The year 2024 is now in its last days, and 2025 is knocking at our door. Before the new year starts, it is very important to settle some important tasks related to tax and financial matters. If you do not complete these on time, not only financial loss can occur but legal troubles can also increase. Let us know about those tasks which you should complete at all costs by 31st December 2024.
1. File Annual Return and Reconciliation Statement of GST
If you have registered under GST, it is mandatory to file annual return by 31 December 2024.
Form GSTR-9:
- This annual return presents details of your purchases, sales, input tax credits, refunds and demands.
- Filing GSTR-9 is optional for taxpayers whose turnover is up to Rs 2 crore in the financial year 2023-24.
Form GSTR-9C:
- It is mandatory for taxpayers whose turnover is more than Rs 5 crore.
- In this, the value given in GSTR-9 is matched with the audited financial statement.
Note: If these forms are not filed on time, penalties may be imposed under GST rules and you may have to face legal action.
2. File belated or revised income tax return
If you have not yet filed the Income Tax Return (ITR) for the financial year 2023-24, or there is any mistake in the filed return, then get it billed or revised by December 31, 2024.
Things to note:
- ITR filing window limited: After December 31, 2024, you will neither be able to file a new ITR for FY24 nor revise the previously filed return.
- Penalty and action: Non-filing of income tax return may result in penalty or other legal action.
- e-Verification required: It is mandatory to do e-Verification within 30 days of filing ITR.
3. Verify the filed ITR
If you have filed ITR but have not yet verified it, then by all means complete it by December 31, 2024.
e-Verification options:
- Aadhaar OTP: By receiving OTP on the mobile number linked to Aadhaar.
- Digital Signature: Through electronic means.
- Post ITR-V Form: Sign the ITR-V form and send it to CPC Bengaluru through speed post.
Note: If ITR is not verified within 30 days, the Income Tax Department will ‘Not filed’ Accepts.
4. Keep UPI ID active
If you have not done any transaction with your UPI ID in the last one year, it can be deactivated.
NPCI instructions:
- In November 2023, the National Payments Corporation of India (NPCI) directed banks and third-party apps (like Paytm, Google Pay) to deactivate UPI IDs that have not had any financial or non-financial transactions in the last one year. .
- Its objective is to prevent fraud and unauthorized transactions.
Suggestion: Keep doing transactions with your UPI ID from time to time so that it remains active.
Why is it important to complete this work on time?
- Penalty and Fine: Not filing tax returns on time and not submitting GST returns can attract heavy penalties.
- Legal Trouble: Failure to follow the rules may result in legal action.
- Avoidance of financial loss: With systematic financial planning you can avoid future problems.
