Income Tax Related:
1) Finish up all investments and deductions related payments before March 31.
2) Apply and get your TAN number in case of TDS applicability for the first time.
3) Check if you can save taxes on capital gain thru tax loss harvesting.
4) If you are liable to pay advance tax and have not done so, you can pay before March 31
to avoid further interest.
5) Ensure compliance with time limit to pay Micro and small enterprises and avoid income
tax expense disallowance.
6) Check if any new TDS/TCS compliances are applicable to your business based on
previous financial year turnover.
Goods and Service Tax:
1) Include HSN/SAC codes (4 digit, 6 digit or 8 digit as applicable) for all invoices/returns from
01 April onwards, depending upon previous year turnover. (Ensure proper classification)
2) Start new series for tax invoice, debit notes, credit notes, etc. Make sure it does not have any
special character other than – (dash) and / (slash). (Repetitive number not
allowed for the same financial year).
3) Check if your business falls under the requirement of E-invoicing based on previous financial
year turnover. https://taxguru.in/goods-and-service-tax/ifsc-code-update-bank-details-gstn-portal-gst-refund-application.html
4) Year end provision/accrual for various expenses and compliance in March 2021 returns.
5) Apply for LUT, if your business is enagaged in export of goods or services and intends to do
so without payment of tax.
6) Goods Transport Agency service providers should file a declaration for opting to pay tax
under forward charge mechanism.
Miscellaneous:
1) IEC for importer/exporter required to be updated/confirmed anytime during April to June.
Disclaimer: This is certainly not an exhaustive list and have been prepared keeping in mind
widely applicable points. Some specific things applicable for different businesses might be
missing here. Advise to contact your consultants.