{"id":5445,"date":"2023-03-20T17:56:45","date_gmt":"2023-03-20T17:56:45","guid":{"rendered":"https:\/\/www.caindelhiindia.com\/blog\/?p=5445"},"modified":"2023-11-02T13:33:22","modified_gmt":"2023-11-02T13:33:22","slug":"important-income-tax-aspect-to-be-consider-in-march-ending","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/important-income-tax-aspect-to-be-consider-in-march-ending\/","title":{"rendered":"Important Income Tax Aspect to be consider in March ending"},"content":{"rendered":"<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5453\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2023\/03\/Compliance.jpg\" alt=\"Tax Aspect to be consider in the March ending\" width=\"1280\" height=\"720\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2023\/03\/Compliance.jpg 1280w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2023\/03\/Compliance-300x169.jpg 300w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2023\/03\/Compliance-1024x576.jpg 1024w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2023\/03\/Compliance-768x432.jpg 768w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2023\/03\/Compliance-800x450.jpg 800w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/h2>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69f558029eefd\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69f558029eefd\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.caindelhiindia.com\/blog\/important-income-tax-aspect-to-be-consider-in-march-ending\/#Few_Main_important_Income_Tax_Aspect_to_be_consider_in_the_March_ending\" title=\"Few Main important Income Tax Aspect to be consider in the March ending!\">Few Main important Income Tax Aspect to be consider in the March ending!<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.caindelhiindia.com\/blog\/important-income-tax-aspect-to-be-consider-in-march-ending\/#Q_The_FY_financial_year_2022-23_is_about_to_end_and_the_New_financial_year_is_about_to_start_How_should_a_taxpayer_prepare_himself_for_this_years_march_ending\" title=\"Q: The FY financial year 2022-23 is about to end, and the New financial year is about to start. How should a taxpayer prepare himself for this year\u2019s march ending?\">Q: The FY financial year 2022-23 is about to end, and the New financial year is about to start. How should a taxpayer prepare himself for this year\u2019s march ending?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.caindelhiindia.com\/blog\/important-income-tax-aspect-to-be-consider-in-march-ending\/#Q_Which_are_the_important_tasks_of_income_tax_which_should_be_undertaken_before_this_march_end\" title=\"Q: Which are the important tasks of income tax which should be undertaken before this march end?\">Q: Which are the important tasks of income tax which should be undertaken before this march end?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.caindelhiindia.com\/blog\/important-income-tax-aspect-to-be-consider-in-march-ending\/#Q_What_lesson_Income_tax_taxpayer_should_learn_from_this\" title=\"Q: What lesson Income tax taxpayer should learn from this?\">Q: What lesson Income tax taxpayer should learn from this?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.caindelhiindia.com\/blog\/important-income-tax-aspect-to-be-consider-in-march-ending\/#India_Financial_Consultancy_corporation_Pvt_Ltd_Services\" title=\"India Financial Consultancy corporation Pvt Ltd. Services\">India Financial Consultancy corporation Pvt Ltd. Services<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.caindelhiindia.com\/blog\/important-income-tax-aspect-to-be-consider-in-march-ending\/#Accounting_Services\" title=\"Accounting Services:\">Accounting Services:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.caindelhiindia.com\/blog\/important-income-tax-aspect-to-be-consider-in-march-ending\/#Bookkeeping_Services\" title=\"Bookkeeping Services:\">Bookkeeping Services:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.caindelhiindia.com\/blog\/important-income-tax-aspect-to-be-consider-in-march-ending\/#Tax_Preparation_Lodgement\" title=\"Tax Preparation &amp; Lodgement:\u00a0\">Tax Preparation &amp; Lodgement:\u00a0<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.caindelhiindia.com\/blog\/important-income-tax-aspect-to-be-consider-in-march-ending\/#Taxation_change_in_Investing_in_Mutual_Funds\" title=\"Taxation change in Investing in Mutual Funds\">Taxation change in Investing in Mutual Funds<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Few_Main_important_Income_Tax_Aspect_to_be_consider_in_the_March_ending\"><\/span><span style=\"color: #000080;\"><strong>Few Main important Income Tax Aspect to be consider in the March ending!<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Q_The_FY_financial_year_2022-23_is_about_to_end_and_the_New_financial_year_is_about_to_start_How_should_a_taxpayer_prepare_himself_for_this_years_march_ending\"><\/span><strong><span style=\"color: #000080;\">Q: The FY financial year 2022-23 is about to end, and the New financial year is about to start. How should a taxpayer prepare himself for this year\u2019s march ending?