Key Deadlines to remember in the month of December!

In December 2024, two crucial deadlines for taxpayers and businesses must be met to avoid penalties and interest. The first deadline is for filing belated or revised Income Tax Returns (ITR) for the assessment year 2024-25 by December 31, 2024. A belated return allows taxpayers to file their ITR after the original due date, but it involves late fees and interest. A revised return allows corrections to errors in the original filing. Missing this deadline can prevent taxpayers from claiming refunds, such as excess TDS. The second deadline is for filing GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement) for FY 2023-24, also due on December 31, 2024. Missing this deadline results in late fees, ranging from Rs.50 to Rs.200 per day, depending on the turnover. Additionally, non-filing of GSTR-9C can attract a penalty of up to Rs.25,000. Timely compliance with these deadlines is crucial to avoid penalties and ensure smoother business operations.

Arjuna (Fictional Character): Krishna, as the year-end comes closer, there seem to be so many deadlines to meet. I’m worried I might miss something important and end up paying interests, Late fee or penalties.

Krishna (Fictional Character): Arjuna, December isn’t just about celebrations it’s also a busy month for taxpayers and businesses. Missing any important deadline will lead to fines, interest or may even loose refunds.

Arjuna (Fictional Character): Krishna! So tell me what are the crucial deadlines in the Month of December 2024?

Krishna (Fictional Character): Arjuna, this last month of the year brings two crucial deadlines which are as follows:

1. Filing of belated/Revised Income Tax Returns: – The First deadline in the month of December is for filing of belated or revised Income Tax Returns (ITR) of Assessment Year 2024-25 on or before 31^st December 2024. Belated Return is the last chance for taxpayers to file the income tax return (if the actual due date to file ITR was missed) and Revised return is the last chance to rectify the errors in the originally submitted return. The Belated Return can be filed only with applicable late fees and Interest.

2. Filing GSTR-9 and GSTR-9C: – The Second deadline in the month of December is for filing of GSTR 9 (Annual Return) and GSTR 9C (Reconciliation Statement) of FY 2023-24 i.e. 31^st December 2024. The correct filing of this ensure that your GST returns match with your books of accounts and compliance of the GST provisions are made.

Arjuna (Fictional Character): Krishna, what if, the deadlines of filing belated/revised return and GSTR 9 or GSTR 9C are missed by the taxpayers?

Krishna (Fictional Character): Arjuna, missing these deadlines can have following consequences :

For Belated or Revised Return: –

If the Taxpayer miss the deadline of filing belated or revised return, then the taxpayer cannot file the Income tax return of FY 2023-24 afterwards due to which the Income Tax Department can issue a notice to the taxpayer, asking for a response regarding the non-filing of the return.

Also, If the taxpayer is eligible for a refund due to excess TDS or advance tax payments, they cannot claim the refund due to non-filing of the return.

For Example, a taxpayer had ₹10,000 TDS deducted during FY 2023-24, and their total income was below the basic exemption limit. If the taxpayer file their income tax return, they could have claimed a full refund of ₹10,000. However, if they miss the due date for filing the belated return (31st December 2024), they will lose the chance to file their return which leads to loss of claim of refund.

For GSTR 9 and GSTR 9C: –

If the Taxpayer miss the due date of GSTR 9 and GSTR 9C, then it may lead to levy of Late Fees and Penalty.

If the GSTR-9 is not filed within the due date the late fees would be levied as follows:

General penalty could be leived due to non-filing of GSTR 9C up to Rs. 25000/-.

For example, if a taxpayer’s aggregate turnover is up to 5 crores, then the late fees for delay in filing of GSTR-9 return will be Rs.100/- each day till the date of filing of the same.

Arjuna (Fictional Character): Krishna, what should taxpayers learn from this?

Krishna (Fictional Character): These deadlines remind us how important it is to be on time and disciplined with our financial responsibilities. Filing returns on time isn’t just about avoiding fines—it builds trust and keeps things clear in financial matters. When taxpayers stay organized and follow the rules, it leads to easier audits, fewer problems, and steady growth for their businesses.