In December, taxpayers must be vigilant about crucial Income Tax and GST due dates to avoid interest, penalties, and late fees. For Income Tax, 7th December is the deadline for TDS/TCS payment for November, attracting 1.5% monthly interest if delayed. Advance Tax’s third installment for FY 2025-26 is due on 15th December, failing which interest under sections 234A/234B/234C applies. Returns for FY 2024-25 must be filed by 10th December for corporates, audited non-corporates, and partners of audited firms, while 31st December is the final day for belated or revised returns. On the GST front, GSTR-1 for November must be filed by 11th December to ensure ITC for purchasers, GSTR-3B by 20th December to avoid late fees, and annual GSTR-9/9C for FY 2024-25 by 31st December, with penalties and interest applicable for delays. Timely compliance ensures avoidance of financial liabilities and smooth reconciliation of tax records.
Arjuna (Fictional Character): Krishna, as we have entered into the last month of this Calendar Year, are there important due dates which should be kept in mind before the end of this year?
Krishna (Fictional Character): Arjuna, this December Month is full of Due Dates which are important from both GST and Income Tax Point of view.
Arjuna (Fictional Character): Krishna, what are some important due dates of Income Tax and what are the implications if such due dates are not followed?
Krishna (Fictional Character): Arjuna, following are the important Income tax due dates:
1. 7th December is the last date for payment of any tax deducted or collected in the month of November, otherwise interest @ 1.5% per month shall be applicable for late payment of TDS and TCS.
2. 15th December is the last date for payment of third Installment of Advance Tax for FY 2025-26 or else Interest u/s 234A/234B/234C shall be attracted for short payment/Non-payment of advance tax.
3. 10th December is the due date for filing of return of income for the FY 2024-25 if the assessee (not having any international or specified domestic transaction) is (a) corporate-assessee or (b) non-corporate assessee (whose books of account are required to be audited) or (c) partner of a firm whose accounts are required to be audited. This due date of furnishing of Return of Income has been extended from 31st October 2025 to 10th December 2025, vide Circular no. 15/2025 dated 29-10-2025.
4. 31st December is the Last date for filing Belated/Revised return for FY 2024-25, if the return is not filed before 31st December 2025, then the taxpayer will not be able to file/revise his Income tax return for FY 2024-25.
Arjuna (Fictional Character): Krishna, what are some important due dates of GST and what are the implications if such due dates are not followed?
Krishna (Fictional Character): Arjuna following are the important GST due dates:
1. 11th December is the last date for Filing GSTR-1 for the month of November, if GSTR-1 is not filed then the purchaser will not be able to claim ITC in respect of such goods until such ITC is reflected in his GSTR-2B report.
2. 20th December is the last date for filing GSTR-3B for the month of November, if GSTR-3B is not filed before 20th December then Interest and Late Fees of Rs. 50/- per day (CGST = 25/- and SGST = 25/-) is charged. However, in case of Nil return Rs. 20/- per day (CGST = 10/- and SGST = 10/-) shall be applicable for late filing of GSTR-3B.
3. 31st December is the last date for Filing GSTR9 and GSTR9C for FY 2024-25, or else late fees of Rs 200 per day (Rs. 100/- CGST and Rs. 100/- SGST) maximum up to 0.5% (0.25% CGST and 0.25% SGST) of Turnover shall be applicable. The late fees are now applicable to GSTR-9C as well. For GSTR-9C late fee Calculated from the later of GSTR-9 filing date, OR Original due date (December 31, 2025) Until the date of filing GSTR-9C.
Arjuna (Fictional Character): Krishna, what should one learn from this?
Krishna (Fictional Character): Arjuna, this December month the taxpayer has an opportunity of Filing revised Income Tax return and also an opportunity to reconcile GST Turnover/ITC by filing GSTR9 and GSTR 9C for FY 2021-22. and it should be kept in mind that to avoid any Interest, Penalties, Late Fees in the future the compliances should be made in time by the taxpayer.
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