Library / Income-tax Act, 2025: The Professional's Master Guide
Appendix H: Year-end Tax Checklists
Individuals
- Decide the regime for the year and inform the employer.
- Complete investments under sections 123, 124 and 126 before 31 March (old regime).
- Review capital gains: harvest gains within Rs. 1.25 lakh, book losses to set off, plan reinvestments under sections 82, 85 and 86.
- Pay the final advance tax instalment by 15 March.
- Collect proofs: rent receipts, insurance premium, donation certificates (Form 114), home loan certificate.
- Check AIS and Form 168 for all income before filing; submit feedback on errors.
- Report foreign assets in Schedule FA if resident.
Businesses and professionals
- Deduct and deposit TDS on all expenses and year-end provisions.
- Pay MSME dues within MSMED time limits; pay statutory dues and bonus before the return due date.
- Avoid cash payments above Rs. 10,000 per person per day.
- Complete fixed asset additions before 1 October for full depreciation where possible.
- Reconcile GST turnover with books.
- Prepare for tax audit and Form 26 information.
- Review partner remuneration within limits and the deed authorisation (firms).
Companies
- Update tax and MAT estimates; true up advance tax.
- Transfer pricing: benchmark transactions and prepare documentation; plan Form 48.
- Review section 119 continuity if shares have changed hands.
- Plan dividends for section 148 before 30 September.
- Compute deferred tax and uncertain tax positions for the financial statements.
- Confirm eligibility and conditions for any deductions (sections 140, 146, 147).
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