From Aadhaar-PAN linking to ITR filing... Complete these 5 tasks before December 31st, you'll face trouble

Before the year ends, there are several important financial tasks with a deadline of December 31st. If these tasks are not completed by the deadline, taxpayers may face penalties, interest, and other difficulties.

Half of December has already passed, and the last month of the year, December, is considered very important for taxpayers. Before the year ends, there are several crucial financial tasks with a deadline of December 31st. If these tasks are not completed within the stipulated time, taxpayers may face penalties, interest, and other problems. Many experts also say that this may be the last chance for those who have not yet completed these important tasks. So, let's tell you today which important tasks you need to complete before the end of December to avoid difficulties.

Last chance for ITR filing

Taxpayers who could not file their income tax return on time can file a delayed or revised e-return under Section 139(4) of the Income Tax Act.

Delayed Return

For taxpayers who could not file their original ITR even by December 15th, the last chance is December 31st. Those who have not filed their original ITR can now file it by December 31st. However, a late fee of up to Rs. 5000 may be applicable. For taxpayers with an annual income of less than Rs. 5 lakh, this fee is capped at Rs. 1000.  In addition, interest will also be charged on the outstanding tax.

Revised Return

Those who filed their ITR return on time but want to correct or amend any errors in the return can also file a revised or updated return by December 31st. However, if there is a tax liability, an additional penalty of 25 to 50 percent may be levied. The last date for Aadhaar-PAN linking is also December 31st.

Linking Aadhaar and PAN cards is mandatory for individuals whose Aadhaar cards were issued on or before October 1, 2024. This process must be completed by December 31, 2025. Failure to link by the deadline may result in the PAN card becoming inactive, which could cause problems with banking, investments, and filing income tax returns.

How to link Aadhaar and PAN?

To link Aadhaar and PAN, visit the Income Tax Department's e-filing website and select the "Link Aadhaar" option.
Then, enter your PAN and Aadhaar numbers.
Now, enter your registered mobile number and give your consent for verification by UIDAI.
Upon completion of this process, a confirmation message will appear on the screen.
Alternatively, this can also be done via SMS.
To do this, send an SMS from your registered mobile number to 567678 or 56161 with the text UIDPAN .