The last month of the year will end in two days, which will mark the beginning of the New Year. However, if you forgot to complete these three tasks before New Year, then complete them today, because the deadline is December 31st.
1. Annual GST Return Filing
The last date to file your annual GST return is December 31. So, if you own a business or a GST-registered entity, do it by December 31. This return details the total sales during the financial year, including input tax credit claimed, tax paid and refunds received. Late filings or errors can result in late fees, audits, or notices from tax authorities, so year-end compliance is crucial.
2. Penalty on Late ITR filing
If you have not yet filed your original ITR, you can do so till December 31. However, a late fee will be imposed. If your annual income is more than Rs 5 lakh, you may be fined up to Rs 5,000. For those with an income of less than Rs 5 lakh, the fine may be up to Rs 1,000. You may also have to pay interest on the outstanding tax.
3. Filing a Revised Income Tax Return
If you need to file your income tax return again, you have until December 31st. This means, if there are any errors in your previously filed return, you can file it again. After this date, revised filing is not permitted, except in certain circumstances where an updated return can be filed with exemptions from the tax department.
4. Aadhaar-PAN Linking
If you got your Aadhaar card on or before October 1, 2024, then you need to link your Aadhaar with your Permanent Account Number (PAN) by December 31. Failure to do this will render your PAN inactive,As a result, important financial transactions such as opening a bank account, issuing a debit or credit card, purchasing mutual fund units, and depositing cash beyond the prescribed limit will be affected.
An inactive PAN will also affect the filing of income tax returns, refunds, TDS/TCS credit and filing of Form 15G/15H for Nil TDS. Until the linking is complete, government services that require PAN or Aadhaar will also be inaccessible.
5. Bank Locker Agreement Update Mandatory
As per RBI guidelines, all bank locker customers are required to update their locker agreement.The deadline for this is December 31, 2025. Access to the bank locker may be suspended if the agreement is not updated within the specified time.
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