<li>Last chance to file updated income tax return for Financial Year 20X1 20X2 by paying 50% additional tax.<\/li>\n<li>Calculate tax liability and pay necessary advance tax.<\/li>\n<li>Last chance to file updated income tax return for Financial Year 2021-2022 by paying only 25% additional tax; thereafter, it would increase to 50% additional tax.<\/li>\n<li>Ensure 43B(h) compliance which deals with timely payment to Micro and Small Enterprises. Such payments have to be made within 45days or 15 days as applicable.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-27460\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/43Bh.jpg\" alt=\"43B(h)\" width=\"1280\" height=\"1174\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/43Bh.jpg 1280w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/43Bh-300x275.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/43Bh-1024x939.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/43Bh-768x704.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/43Bh-800x734.jpg 800w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/p>\n<ul>\n<li>If turnover for Financial Year 20X1 20X2 exceeds INR 10 Cr, then, Tax Deducted at Source provisions u\/s 194Q, Tax Collected at Source provisions u\/s 206C(1H) will become applicable for Financial Year 20X1 20X2.<\/li>\n<li>Obtain declarations from transporters for non-deduction of Tax Deducted at Source under section 194C.<\/li>\n<li>Reconcile and\/or account for the Tax Deducted at Source and Tax Collected at Source credit in books of accounts.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Goods_and_Services_Tax_Compliance_Checklist\"><\/span><span style=\"color: #000080;\"><strong>Goods and Services Tax Compliance Checklist<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li>Submit LUT for financial year 20X1-20X2. Letter of undertaking has to be submitted in case the GST taxpayer makes exports of goods\/services or supplies to special economic zone units or developers without payment of Integrated Goods and Services Tax .<\/li>\n<li>Application to opt for the composition scheme for financial year 20X1 20X2.<\/li>\n<li>Goods Transport Agency Services providers need to file a declaration for opting to pay tax under forward charge mechanism for Financial Year 20X1 20X2. Recipients are recommended to obtain and maintain a record of such declaration from Goods Transport Agency to justify non-payment of tax under RCM.<\/li>\n<li>If turnover for Financial Year 20X1 20X2 has exceeded INR 5 Crores for the first time since inception of Goods and Services Tax, then, generate and issue E-Invoice for supplies from 01st April.<\/li>\n<li>In case payments to creditors are due for more than 180 days, then, Reverse the input tax credit availed on such transactions.<\/li>\n<li>Start new invoice series from 01st April, unique for Financial Year 20X1 20X2.<\/li>\n<li>Reconcile the data filed in Goods and Services Tax returns with books of accounts and pass necessary entries, if any. (Eg: Reconcile the turnover, Match balance in Cash Ledger \/ Electronic Credit with books of accounts, make necessary adjustment to Input Tax credit available in books but not appeared in GSTR-2B, reverse the excess Input Tax credit claimed, if any, discharge the reverse charge mechanism liability if any, missed during the year, etc. )<\/li>\n<li>Ensure proper documentation and reconciliation of ITC availed during the year. Identify and rectify any ineligible or wrongly claimed ITC.<\/li>\n<li>Reconcile &amp; or account for the Goods and Services Tax-TCS &amp; Goods and Services Tax -TDS Credit in books of accounts.<\/li>\n<li>Review transactions liable for reverse charge mechanism and ensure proper compliance. Determine any changes in RCM applicability and adjust processes accordingly<\/li>\n<li>Ensure all GST returns for the current financial year are filed accurately and on time. Rectify any errors or discrepancies in previous returns. Verify that all eligible input tax credits (ITC) have been claimed.<\/li>\n<li>Review sales and purchases data to determine the GST liability for the year. Reconcile GST liability with financial statements.<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"In_conclusion\"><\/span><span style=\"color: #000080;\"><strong>In conclusion<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This checklist is generic and may need to be adapted based on the specific regulations and requirements applicable to your jurisdiction and industry. above checklist, businesses can ensure effective accounting, Income tax, GST compliance and smooth transition to the new financial year, while also optimizing tax planning and minimizing risks of non-compliance. Please be aware, nevertheless, that depending on stakeholder representations and current events, these deadlines may be extended. You can be sure that we will promptly notify you of any modifications or extensions in order to maintain your compliance. Recall that timely filing is essential to avoiding substantial penalties and maintaining a seamless company operation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Compliance Checklist to be done at year-end closing on 31st March The company must ensure that the appropriate TDS, GST, ESI and PF has been taken and paid. Checking Closing Stocks as of March 31, 2025: The amount and item-by-item value of closing stocks as of March 31, are required in tax audit instances as &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[249],"tags":[10130],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/26337"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=26337"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/26337\/revisions"}],"predecessor-version":[{"id":29291,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/26337\/revisions\/29291"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=26337"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=26337"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=26337"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}