Professional Documents
Culture Documents
The Financial Year of India stretches from April 1st (of present year) to 31st March
(of forthcoming year), which is why it is essential that all due monetary
obligations are met before the financial year ends. For this, there should be
efficient planning, organizing and processing that needs to be done by the end of
the year.
1. The documents submitted as proof should match the declared investment. Post
this, no action will be taken and no additional charges will be implemented as tax
the employees will get the same net pay whilst February and March.
2. If the submitted results as higher than the declared investment, yet within legal
boundaries there will be a higher net pay due to lower tax deduction.
3. If the submitted results lower than the declared investment, there will be lower
net pay due to higher tax deduction.
4. Initially, if no declaration was made, then the documents can be submitted and
taxes can be deducted.
A Financial year-end, for organizations, has two prominent junctures:
Before the Last Payroll of the organization (according to the calendar year)
Check wages, taxes & benefits: compute and index the uncollected Social
Security and Medicare Taxes for former employees and retirees.
Verification: remember to verify the employer state, unemployment insurance tax
rate and taxable wage limits.
Check employee and employer indicative data: ensure that deceased employees
are coded and updated, etc.
Update significant procedures: catalog any special bonus payrolls for the current
year, etc.
After the Last Payroll, but Prior the First Payroll of the forthcoming calendar
year