10 Things Every Salaried/ Business Must Do Before Financial Year End on 31 March 2023 – for Tax Saving and Compliance
Below are the 10 Things Every Salaried/ Business Must Do Before Financial Year End on 31 March 2023 for Tax Saving and Compliance:
1) Make Investments:
To Save Tax Different types of Taxpayers are entitled for deduction at the Taxable Income e.g. Individuals and HUFs are entitled for deduction u/s 80C of Rs. 1,50,000/- and Rs. 50,000/- u/s 80 CCD for investments in National Pension Scheme (NPS), etc
2) Calculate Payable Advance Tax:
Income tax follows the principle of “Pay As You Earn” so calculate advance tax and pay before 31 March to save Interest on Tax 50% of Salaried earning > 10 Lakh and 25% of small business miss this and land up paying interest
3) Purchase Of Fixed Assets For Business or Profession
Purchase asset to claim depreciation (half of the specified rate of depreciation and put to use) This will ensure to reduce in your profits
4) Link your PAN with Aadhar:
Aadhar, your PAN will become inoperative from 1st April 2023. Now, what happens when it becomes inoperative? Read at
5) Find Out Capital Gains
On capital assets, especially shares, Mutual funds, etc, which if sold before 31 Mar will lead to Rs 1 Lakh exemption on Tax and Set off against profits will result if there is a capital loss
6) Prepay your Loan:
Check if you have surplus in Bank Account then its always good to pre-pay your loan considering rates are very High. Wealth Annual review should be done each March for your entire family
7) Calculate GST turnover
Businesses or professionals should keep track of their turnover. The total turnover up to 31st March is to be calculated for the purpose of determining the applicability of GST Registration and payment
8) Form 12B
If you have changed jobs during the financial year, then it is important to submit form 12B to your current employer. This form states your previous employment details. Alternatively calculate Tax liability and pay before 31 March
9) Insurance and Mediclaim
Check Annually to see coverage and Risk are covered based on past year exposure and additional liabilities created
10) Missed ITR filing for FY 2019-20:
File now Updated ITR Filing – It is necessary to submit the updated income-tax return for FY 2019-2020 or AY 2020-21 by 31st March 2023, as it cannot be filed by taxpayers after the deadline has passed.
You must log in to post a comment.