Annual Financial Closing 31.3.23

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      • Annual Financial Closing 31.3.23

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18th Feb

The Annual Closing on 31st March 23 is approaching fast. You may keep the following points in mind for your annual closing. These points are generic and may vary from person to person

In some cases you will already be having your consultants / CA’s to take care of the closing .However the undermentioned points will help you in taking an informed decision.

  1. For your personal taxation ensure that you have done all your annual tax saving investments. Review them.
  2. Ensure that you check out the personal papers for Capital Gains if any. If gain is on property and amount is to be utilized later then keep the money in capital gains scheme account with scheduled bank.
  3. For income from house property – pay your house tax before 31st March as deduction of House tax is payment based.
  4. Ensure you have sufficient cash drawings from your savings accounts / current accounts to justify your cash expenses.
  5. In case of persons nearing a Sale of Property , do your final registry and receive final payment in April 23. This will give more time to appropriate your funds as also declaring the same in your return of Income and its assessment.
  6. Check out your 26AS to check the TDS which has been deducted by other persons. The detail presently shall be available till Dec 2022 only.
  7. Check you AIS ( Annual Information Statement ) . To be pulled down from your Income Tax Account. go through all transactions and check their impact on your Annual total income. The processing of Income Tax Returns these days are very very fast. If all transactions are properly declared your ITR , sand refund shall be processed in no time.
  8. Call up your investment advisor to get your income bearing investments details in hand.
  9. For any remittances received from abroad of any nature , obtain your FIRA ( Foreign inward remittance Advice) from your bankers.

These are some of the points for your personal taxation .The list is indicative only not exhaustive and decision if any may be taken after discussion with your CA/ Tax Consultant.

Categories: Accounting, Taxes

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