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By acting now, you can step into 2025 with your finances in order and without unnecessary penalties.
Set reminders for these deadlines, double-check your compliance, and if necessary, seek professional guidance to avoid a last minute rush.
As we begin into the last month of an eventful 2024, several key financial deadlines are fast approaching. Staying on top of these deadlines is crucial to avoid penalties, ensure compliance, and make the most of available opportunities.
Here's a look at the critical financial dates for December 2024 that demand your attention now.
1. Belated ITR Filing
Deadline: December 31, 2024
If you missed the July 31 deadline for filing your income tax return (ITR) for the financial year 2023-2024, December 31 is your final chance to file a belated return.
Filing this return ensures that you avoid further non-compliance penalties and safeguard your financial records. Additionally, if you need to make corrections to an already-filed ITR, you can file a revised return by this date.
Why it's important:
What you can do:
Visit the Income Tax Department's e-filing portal, gather necessary documents (Form 16, bank statements, investment proofs), and complete your filing.
2. Free Aadhaar Card Update
Deadline: December 31, 2024
The Unique Identification Authority of India (UIDAI) has offered individuals the opportunity to update their Aadhaar details online for free until December 31.
This initiative aims to encourage users to keep their Aadhaar information accurate and up-to-date.
Why it's important:
What you can do:
Log in to the official UIDAI website or app to update your details. Take advantage of this free service before the deadline.
3. Pay Advance Tax by December 15
Deadline: December 15, 2024
For individuals and businesses with an annual tax liability exceeding Rs 10,000, the third installment of advance tax for the assessment year 2025-26 is due on December 15.
Why it's important:
What you can do:
Estimate your total tax liability for the year, subtract taxes already paid (TDS/TCS), and pay the required amount via the Income Tax Department's online portal or authorised banks.
4. Key TDS/TCS Deadlines
December 7, 2024: Deposit Tax Deducted or Collected in November
All taxes deducted or collected during November must be deposited with the central government by this date. For government offices, if no Income Tax challan is used, taxes must be credited on the same day they are deducted or collected.
December 15, 2024: Submit Form 24G for Government Offices
Government offices that made TDS/TCS payments without a challan in November must submit Form 24G by this date to ensure proper reconciliation.
December 15, 2024: Issue of TDS Certificates for October Deductions
TDS certificates for deductions made under Sections 194S (for specified persons), 194-IA, 194-IB, and 194M in October 2024 must be issued by December 15. These certificates are essential for ensuring taxpayers can claim credit for taxes deducted.
Remember:
While December is a season of celebrations, it's a pivotal time for financial housekeeping. These deadlines are designed to ensure smooth tax compliance, minimise financial risks, and maximise benefits. By acting now, you can step into 2025 with your finances in order and without unnecessary penalties.
Set reminders for these deadlines, double-check your compliance, and if necessary, seek professional guidance to avoid a last minute rush.