{"id":116599,"date":"2022-03-24T17:15:38","date_gmt":"2022-03-24T11:45:38","guid":{"rendered":"https:\/\/www.mapsofindia.com\/my-india\/?p=116599"},"modified":"2022-03-24T11:20:24","modified_gmt":"2022-03-24T05:50:24","slug":"six-major-tasks-you-must-complete-before-the-financial-year-ends","status":"publish","type":"post","link":"https:\/\/www.mapsofindia.com\/my-india\/india\/six-major-tasks-you-must-complete-before-the-financial-year-ends","title":{"rendered":"Six major tasks you must complete before the financial year ends"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">As the financial year ends in a week, ensure that you have completed all-important work related to tax planning by March 31. Otherwise, you will miss out on the savings made by adopting all the tax-saving methods on time.\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Here are the six essential tasks that you must complete before the financial year ends:<\/span><\/strong><\/p>\n<ul>\n<li><strong><span data-preserver-spaces=\"true\">Submit proof of all deductible expenses to the employer\u00a0<\/span><\/strong><\/li>\n<\/ul>\n<p><span data-preserver-spaces=\"true\">Some discounts are available to employees only on expenses. Proof of this also must be given to know that he has spent. For example, House Rent Allowance (HRA) or Leave Travel Concession (LTA). If you have not submitted bills for such expenses until now, do so before March 31.<\/span><\/p>\n<ul>\n<li><strong><span data-preserver-spaces=\"true\">Check whether the required Electronic Clearance Service (ECS) has been debited from the bank account<\/span><\/strong><\/li>\n<\/ul>\n<p><span data-preserver-spaces=\"true\">Insurance premiums, regular investments under Systematic Investment Plans (SIPs)<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Housing loan instalments etc., are usually debited from the bank account through ECS. However, it is possible that due to some technical reason, the ECS can&#8217;t be debited, or the check may have bounced. In both cases, the taxpayer will not be able to claim the said expenditure\/investment. Therefore, such transactions must take place.<\/span><\/p>\n<ul>\n<li><strong><span data-preserver-spaces=\"true\">Give the details of the salary received from the old employer to the new employer\u00a0<\/span><\/strong><\/li>\n<\/ul>\n<p><span data-preserver-spaces=\"true\">If you changed the job after March 31 last year, then through Form-12B, give full details of the salary and allowances from the old employer to the new employer. Otherwise, both old and new employers may give you an Income Tax Basic Exemption Limit exemption, i.e. Rs 2.50 lakh. You pay tax and interest while filing the return in such a situation.\u00a0<\/span><\/p>\n<ul>\n<li><strong><span data-preserver-spaces=\"true\">Advance Tax Payment<\/span><\/strong><\/li>\n<\/ul>\n<p><span data-preserver-spaces=\"true\">If the tax liability after TDS exceeds Rs 10,000, the advance tax must be deposited. The advance tax has to be paid in four instalments. 15% of the total liability has to be deposited by June 15, 45% by September 15, 75% by December 15 and 100% by March 15. You should check that all these advance tax instalments have been deposited on time.<\/span><\/p>\n<ul>\n<li><strong><span data-preserver-spaces=\"true\">Last Chance of Tax Deduction\u00a0<\/span><\/strong><\/li>\n<\/ul>\n<p><span data-preserver-spaces=\"true\">Salary based exemption is available under Section 80C Life Insurance Corporation of India, 80CCD(2) National Pension Scheme, and 80-D Mediclaim. If you have not invested up to the maximum limit, you can invest the remaining until March 31.\u00a0\u00a0<\/span><\/p>\n<ul>\n<li><strong><span data-preserver-spaces=\"true\">Buying property, car, computer etc for a business<\/span><\/strong><\/li>\n<\/ul>\n<p><span data-preserver-spaces=\"true\">If you want to buy property, computer, car etc., for business, buy it by March 31. According to the rules, if the property is purchased even on the last day of the financial year, depreciation exemption can be taken at half of the prescribed depreciation rate.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">If you haven&#8217;t done it yet, then definitely do this work by March 31:<\/span><\/strong><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">Reconcile Books Data Match with GST Portal\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">File pending income tax return for 2020-21.\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Bank Accounts\/Credit Card Accounts\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Deposit minimum amount in PPF, NPS accounts, else they will become inactive\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Get KYC updated for your bank Account<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>As the financial year ends in a week, ensure that you have completed all-important work related to tax planning by March 31. Otherwise, you will miss out on the savings made by adopting all the tax-saving methods on time.\u00a0 Here are the six essential tasks that you must complete before the financial year ends: Submit [&hellip;]<\/p>\n","protected":false},"author":21821,"featured_media":116684,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11315,12218,12272,12275,12276,12269,12198],"tags":[],"class_list":{"0":"post-116599","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-india","8":"category-interesting","9":"category-investments","10":"category-knowledge","11":"category-recommended","12":"category-tips","13":"category-trending"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/posts\/116599","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/users\/21821"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/comments?post=116599"}],"version-history":[{"count":3,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/posts\/116599\/revisions"}],"predecessor-version":[{"id":116670,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/posts\/116599\/revisions\/116670"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/media\/116684"}],"wp:attachment":[{"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/media?parent=116599"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/categories?post=116599"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/tags?post=116599"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}