deduction AND £Y22-23, accounting -F¥ 22. 2 AND Year end accounting AND sT-#v22-23, For Income Tax-F¥ 2223 For GST FOR FY23. \: FOR GST AND INCOME TAX NE BE TAKEN CARE BEFORE / AFTER YEAR END BY CA HARSHIL SHETH Reminder to PAY YOUR LIC, NPS , MEDICLAIM, PF AND OTHER OBLIGATIONS TO CLAIM DEDUCTIONS u/s 80C, 80D, etc as soon as possible BEFORE 31ST MARCH 2, MARCH ADJUSTMENTS in BOOKS& THEIR PAYMENT. You can make provision for Expenses in March and make payment to these creditors in March Itself. Expenses like, Salary exp., Rent exp., Commission exp, Labour charges, Accounting Fees, etc may be booked & you can make payment to them in March itself. This would help to reduce Net profit. Ofcourse, These need to be genuine. 3, CASH WITHDRAWAL You can WITHDRAW CASH for booking CASH EXPENSSES for March month. Ofcourse , These need tobe genuine 4, Physical Stock Checking: - (ON 31 MARCH, Physical stock needs to be reconciled with the stock as per books of accounts, This would be handy in both income tax and GST audit. In case of any discrepancies, the possibilty of ITC reversal or missed sales details ‘may be checked, This will help to decide Closing stock valuation when Finalization of Books. 5. Pending ling of TR With ITR-U, even the last 3 year ITR can be filed with Late fees and Additional tax BEFORE MARCH 2023. Currently one can file ITR for AY 20-21, 21-22, 22.23 before 31% march 2023 6. Advance Tax for Q4 Payment of Advance tax before 15th March. (if your expected tax liability exceeds Rs.10,000 }. After dividend is taxable and LTCG taxable on shares, we ‘advise you to pay Advance tax if you have earned such income. Pay before 15th March after calculating, 2, _PAN AADHAR LINK with Rs, 1000 penalty - last date 31-3-2023- {fnot linked then (i) The person shall not be able to file ITR using the inoperative PAN (il) Pending ITRs will not be processed (ili) Pending ITR refunds cannot be issued (iv) They may not able to Operate BANK ac, Demat, Mutual fund etc Financial institutions services because KYC will be failed (v1 TNS will he reavired to he deuirtarl at a hioher rate ac PAN 8 Opting Composition - In GST, Opting or opting out Composition till 31-3-23 for FY 23-24 . The taxpayer should work out whether he wants to convert to a Composition scheme (Limit is Rs. 1.5 Cr. Now) for FY 23-24, 9. LUT (For exporter} Apply LUT in case of Exporters for FY 23-24. All the exporters who make direct export of goods/services or supplies to SEZ without payment of GST should apply for Letter of Undertaking (LUT) in form GST RFO 11 for FY 2023-24, This can be done after any point of time when required. 1