Managing compliance deadlines is a complex and challenging task, especially as the year draws to a close. The consequences of missing these deadlines can be severe, resulting in penalties, fines, and reputational damage that can have long-lasting impacts on businesses. However, with the right guidance and support, businesses can navigate these complexities with ease.
In this article, we will outline the key compliance deadlines for the month of December 2024, providing businesses with the insights and information they need to stay compliant and avoid costly mistakes.
Deadline 1: Filing of Belated/Revised Income Tax Returns (ITR)
The deadline for filing belated or revised Income Tax Returns (ITR) for the Assessment Year 2024-25 is December 31, 2024. This deadline is crucial for taxpayers who missed the original deadline for filing their ITR or need to make corrections to their originally submitted returns.
What is a Belated Return?
A belated return is an income tax return filed after the original deadline. The Income-tax Act, 1961, allows taxpayers to file their ITR belatedly, but with certain conditions. Belated returns can be filed within one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
What is a Revised Return?
A revised return is an amended income tax return filed by a taxpayer to correct errors or omissions in their originally submitted return. Revised returns can be filed within one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
Consequences of Missing the Deadline
Missing the deadline for filing belated or revised ITR can result in significant consequences, including:
- Late fees and interest: Taxpayers who file their ITR belatedly will be liable to pay late fees and interest on the tax amount due.
- Penalty: The Income-tax Act, 1961, empowers the Assessing Officer to impose a penalty of up to Rs. 10,000 for failure to file the ITR within the prescribed time limit.
- Loss of refund: Taxpayers who file their ITR belatedly may lose their refund, if any.
- Impact on loan and credit applications: Delayed or non-filing of ITR can impact a taxpayer’s credit score and loan applications.
How to File Belated/Revised ITR
Taxpayers can file their belated or revised ITR online through the Income Tax Department’s e-filing portal. The steps to file belated or revised ITR are as follows:
- Log in to the e-filing portal using your credentials.
- Click on the “e-File” tab and select “File Return” from the drop-down menu.
- Select the assessment year and the type of return (belated or revised).
- Fill in the required details and upload the necessary documents.
- Pay the late fees and interest, if applicable.
- Submit the return and download the acknowledgement.
Deadline 2: Filing of GSTR-9 and GSTR-9C
The second critical deadline in December is for the filing of GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement) for the Financial Year 2023-24. This deadline is crucial for taxpayers who are required to file annual returns under the Goods and Services Tax (GST) regime. The deadline for filing GSTR-9 and GSTR-9C is December 31, 2024.
Correct and timely filing of GSTR-9 and GSTR-9C ensures that your GST returns match with your books of accounts and compliance with GST provisions is maintained.
What is GSTR-9?
GSTR-9 is an annual return that taxpayers are required to file under the GST regime. The return provides a summary of all the supplies made and received during the financial year, along with the tax paid and input tax credit claimed.
What is GSTR-9C?
GSTR-9C is a reconciliation statement that taxpayers are required to file along with GSTR-9. The statement provides a reconciliation of the annual return (GSTR-9) with the audited financial statements of the taxpayer.
Consequences of Missing the Deadline
Missing the deadline for filing GSTR-9 and GSTR-9C can result in significant consequences, including:
- Late fees: Taxpayers who fail to file GSTR-9 and GSTR-9C within the prescribed time limit will be liable to pay late fees.
- Penalty: The GST Act empowers the proper officer to impose a penalty of up to Rs. 25,000 for failure to file GSTR-9 and GSTR-9C within the prescribed time limit.
- