A few days are left for the year 2024 to end. The year 2025 is knocking. Before the beginning of the new year, it is important to complete some work related to taxes and money. We are telling you about some such tasks which you should complete before 31st December.
1.Annual Return and Reconciliation Statement of GST (Form GSTR9/9C)
If you have registered under GST then you will have to file annual return by 31st December.
-Form GSTR9: This annual return will include your purchases, sales, input tax credits, refunds and demands. Filing GSTR9 is optional for taxpayers whose turnover is up to Rs 2 crore in the financial year 2023-24.
-Form GSTR 9C: This is mandatory for taxpayers whose turnover is more than Rs 5 crore. This is a reconciliation statement in which the value declared in GSTR9 is matched with the audited financial statement.
Non-filing of the above mentioned forms may result in payment of penalty under GST rules and legal action.
2. Belated or revised income tax return
If you have not filed Income Tax Return (ITR) for the financial year 2023-24 or you have detected any mistake in the return filed earlier, then you can file belated return by December 31, 2024 or file earlier. The returns made can be revised.
You need to keep the following things in mind:
-The window for filing or revising ITR has been shortened significantly. This means that after December 31, 2024, you will not be able to revise already filed returns or file returns for FY24.
-For not filing income tax return and showing less income in the return, the Income Tax Department can impose penalty on you or take other legal action.
-You have to log in to the Income Tax Portal. You will have to file your ITR. Then you will have to remember and e-verify it within 30 days.
3. Verify the filed ITR
If you have filed your ITR before December 31, 2024, but have not verified it, then you will definitely have to do this by December 31, 2024. If you do not do this, you may have to face problems later.
This is important for the following reasons:
If the return is not verified within 30 days, there is no point in filing the return and the Income Tax Department considers it as ‘return not filed’.
-Missing this deadline also means that you miss the opportunity to file belated or revised returns.
To e-verify, you can use your Aadhaar OTP or use other electronic options or send the signed ITR-V to CPC Bengaluru through speed post. You must preserve the postal receipt as it will be proof of submission.
4. Keep your UPI ID active
If you have not done any transaction with your UPI ID in the last one year, then it can be deactivated. In November 2023, the Payments Corporation of India (NPCI) had asked banks and third-party apps like Paytm and Google Pay to deactivate inactive UPI IDs in which there has been no financial or non-financial transaction in the last one year. This was done to prevent fraud and unauthorized transactions.
Also read: Sarkari Yojana: After 60 years, you will get a lifetime pension of Rs 60,000, know how you can apply for Atal Pension Yojana.
It is important to complete the above mentioned tasks before the deadline, because failure to do so may result in penalty. This will keep your financial work organized. With this you will not have to face any kind of pressure later.
(The author is a CA and an expert in matters related to personal finance, especially income tax)