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January 10, 2023

10 things to do before 31 March by Individuals- Salaried and Business for Tax Saving and Compliance

by CA Shivam Jaiswal in Income Tax, Legal Court Judgement

10 things to do before 31 March by Individuals- Salaried and Business for Tax Saving and Compliance

10 things to do before 31 March by Individuals- Salaried and Business for Tax Saving and Compliance – A Thread

1) Business & Professionals (BP) – MSMEs write accounts till date, by Jan or Feb to know your expenses, receipts actual profits. Add your Interest, Rental, Dividend, Capital Gains to know your Tax liability in advance and pay before March as Advance Tax

2) Salaried & BP – Check your AIS and TIS, if you see there are entries which by error, then contact org who punched details and tell them to rectify

3) Salaried & BP – Verify all your TDS entries and reconcile. Few times when you change Job, the previous employer forgets to deduct or pay TDS, and later post March follow up becomes difficult

4) Salaried – In case you are changing Jobs, check if the new Employer has not taken the benefit of the basic slab, 80C and other deductions second time, else later at the time of filing returns you have to pay Tax and interest

5) Salaried & BP – Check and update all your Foreign Assets and Earning outside India as on December. Most of you might have filed returns in Foreign Country as Dec is end of FY in many countries

6) Salaried & BP – Check and optimise invest/ expenses if 80C, 80D, NPS, Donations, etc all limits are fully utlised

7) Salaried & BP – Harvest profit in Long Term Capital Gains from Shares and MF upto Rs 1 Lakh before 31 March

8) Salaried & BP – Check if your last year’s Tax Returns are processed and you have received the order. If there is demand then check the reason and pay or rectify it to avoid interest liability later

9) Salaried & BP – Make a list of the Family Wealth and Review the Returns and Investment Strategy. Check Nominations and Review them. If your assets are more than 1 Crore. Make a Will

10) Start saving each month and start creating a corpus. Make your Children learn the same. Tell them to save some amount from pocket money and invest. In this way they will learn about Risk and Returns in early age.

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