Financial Functions: The year 2024 is about to end and the new year will start after three days. These three days are very special because these are the only days left to complete three important tasks. The deadline for these tasks is ending on 31st December. This includes everything from taxes to savings plans.
Start the New Year 2025 with change
Many financial rules are going to change in the country from the beginning of the year 2025 i.e. from January 1. This includes the Dispute Trust Scheme launched by the Income Tax Department for payment of disputed tax. So the last date for filing bill income tax return (ITR) along with late fees is also 31st December 2024. Apart from this, many banks are offering more benefits in their special FD schemes, some of which have the opportunity to invest only till the last day of the year.
first important task
The Income Tax Department has launched the Vivad Vishwas Scheme to get rid of disputed tax issues, which will enable taxpayers affected by income disputes to get a lower amount. The deadline of this scheme is also going to end on 31st December 2024. If you want to get rid of tax disputes by taking advantage of this scheme, then you have about three days time.
Another important task
If you are a taxpayer and have not filed your Income Tax Return (ITR) for FY2023-24, the last date to file it with late fee is December 31. The Income Tax Department had fixed July 31 as the last date for filing ITR, which has been extended to December 31, 2024 with late fees. You can still finalize ITR. Taxpayers whose annual income is more than Rs 5 lakh can file it by paying a penalty of Rs 5000, while those with income less than Rs 5 lakh can file it by paying a late fee of Rs 1000.
If the income tax return is not filed by this due date, a penalty of up to Rs 10,000 will be imposed. Apart from this, you will have to face income tax proceedings. Till this date you can file amended return as many times as you want. Neither any fee nor any penalty will have to be paid for filing revised return.
third essential task
The third task is related to GST. GST registrants are required to file their annual returns by 31st December. Thus, taxpayers whose turnover is up to Rs 2 crore in FY 2023-24 will have to file GSTR9, which will include your purchases, sales, input tax credit and refunds. Apart from this, taxpayers whose turnover is more than Rs 5 crore will have to file GSTR 9C. Failure to do so may result in penalty under GST rules.
Many changes are going to happen in the new year
Apart from these important works, the special FD scheme of IDBI Bank and Punjab and Sindh Bank is also open till 31st December, on which more than 8 percent interest is being given. On one hand, the last day of 2024 i.e. 31st December is the deadline for many important works. In such a situation, the new year 2025 is going to bring many big changes. This also includes changes in the price of LPG cylinder, change in transaction limit of UPI 123Pay, new rules of EPFO for pensioners, monthly closing date of stock market.
