Checklist of Important Tasks to Complete before 31-03-2026.

1. Income Tax Planning (FY 2025-26)

Ensure clients optimize deductions and comply with provisions.

For Individuals / HUF

• Investment under Section 80C (PF, PPF, LIC, ELSS, tuition fees, principal repayment of housing loan)

• Medical insurance under Section 80D

• Donations under Section 80G

• Interest on housing loan under Section 24

• NPS contribution under Section 80CCD(1B)

• Check capital gain planning (invest in bonds/property if required)

• Set-off and carry forward of capital losses

• Advance tax payment (last instalment due 15 March 2026)

• Review old vs new tax regime benefit

For Businesses / Professionals

• Check allowability of expenses

• Verify Section 43B payments (GST, PF, ESI, gratuity etc.)

• Review depreciation planning (purchase assets before 31 March if required)

• Bad debts write-off

• Provision for bonus/commission

• Review MAT/AMT implications

2. TDS / TCS Compliance

• Deposit all pending TDS/TCS before year end

• Verify PAN availability to avoid higher TDS

• Reconcile TDS with books

• Ensure TDS deducted on:

  • Salary

  • Contractor payments (194C)

  • Professional fees (194J)

  • Rent (194I / 194IB)

  • Commission (194H)

  • Purchase of goods (194Q)

• Verify TCS on sale of goods (206C(1H))

• Obtain Form 15G/15H where applicable

3. GST Year-End Actions

• Reconcile GST returns with books

• Check Input Tax Credit eligibility

• Reverse ineligible ITC (blocked credits)

• Verify Rule 42 & 43 reversals if applicable

• Match GSTR-2B vs purchase register

• Identify unclaimed ITC

• Check RCM liability

• Review credit notes / debit notes

• Verify E-invoice compliance

• Reconcile GSTR-1, GSTR-3B and books

4. Accounting & Financial Statements

• Complete bank reconciliations

• Verify debtors and creditors balances

• Physical stock verification

• Provision for:

  • Audit fees

  • Expenses payable

  • Interest payable

• Write-off:

  • Bad debts

  • Obsolete inventory

• Depreciation entries

• Review related party transactions

5. Compliance for Employees

• Collect investment proofs

• Finalize salary TDS working

• Verify HRA calculations

• Check perquisite valuation

• Ensure PF and ESI compliance

• Reconcile payroll with books

6. Company / LLP Compliance

• Verify loan compliances

• Ensure board approvals where required

• Update statutory registers

• Review related party transactions

• Check MSME disclosures

7. Advance Tax & Cash Flow

• Ensure 4th instalment of advance tax paid by 15 March

• Estimate tax liability accurately

• Plan capital expenditure

8. Audit Preparation

Start preparing documents for:

• Statutory Audit

• Tax Audit

• GST Audit (internal reconciliation)

Collect:

• Ledgers

• Agreements

• Bank statements

• GST returns

• TDS returns

9. Important Reconciliations

• 26AS vs Books

• AIS vs Income records

• GST vs turnover in books

• TDS receivable vs 26Q returns

• E-way bill vs sales

10. Other Strategic Year-End Planning

• Review profit distribution

• Evaluate dividend planning

• Consider business restructuring

• Check compliance risk areas

✔ Need help with any of the above task?
Contact our team today for expert assistance and hassle-free compliance.