Tentative Financials: Taxpayers shall prepare their tentative annual profit & loss statements and balance sheet before 31st March 2024 and shall compare the same with the figures of previous year and the budgeted figures of this year so that they can plan properly.
Advance Tax: If Taxpayers have not paid Advance tax before 15th March, then it shall be paid before 31st March so that less interest will be levied.
Review of AIS/26AS: Reconciliation of TDS shall be made through review of Form 26AS or Annual Information Statement(AIS), and follow up shall be taken from parties who have deducted TDS but have failed to report the same in their TDS Return. Also verify if the SFT transactions such purchase or sale of immovable property above Rs. 30 Lakhs are reflected in the AIS or not.
Investment for Deduction: The taxpayers who wish to opt for old tax regime and avail deductions shall invest(80C, 80D etc.)/donate(80G) their money before 31st March 2024 to avail deductions in their ITR for AY 2024-25.
Aadhaar/Pan Link Status: The Tax deductors shall confirm the Aadhaar/Pan Link status for all their existing vendors and shall also check the same before registering new vendors from new financial year. If Aadhaar & PAN is not linked then TDS shall be deducted at higher rate of 20%.