In short
Applies to: Companies, LLPs (limited liability partnerships), firms and proprietors with a 31 March year-end
- Before 31 March, pay micro and small suppliers whose bills are overdue; otherwise the expense is allowed only in the year of payment.
- Count stock on or near 31 March and keep the count sheets.
- Start the new year with a fresh invoice series, a renewed letter of undertaking for exports, and new TDS (tax deducted at source) declarations from payees.
Most year-end work can wait until April. A few things cannot: once 31 March has passed, they are either lost for the year or much harder to put right. This list is in the order they usually come up.
By 15 March
- Review the year's profit estimate so that the last advance tax instalment is based on a current figure.
- Pay that instalment, bringing the total to 100% of the year's estimated tax.
Before 31 March
Suppliers
- List what is owed to micro and small suppliers and pay whatever is past its due date. An amount paid late is allowed as an expense only in the year it is paid. The MSME Payment Checker works out the dates, and the article on the 45-day payment rule explains the rule.
- Ask suppliers for their current status where you do not have it.
Stock and assets
- Count stock on or close to 31 March, and keep the signed count sheets.
- Note stock held by job workers and material held for others.
- Identify slow-moving and damaged stock for valuation.
- Check the fixed asset register against what is on the floor.
Books
- Record expenses that belong to the year but are not yet billed.
- Reconcile bank accounts, and ask lenders and major parties for balance confirmations.
- Reconcile deducted from you with your annual information statement (), and follow up on what is missing.
- Reconcile in your books with .
GST
- Decide whether to opt into or out of the composition scheme for the new year; the option is exercised before the year starts.
- Exporters: file the letter of undertaking for the new year, since it is valid for one financial year.
- Set up a new invoice number series to start on 1 April.
In April
- Deposit TCS () collected in March by 7 April, and TDS deducted in March by 30 April.
- Collect fresh declarations and lower-deduction certificates from payees; last year's do not carry over.
- Check the e-invoicing and e-way bill settings for the new invoice series.
- File the quarterly TDS and TCS statements for January to March by 31 May.
The Monthly TDS Checklist and the Compliance Calendar carry the dates for the rest of the year.
Before relying on this article: due dates are sometimes extended by notification, and some items do not apply to every business. Check the dates for the year on the relevant portal.
Sources
- Section 408 of the Income-tax Act, 2025: instalments of advance tax and due dates, Income Tax Department
- TDS compliance FAQs, including the 30 April date for tax deducted in March, Income Tax Department
- Rule 219 of the Income-tax Rules, 2026: due dates of TDS and TCS statements, Income Tax Department
This article is for general information only and does not constitute professional advice. Please consult a qualified professional before acting on it.
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