Financial Year 2021-22 is ending on 31st March 2022. Some important things must do before end of Financial Year.
Relating to Income Tax:
i. Filing of original Income Tax Return(ITR) for Financial Year 2020-21 with applicable late fees, as the case may be and revise of ITR. Post 31-03-2022, can’t file ITR. This is an important document for every financial transactions.
ii. Linking of Aadhar card with PAN card before 31-03-2022. Otherwise, penalty of ₹1000 will be applicable and PAN will become inoperative.
iii. Making investments in Tax saving instruments under chapter VI-A for FY 21-22. Subject to certain conditions, different types of Assesses are entitled to deduction of a specified amount from Gross Total Income before arriving at Net Total Income.
Relating to Goods and Service Tax:
a) Exporters who wish to continue to export in the next financial year (FY) without payment of IGST, shall apply for renewal of the Letter of Undertaking (LUT) for the next FY.
b) Annual Turnover reconciliation for FY 21-22 B/w GSTR-1, GSTR-3B Vs Books, rising Debit Notes/Credit Notes and if any adjustments arises, needs to be adjusted in March 2022 GST returns.
c) Annual Input Tax Credit(ITC) reconciliation for FY 21-22 B/w GSTR-2A/2B, Electronic Credit Ledger Vs Books and if any adjustments, better to adjust in March 2022 returns. Anyways, for this Sept 2022 time is there.
d) Opting for Composition scheme under GST for FY 22-23 should be availed by Eligible GST taxpayers by 31st March 2022.
