Important Tasks to complete before 31st March 2025

As the end of March approaches, it’s essential to wrap up a number of tasks before the fiscal year ends. Whether you're looking to complete personal, financial, or professional tasks, March 31st serves as an important deadline for many. Here’s a comprehensive checklist of things to do before the 31st to ensure you're organized, ahead of schedule, and ready for the new month.

• Income Tax Compliances

  i. Furnishing of an updated return of income for the Assessment Year 2022-23:

  In Income tax, 31st March 2025 is the last date to file the updated return if the taxpayer has made errors or omissions in their original or revised return for FY. 2021-22.

  ii. Furnishing of an updated return of income for the Assessment Year 2023-24:

  In Income tax, 31st March 2025 is the last date to file the updated return with 25% tax penalty, if the taxpayer has made errors or omissions in their original or revised return for FY. 2022-23.

  iii. If a deduction under chapter VIA (E.g. 80C, 80D, 80G etc.) is to be claimed in Income tax for FY 2024-25, then every taxpayer should verify the limits of Income tax and their tax liability and should invest, donate, etc. before 31st March 2025.

  iv. Businesses should Pay their Micro, Small and Medium Creditors (Only Manufacturer and Service providers, excluding Traders) registered under MSME from the Creditors List within 45 days of billing before 31st March 2025. Failing to pay would lead to disallowance of expenses u/s 43B(h) of the Income Tax Act.

  v. Tax-loss Harvesting:

  Unlock Tax Saving under the head capital gains by selling loss-making stocks and buying the same stock on the next day. By using this strategy, tax liability on capital gains may be reduced to some extent.

• GST Compliances

  i. Planning to migrate to the composition scheme of GST for F.Y.:2025-26. Do it befire 31st March 2025.

  ii. If you are planning to export Goods/services without Payment of GST, then furnish the Letter of Undertaking before 31st March 2025.

  iii. Year End reconciliation with the books of accounts and suitable amendments to the data as required