1) Make Investments To Save Income Tax
There are many vehicles to reduce your taxable income and your tax liability.
Broadly speaking under Chapter VIA under certain sections you are allowed deductions above Rs.1.5 lakhs
Individuals and HUFs are entitled to deduction under section 80C of the Income Tax Act,1961 for an investment of Rs. 1,50,000 and an additional deduction of Rs. 50,000 under section 80 CCD for investments in the National Pension Scheme (NPS).
Further deductions of payment of premium for health insurance u/s 80D, donations u/s 80G etc. are allowable only if the investment/ payment has been made on or before 31st March 2019.
2) File previous year returns
As per Section 139(1) of the Income Tax Act 1961, the due date for filing income tax return (ITR) is 31st July of every assessment year for individual and Hindu Undivided Family (HUF).
If ITR is not filed within the time allowed u/s 139(1) then assessee can file ITR even after the due date, which is also known as Belated Income Tax Return. Belated or previous year ITR can be filed anytime:
- Before the expiry of the end of the relevant Assessment Year; or
- Before the completion of assessment
Therefore, if you have not filed your return for FY 2017-18, you can file it by 31st March 2019.
If any person after furnishing a return of income discovers any error or omission in the original return, then he may furnish a revised return at any time before the expiry of the end of the applicable Assessment Year or before the completion of assessment, whichever is earlier.
Therefore, if you have made any mistake in filing and want to revise the return, then do it before 31st March 2019.
3) Calculate GST Turnover
Businesses should keep track of their turnover, which are, not yet under the GST registration limit of Rs.20 lakh. You are required to calculate the total turnover up to 31st March for the purpose of determining the applicability of GST Registration, Eligibility of opting Composition Scheme, and Applicability of Filing returns under GST.
4) Reconcile GST Ledger
The taxpayers should reconcile their Electronic Cash Ledger, Credit Ledger and Liability Ledger on GST portal with their books of accounts. Proper entries should be done before the 31st March or the end of the year. Further, debit notes, credit notes; any difference in rates or discount, etc also should to be reconciled.
5) Payment of Advance Tax
Salaried individuals and Businesses – An assessee is required to pay advance tax if his total tax liability is Rs.10,000 or more. You will have to pay advance tax as per various installments. It applies to all taxpayers such as salaried, freelancers, and businesses. Senior citizens, aged 60 years or older not running any business are exempted from paying advance tax.
Though advance tax can be paid in 4 installments and where in case if you have missed three earlier dates please pay the balance advance tax by 15th March which is the date for last installment. Any advance payment of tax paid by 31st March is also treated as advance tax.
6) Manage Professional Income & Expenses
Where in case of professionals following cash system of accounting, all business expenses are allowed in the books only if they are actually paid on or before 31st March 2019. Hence, to record the payment of all business expenses, it is advisable to make payments up to 31st March 2019 on or before that date.
7) Calculate Capital Gains
If an assessee has sold or transferred any immovable property, mutual funds, debentures etc. during the financial year 2018-19, then you have to calculate capital gains or losses on the above transactions on or before 31st March 2019.