<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Ans : The month of March is very important for all Taxpayers. In our Country, the Financial Year from April to March is applicable to all Tax related laws. Thus Books of Accounts are prepared for the period of April to March.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Q_Which_are_the_important_tasks_of_income_tax_which_should_be_undertaken_before_this_march_end\"><\/span><span style=\"color: #000080;\"><strong>Q: Which are the important tasks of income tax which should be undertaken before this march end?<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Ans : Few important points which the Income tax taxpayer should keep in their mind details are mention here under &#8211;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-5446\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2023\/03\/Income-Tax-Aspect-to-be-consider-in-the-March-ending.jpeg\" alt=\"Income Tax Aspect to be consider in the March ending!\" width=\"1021\" height=\"537\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2023\/03\/Income-Tax-Aspect-to-be-consider-in-the-March-ending.jpeg 310w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2023\/03\/Income-Tax-Aspect-to-be-consider-in-the-March-ending-300x158.jpeg 300w\" sizes=\"(max-width: 1021px) 100vw, 1021px\" \/><\/p>\n<ul>\n<li>Payment of Income tax Advance Tax: If Income tax Taxpayers have not paid Advance tax before 15<sup>th<\/sup>March, then it shall be paid before 31<sup>st<\/sup>\u00a0March so that less interest will be levied.<\/li>\n<li>Tax deduction at source deducted on Salary: Salaried Employees should give the details of Investments and deductions to the Employer so that less Tax deduction at source deducted will be deducted in the month of March.<\/li>\n<li>Regular Bank Reconciliation \u2013 It is very important to reconcile all the bank accounts and loan accounts at the year&#8217;s end.<\/li>\n<li>Annual Information Statement (earlier call Form 26AS): Every Income tax Taxpayer should download Income tax Form 26AS &amp; verify Tax deduction at source deducted\/Tax collected at source . Similarly, taxpayers should also verify the Income as mentioned in 26AS and Annual Information Statement(AIS) with Books of Accounts. Also check whether the Statement of Financial transactions like purchase of mutual funds above Rs. 2 Lakh, purchase of four-wheeler above Rs. 10 Lakh, purchase or sale of the property above Rs. 50 Lakh, etc are reflected in Income tax Form 26AS or not.<\/li>\n<li>Income Tax Deduction on Investment: If deduction u\/s 80 is to be claimed in Income tax for financial Year 2022-23, then every taxpayer should verify the limits of Income tax and their tax liability and should invest, donate, etc. before 31<sup>st<\/sup>March 2023.<\/li>\n<li>Income tax Form 15 G\/ H \u2013 The taxpayers who have income only from interest and the income is less than the prescribed limit, then can file a declaration manually or online in Income tax Form 15 G\/ H.<\/li>\n<li>Calculation of dep. \u2013 The Income tax taxpayer should do the calculation of the dep on fixed asset at the time of year-end.<\/li>\n<li>Verification of Closing Stock\u2013 The Income tax taxpayers should do the verification of Stock at the year&#8217;s end. Along with that,\u00a0 immovable property verification should also be done &amp; match them with book value.<\/li>\n<li>Deduction for statutory dues \u2013 If the taxpayer follows the cash basic accounting system and he wants to claim the deduction of the statutory dues paid, then he must make the payment of said dues before 31st March.<\/li>\n<li>Comparative Profit and loss A\/c &amp; Balance sheet \u2013 Income Tax Taxpayers should prepare a Comparative Profit and loss A\/c with Balance sheet for the year. So that they will come to know total Profit \u2013 loss, Expenditure, turnover etc, Moreover, You may check basic accounting ratios also.<\/li>\n<li>PAN &amp; Aadhar linking: Aadhar- permanent account number linking is now compulsory for permanent account number holders requiring the filing of Income Tax returns. The last date to link PAN &amp; Aadhar is 31 march 2023. In case Aadhar &amp; permanent account number are not linked till 31 march 2023 the permanent account number will thereafter become in-operative and consequently, the taxpayer would be unable to complete any permanent account number-related transactions.<\/li>\n<li>GST Reconciliation: You needed to Reconciliation of GSTR-3B with books of account GST, Reconciliation of GSTR-2A\/2B with GSTR-3B, Reconciliation of GSTR-1 &amp; books\u00a0 Reconciliation of GSTR 1 with GSTR 3B, Reconciliation of GSTR-2A\/2B with books,<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Q_What_lesson_Income_tax_taxpayer_should_learn_from_this\"><\/span><span style=\"color: #000080;\"><strong>Q: What lesson Income tax taxpayer should learn from this?<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-5447\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2023\/03\/Income-tax-Planning.jpg\" alt=\"Income tax Planning\" width=\"999\" height=\"520\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2023\/03\/Income-tax-Planning.jpg 680w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2023\/03\/Income-tax-Planning-300x156.jpg 300w\" sizes=\"(max-width: 999px) 100vw, 999px\" \/><\/p>\n<p>Ans : Income tax taxpayers shall take precautions at right time i.e., March Year ending, so that they can save themselves from litigations under Income Tax law. The benefit of taking precautions at March year end will support in Income tax taxpayers to overcome all the offences in the upcoming new year.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"India_Financial_Consultancy_corporation_Pvt_Ltd_Services\"><\/span><span style=\"color: #000080;\"><strong><span lang=\"EN-AU\">India Financial Consultancy corporation Pvt Ltd. Services<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p class=\"x_MsoNormal\"><span lang=\"EN-AU\">With our expertise and commitment to excellence, India Financial Consultancy corporation Pvt Ltd. Services offers a range of tailored services to meet your specific accounting and bookkeeping needs. Our comprehensive solutions include:<\/span><\/p>\n<ul type=\"disc\">\n<li class=\"x_MsoListParagraph\">\n<h3><span class=\"ez-toc-section\" id=\"Accounting_Services\"><\/span><span style=\"color: #000080;\"><b><span lang=\"EN-AU\">Accounting Services:<\/span><\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p style=\"padding-left: 40px;\"><span lang=\"EN-AU\">Our team of qualified professionals excels in providing accurate and timely financial reporting, ensuring compliance with international accounting standards. From general ledger maintenance to financial statement preparation, we offer end-to-end accounting services to support your decision-making process.<\/span><\/p>\n<ul type=\"disc\">\n<li class=\"x_MsoListParagraph\">\n<h3><span class=\"ez-toc-section\" id=\"Bookkeeping_Services\"><\/span><span style=\"color: #000080;\"><b><span lang=\"EN-AU\">Bookkeeping Services:<\/span><\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p style=\"padding-left: 40px;\"><span lang=\"EN-AU\">We provide meticulous bookkeeping services to maintain your financial records with utmost accuracy. Our experienced bookkeepers handle accounts payable and receivable, bank reconciliations, payroll processing, and more, enabling you to focus on core business activities with confidence.<\/span><\/p>\n<ul type=\"disc\">\n<li class=\"x_MsoListParagraph\">\n<h3><span class=\"ez-toc-section\" id=\"Tax_Preparation_Lodgement\"><\/span><span style=\"color: #000080;\"><b><span lang=\"EN-AU\">Tax Preparation &amp; Lodgement:\u00a0<\/span><\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p style=\"padding-left: 40px;\"><span lang=\"EN-AU\">Our tax experts stay abreast of the latest tax regulations and changes, ensuring that your company remains compliant while optimizing tax efficiency. We offer comprehensive tax planning and preparation services, including Corporate tax returns, GST Returns,\u00a0 Tax Returns, \u00a0Partnership Tax returns, Trust tax returns and individual tax Returns.<\/span><\/p>\n<h2 class=\"homeTitle\"><span class=\"ez-toc-section\" id=\"Taxation_change_in_Investing_in_Mutual_Funds\"><\/span><span style=\"color: #000080;\">Taxation change in Investing in Mutual Funds<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-6370\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2023\/07\/MF-taxation-..jpg\" alt=\"Taxation change in Investing in Mutual Funds\" width=\"680\" height=\"568\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2023\/07\/MF-taxation-..jpg 680w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2023\/07\/MF-taxation-.-300x251.jpg 300w\" sizes=\"(max-width: 680px) 100vw, 680px\" \/><\/p>\n<p>Remember that income tax policies and legislation are subject to change, so it&#8217;s always advisable to keep informed and consult a professional when making financial decisions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Few Main important Income Tax Aspect to be consider in the March ending! Q: The FY financial year 2022-23 is about to end, and the New financial year is about to start. How should a taxpayer prepare himself for this year\u2019s march ending? Ans : The month of March is very important for all Taxpayers. &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[632],"tags":[178,546,545],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/5445"}],"collection":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/comments?post=5445"}],"version-history":[{"count":5,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/5445\/revisions"}],"predecessor-version":[{"id":6300,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/5445\/revisions\/6300"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=5445"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=5445"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=5445"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}