Period-close checklist

Ticks are saved in this browser only. Nothing is sent anywhere.

Month-end close

Run every month. Most items have a statutory date in the first three weeks of the next month.

Cut-off and books

• Sales invoices raised for all dispatches and services completed in the month; unbilled revenue accrued with support
• Purchase GRNs matched to invoices; accruals for goods or services received but not invoiced
• Expense provisions: rent, power, professional fees, interest, commissions
• Advances to suppliers and from customers reviewed; adjusted against invoices where settled
• Petty cash counted and reconciled

Bank

• Bank reconciliation for every account, including OD, CC, FD and escrow accounts
• Unreconciled items older than 30 days followed up and cleared
• Interest, charges and BG commission booked from bank statements
• Drawing power statement for CC limits prepared from the month-end stock and debtors

GST

• Outward register reconciled to e-invoices (IRN) and e-way bills
• GSTR-1 filed by the 11th (or IFF for QRMP)
• IMS actions taken on supplier invoices (accept, reject, pending) before GSTR-2B is final
• GSTR-2B reconciled to the purchase register supplier-wise; ITC claimed only as eligible under s.16 and s.17(5)
• RCM liability computed (GTA, legal, director fees, import of services, rent from unregistered persons) and paid in cash
• ITC reversals: Rule 37 (180-day non-payment), Rule 42/43 (exempt use), credit notes received
• GSTR-3B filed by the 20th (or 22nd/24th for QRMP); cash ledger funded
• Each GSTIN covered: branch transfers invoiced and matched both sides

TDS and TCS

• TDS deducted on every payment or credit under s.392 and s.393 at the right code and rate; no-PAN cases at the higher rate
• Lower-deduction certificates and no-deduction declarations (15G/15H, 1961 Act reference) on file
• TDS deposited by the 7th of the next month (30 April for March)
• Foreign payments: Form 145 [15CA] and Form 146 [15CB] filed before remittance

Payroll

• Payroll processed; salary TDS under s.392 recomputed for declarations and proofs
• PF and ESI paid and ECR filed by the 15th
• Professional tax and Labour Welfare Fund paid per state schedule
• Full and final settlements and gratuity payouts booked

FEMA and MSME

• IDPMS and EDPMS outstanding report from each AD bank tied to the books; entries nearing due dates flagged
• Import advances matched to bills of entry; export receivables aged against the realisation period
• MSME payables aged from acceptance date; any item near 45 days paid or escalated

Reporting

• Intercompany balances confirmed with group entities
• Fixed asset additions tagged; CWIP items ready for use capitalised
• Month-end MIS: P&L, cash flow, working capital, debtors and creditors ageing

Quarter-end close

Everything in the month-end list, plus these.

TDS returns

• Form 138 [24Q], Form 140 [26Q] and Form 144 [27Q] filed by 31 July, 31 October, 31 January and 31 May
• Challans matched to deductee rows; PAN errors corrected before filing
• TDS certificates (Form 16A equivalents) issued after processing
• TRACES defaults from earlier quarters reviewed and corrected

Tax

• Advance tax instalment paid: 15%, 45%, 75%, 100% by 15 June, 15 September, 15 December, 15 March
• Tax provision estimate updated for the year
• GSTR-1 and 3B for QRMP taxpayers; quarterly GST reconciliations rolled up

Provisions and valuation

• Gratuity and leave encashment provisions updated pro rata (actuarial at year end)
• Inventory: physical count of a sample or cycle count reconciled to the books; slow-moving stock reviewed
• Expected credit loss or doubtful debts review for receivables over 180 days
• Foreign currency payables and receivables restated at closing rates

SME-listed company

• Reg 13(3) investor grievance statement in Integrated Filing (Governance) within 30 days
• Reg 76 share capital reconciliation audit within 30 days
• Reg 74(5) demat certificate within 15 days
• Trading window closed from the end of the quarter until 48 hours after results
• Monitoring agency report or auditor's certificate on use of IPO proceeds, as applicable

Board

• Quarterly board meeting held (no more than 120 days between meetings)
• Draft MIS, compliance certificate and RPT summary circulated to the board

Half-year close (SME-listed and MSME)

At 30 September and 31 March.

SEBI

• Reg 33 half-yearly results with limited review report within 45 days (annual audited results within 60 days)
• Reg 29 prior intimation of the board meeting at least 2 working days before
• Reg 30 outcome within 30 minutes of the meeting (3 hours if it ends after market hours)
• Reg 31 shareholding pattern within 21 days of the half-year end
• Reg 32 statement of deviation in use of proceeds, with the results
• Reg 23(9) RPT disclosure with the results, where Reg 23 applies

MSME

• MSME-1 for dues outstanding over 45 days: 31 October (April to September) and 30 April (October to March)
• Udyam status of suppliers refreshed

Year-end close

Everything above, plus these. Start in February, not in April.

Books and audit

• Audit PBC list agreed with the auditor and owners assigned
• Balance confirmations sent to debtors, creditors, banks and lenders
• Fixed asset register reconciled; physical verification done; depreciation and CWIP ageing per Schedule III
• Inventory count at year end with auditor observation; valuation at lower of cost and NRV
• Gratuity and leave actuarial valuation obtained; provisions booked
• Deferred tax computed on timing or temporary differences
• Contingent liabilities and commitments listed: notices, BGs, LCs, capital commitments
• Schedule III disclosures: MSME dues and ageing, trade receivable and payable ageing, ratios, title deeds, CWIP ageing
• Related party list and transactions for AS 18 or Ind AS 24 and AOC-2

Tax

• Final advance tax by 15 March; interest under s.425 [234C] computed for any shortfall
• Disallowances: MSME late payments under s.37(2)(g) [43B(h)], TDS defaults, statutory dues unpaid
• Tax audit (Form 26 [3CA/3CD]) data compiled
• GST: annual reconciliation of books, GSTR-1, 3B and 2B by GSTIN; ITC of the year claimed before the s.16(4) cut-off
• Transfer pricing documentation where there are international or specified domestic transactions

FEMA

• FLA return data for 15 July
• Outstanding EDPMS and IDPMS entries at year end listed with reasons and actions
• ECB, ODI and FDI reports up to date

Board and annual cycle

• MBP-1 and DIR-8 at the first board meeting of the year
• DPT-3 by 30 June
• Board report with POSH, Maternity Benefit Act and other new disclosures
• SME-listed: SDD compliance certificate within 60 days of 31 March; SAST Reg 31(4) declaration within 7 working days of 31 March
• AGM calendar: AOC-4 within 30 days and MGT-7 within 60 days of the AGM; MGT-15 for listed companies

Notes

• Dates assume a company on monthly GST returns, a 31 March year end and a 30 September AGM. The compliance chart works out the next due date for each filing.
• Income-tax references are to the Income-tax Act 2025 with the 1961 section in brackets.
• SME-listed obligations are explained in SEBI for SME-listed companies; MSME items in MSME payments and MSME-1.
• Related tools: GSTR-2B reconciliation, MSME payment tracker, advance tax interest, FEMA due dates.