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.