Business News Desk – Only 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 tax and money related work. We are telling you about some such tasks which you should complete before 31st December.
1. GST Annual Return and Reconciliation Statement (Form GSTR9/9C)
If you have registered under GST, you will have to file annual return by 31st December. Form GSTR9: This annual return will include your purchases, sales, input tax credit, refunds and demands. Filing GSTR9 is optional for taxpayers with turnover up to Rs 2 crore in FY 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 values declared in GSTR 9 are matched with the audited financial statements. Non-filling of the above form may result in penalty and legal action under GST rules.
2. Delayed or amended income tax return
If you have not filed Income Tax Return (ITR) for the financial year 2023-24 or found any error in the previously filed return, you can file a delayed return till December 31, 2024 or file the return filed earlier. Can modify.
You need to keep the following things in mind:
The window for filing or amending ITR has been significantly reduced. This means you will not be able to modify already filed returns or file returns for FY24 after December 31, 2024.
If you do not file your income tax return and show less income in the return, the Income Tax Department may impose penalty on you or take other legal action.
You have to log in to the Income Tax Portal. You have to file your ITR. Then you have to remember to 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 must 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, filing the return is meaningless and the Income Tax Department treats it as ‘return not filed’.
Missing this deadline also means you miss the opportunity to file a late or amended return.
You can e-verify using your Aadhaar OTP or other electronic options or send the signed ITR-V to CPC Bengaluru through speed post. You should preserve the postal receipt as it will be proof of deposit.
4. Keep your UPI ID active
If you have not made any transactions with your UPI ID in the last one year, 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 that have not had any financial or non-financial transactions in the last one year. This was done to prevent fraud and unauthorized transactions. It is important to complete the above tasks before the deadline, as failure to do so may result in penalties. This will keep your financial matters organized. With this you will not have to face any kind of pressure later.