As we enter a new financial year, businesses and professionals must ensure their tax affairs are in perfect order. The right tax compliance strategy not only helps avoid penalties but also builds financial discipline and credibility. Here’s a practical Tax Compliance Checklist for FY 2024–25 to keep you compliant and stress-free throughout the year.
1. Verify Your PAN, TAN & GST Details
Before starting your filings, ensure your PAN and TAN are active and linked with Aadhaar. Check your GST Registration details for accuracy — even small discrepancies can delay returns or cause mismatched credits.
2. File Income Tax Returns (ITR) on Time
For FY 2024–25, avoid last-minute rush by maintaining accurate books and reconciling TDS, TCS, and Advance Tax payments. Businesses under audit must file returns before the prescribed due dates to avoid heavy penalties.
3. Reconcile GST Returns (GSTR-1, 3B & 9)
Ensure your sales, purchase, and input tax credit (ITC) are reconciled monthly. Cross-check invoices uploaded by suppliers to claim eligible credits. Filing GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement) correctly helps you stay audit-proof.
4. Pay Advance Tax on Schedule
Track your advance tax liabilities quarterly (June, September, December, March). Paying on time prevents interest under Sections 234B and 234C.
5. Conduct a Mid-Year Tax Review
By September, review your profit, cash flow, and compliance performance. This helps identify any tax-saving opportunities under sections like 80C, 80D, and 80G, and ensures you meet all legal deductions.
6. Complete TDS & TCS Filings
Deduct, deposit, and report TDS/TCS correctly. Late filing attracts penalties, so file quarterly TDS returns (Form 24Q, 26Q, etc.) before the due date.
7. Maintain Proper Books & Audit Compliance
Businesses must maintain books as per Section 44AA and get accounts audited if turnover exceeds limits under Section 44AB. Keep digital and physical copies of all records handy for quick reference.
8. Stay Updated on New Tax Rules
FY 2024–25 has introduced several amendments under GST and Income Tax, including threshold changes and e-invoicing updates. Regularly follow official CBIC and Income Tax notifications to remain compliant.
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Managing all these compliances can be time-consuming — but you don’t have to do it alone.
At Accounts2Arun.com, we specialize in Tax Planning, GST Filing, Audit Support, and End-to-End Compliance Management. Our expert CA team ensures your business remains compliant, audit-ready, and stress-free.