Don’t Miss These Key Financial Deadlines for December 2024

As 2024 draws to a close, staying aware of key financial deadlines is crucial. Missing these deadlines could lead to penalties or missed opportunities to benefit from offers and schemes. Here’s a breakdown of the most significant financial deadlines for December 2024.

December 15, 2024: Advance Tax Payment Deadline

Taxpayers having Income above taxable limits (Other than salaried persons & senior citizens who are not doing B&P
This is the deadline for paying the third installment of advance tax for the financial year 2024-25. Timely payment helps avoid penalties under Section 234B and 234C of the Income Tax Act for late or insufficient advance tax payments.

December 31, 2024: Belated Income Tax Returns

• Who it Applies To: Taxpayers who missed the original return filing deadline for the assessment year 2024-25.
• Details:
  The last date to file a belated income tax return for AY 2024-25 is December 31, 2024. Filing after this date is not allowed, and missing it could attract penalties under Section 234F of the Income Tax Act.
• Action: File your income tax return as soon as possible to avoid last-minute rushes and ensure compliance.

December 14, 2024: Free Aadhaar Updates

• Who it Applies To: Individuals needing demographic updates to their Aadhaar details.
• Details:
  The myAadhaar portal offers free updates to demographic details until December 14, 2024. After this date, updates will require a fee when done at offline centers.
• Action: Log in to the myAadhaar portal and verify/update your demographic details without any charges.

December 31, 2024: GST Annual Return Filing (GSTR-9)

• Who it Applies To: Registered GST taxpayers.
• Details:
  The due date for filing GSTR-9 for FY 2023-24 is December 31, 2024. Ensure all relevant returns (GSTR-1, GSTR-3B) are filed before this deadline.
• Action: Reconcile data, compute liabilities, and file GSTR-9 on the GST portal.

December 31, 2024: Update KYC for Bank Accounts

• Who it Applies To: Bank account holders with pending KYC updates.
• Details:
  As per RBI guidelines, incomplete KYC can lead to restrictions on account operations. Many banks set December 31, 2024, as the deadline for KYC compliance.
• Action: Submit necessary documents to your bank before the deadline.

December 31, 2024: Linking PAN with Aadhaar

• Who it Applies To: Individuals yet to link PAN with Aadhaar.
• Details:
  Linking PAN with Aadhaar is mandatory to file income tax returns and conduct certain financial transactions.
• Action: Link your PAN with Aadhaar to avoid penalties and deactivation.

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