Deadline Alert: If you don't complete these 5 important tasks by December 31st, you could face significant losses..

The year 2025 is coming to an end, and the last week of December is about to begin. This means that the deadlines for several important tasks related to income tax, PAN, Aadhaar, and banking are fast approaching. Today is December 23rd, which means you only have a few days left. If you don't complete these tasks by December 31st, you may face penalties, your refund could be delayed, and several important processes could be stalled. This is why it's crucial to pay attention to these deadlines before the year ends.

1. Filing a Belated ITR is mandatory by December 31st
If you haven't yet filed your Income Tax Return for the financial year 2024-25, you have until December 31st, 2025, as your last chance. After this date, even a belated ITR cannot be filed. A belated ITR means a return filed after the due date. Filing it will incur a late fee.

If your annual income is less than Rs. 5 lakh, a fee of Rs. 1,000 will be charged. For income of Rs. 5 lakh or more, the fee will be up to Rs. 5,000. After December 31st, there will be no option to file a return, so delaying it can be costly.

What are the consequences of not filing a belated ITR?
If you don't file your belated ITR by December 31st, you may face several problems. If your return includes a refund, that money may be withheld or you may not receive it at all. Not filing on time can also result in penalties and interest, further increasing your tax burden.

Additionally, repeated delays can negatively impact your tax record. This can affect future loans, visas, and other financial planning. The Income Tax Department keeps a close watch on such individuals, increasing the risk of receiving a notice.

2. Revised ITR can be filed until December 31st
If you filed your ITR by September 16th but missed some information or made a mistake, there's no need to worry. You can file a revised ITR (Income Tax Return) until December 31, 2025. This allows you to correct your previously filed return.

There are no late fees for filing a revised return. However, if the revised return results in a higher tax liability, you may have to pay additional tax and interest. A revised ITR can only be filed before the tax authorities initiate your assessment.

3. Important Tax Deadlines on December 30
December 30 is also an important day for the tax system. The TDS (Tax Deducted at Source) challan and statement for November must be submitted by this date. Statements related to client codes must also be submitted by this date. Failure to do so on time may lead to problems with payments and certificates later on.

4. Linking Aadhaar and PAN is also mandatory
If you obtained your PAN (Permanent Account Number) using your Aadhaar card on or before October 1, 2024, and have not yet linked your Aadhaar and PAN, you must do so by December 31, 2025. If you fail to link them, your PAN may become inactive.

An inactive PAN can cause difficulties with banking transactions, investments, and filing your ITR. However, the PAN will not be permanently deactivated. It will become active again as soon as you link your Aadhaar.

Easy way to link PAN and Aadhaar
To link your PAN and Aadhaar, you need to visit the Income Tax e-filing website.
There, you will find the 'Link Aadhaar' option in the Quick Links section.
This process can be completed using your PAN number, Aadhaar number, and the OTP received on your mobile phone.
If any fee is applicable, the payment can be made through e-Pay Tax.
Alternatively, linking can also be done by sending a message from your registered mobile number.

5. If you have a bank locker, don't forget to update the agreement
If you have a bank locker, it is also necessary to sign a new locker agreement with the bank. The deadline for this is December 31st. If the agreement is not updated on time, the bank may close your locker. Although this deadline has been extended several times before, it's not advisable to take any risks this time.

December: The most important month for taxpayers
December is a month when several deadlines come one after another. This can cause people to panic and miss some important dates. If you plan and note down these deadlines, you won't have to pay any penalties or interest, and there will be no delay in your refund.

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