As we approach the end of the financial year 2024-25, it is crucial for individuals, professionals, and businesses to ensure that all tax and regulatory compliances are completed before 31st March 2025. Timely compliance helps avoid penalties, interest, and unnecessary scrutiny. Here’s a comprehensive checklist of important year-end tasks:

1. Income Tax Planning and Deductions

• Verify total income and compute final tax liability.
• Invest in eligible tax-saving instruments under Section 80C, 80D, 80G, etc., before 31st March 2025.
• Set off capital gains/losses to optimize tax liability.

2. Advance Tax Payment

• Ensure payment of the 4th instalment of advance tax (due by 15th March 2025).
• Interest under Sections 234B and 234C may apply for shortfall.

3. Linking PAN with Aadhaar

• If not already done, the last date to link PAN with Aadhaar to avoid PAN becoming inoperative.

4. Filing of GSTR-9C for FY 2022-23 (Late Fee Waiver)

• If GSTR-9 was filed and GSTR-9C is pending, taxpayers must file GSTR-9C by 31st March 2025 to avail of late fee waiver announced by the CBIC.

5. Filing LUT (Letter of Undertaking) for FY 2025-26

• File LUT to continue exporting goods or services without payment of IGST for the upcoming financial year.

6. Opt-in for GST Composition Scheme for FY 2025-26

• Businesses wishing to opt for the Composition Scheme must submit Form CMP-02 on or before 31st March 2025.

7. Reset Invoice Number Series

• Businesses should reset their tax invoice number series starting from 1st April 2025 to comply with Rule 46 of CGST Rules.

8. Recalculate Aggregate Turnover for FY 2024-25

• Determine your turnover to assess:
  • Eligibility for GST registration.
  • Applicability of E-invoicing.
  • Eligibility for QRMP or Composition Scheme.

Conclusion

These are the most time-sensitive statutory tasks that must be completed by 31st March 2025. Staying on top of these ensures smooth compliance and financial readiness for FY 2025-26. Always consult with your tax advisor or compliance consultant for accurate and personalized guidance.

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