Things to do before 31.03.2021

Tax saving investment, advance tax payment, All pending Tds compliances, It return of fy 2019-2020, Tax Planning, Reversal of loan entries, File application for vivad se viswas. Tax Declaration of employee

Tax saving Investment: Assessee having higher income subject to higher rate of taxation can make investment under section 80c to save tax

Advance Tax payment: Assessee having tax liability more than 10000 need to pay advance tax failling which attract interest u/s 234 that too at 18%

It return 2019-20: For it return you are late but still you can file return before 31.03.2021 with late fees payment and avoid non compliance

Tax Planning: One may complete bank transactions for due expenditure to claim expense in same financial year and make taxable profit low to save tax payment. also check books of account in detail and find out any duplicate income or missing expense bill to get it corrected and reduce the profit

Reversal of loan entries: Any Bank payment is made or received as a loan should be reversed to avoid reporting requirement and cross examination of the lender and borrower name. it can help you to avoid query for not giving any interest thereon

File application for vivad se viswas: For making VSVS application, one need to submit form 1 and 2 online before 31.03.2021 as it can help you to rid of penalty and interest by simply paying tax amount.

Tax Declaration of employee: Obtain provisional figure of investment from employees so as to conclude tds requirement. deduct balance tax from employee salary figure based on estimate and start preparing form 16.

Other Than above it is advisable to check gst and tds filled data and get correction done before 31.03.2021 for smooth conclusion of financial year independently.

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