13 Tax things to be done before 31st march, 2019

Be alert! Beware About Tax

What you must do before 31/03/2019

Compliances under GST

1.GST monthly return

Without Late Fee, last date to file GSTR-1, GSTR-3B or GSTR-4 for period from July 2017 to September 2018 is 31st March 2019. Changes, rectification and amendment in the invoices uploaded during FY 17-18 in GSTR-1 cannot be done after 31^st march, 2019.

2. Reconciliation

All the taxpayers should reconcile the cash ledger, credit ledger and liability ledger with their books of accounts. All the entries should be done before the year end. Also debit note, credit note, rate difference, discount, etc also to be reconciled.

3. Checking GSTR 2A

If your supplier has not filed their GSTR-1 for FY 17-18, in that case purchases from such supplier will not be reflected in your GSTR-2A. It means your supplier has not filed GSTR-1 or mistakenly filed Nil or wrong or incomplete GSTR 1 or inserted wrong GSTIN of buyer , that’s the reason purchases from such supplier will not be reflected in your GSTR-2A. This brings your ITC in Danger. You should ask to such parties for filing GSTR 1 & GSTR 3B as soon as possible. This will be last chance to them to upload in his GSTR 1 upto 31st March, 2019.

4.Claim missed ITC of missed invoices

Any missed invoice for FY 2017-18 on which ITC is not claimed, can be claimed till the due date of filling of GSTR-3b for march 2019. But such invoices to which ITC is to be claimed must be shown in account till 31/03/2019.

5. Claim Composition Scheme

Conversion scheme for Regular taxable person to Composition taxable person has been available on GST Portal. Those taxpayer who wants to convert themselves from Regular taxable person to Composition taxable person can apply for conversion to Composition scheme before the end of 31.03.2019.

Check the GST Calendar

Compliances under Income Tax

6. Income tax return for the FY 2017-18

If you have not yet filled Income Tax Return (ITR) of FY 2017-18 , then should file ITR till 31 March 2019. However, those who pay the return will have to pay a penalty of Rs.10,000. For the relief to small taxpayers, the government has kept the maximum amount of penalty for Rs.1000 for the taxpayers with income up to Rs. 5 lakhs. 

7. Revised Income tax return for the FY 2017-18

If you made a mistake in the Income Tax Return of the Financial Year 2017-18 (Assessment Year 2018-19), then the last date for re-filling the return i.e. revised return is also 31 March 2019.

8. Pan-Aadhaar linking

The last date for linking PAN card with Aadhaar card is 31 March 2019. After this date unlinked PAN will become obsolute (non useable). It must be noted that the return of income tax payer will not be processed if Aadhaar is not linked to PAN. Your PAN Card will be cancelled under Section 139AA of Income Tax Act.

 Know how to Link your PAN with Adhaar

9. Section 80C: Investment proof

For claiming tax deduction under the 80C e.g. provident fund, insurance, etc., submit your investment proceeds till March 31,2019. Make an investment to deposit your investment proceeds, for taking advantage of tax exemption.

10. Advance Tax Payment

Pay Your advance tax before 15th March, 2019, if you are having high tax liability. If Taxpayers have not paid Advance Tax before 15th March then it should be paid before the 31st March so that less interest is levied.

11. TDS

Deductions of the tax on all the expenses for the period April 2018 to February 2019 to be done before 31st March 2019, if not deducted ,30% of such expenditure may be disallowed. Booking of Expenses like Interest, Commission, Salary etc may attract TDS deduction.

Other Compliances

12. Can’t sell shares

Any share in physical form cannot be sold out after 31/03/2019. If you still have a share in physical form, then convert it to DEMAT by March 31, 2019.

13. Select TV channel pack

According to TRAI’s new guidelines, cable and DTH consumers will have to select their channels to played before March 31, 2019. If you do not do this, your TV will be closed after March 31. The last date for selecting the first TV channel was on December 29 but it was extended to Jan 31 but giving the subscribers a slight discount, the last date for the selection of favorite channel has been 31 March 2019.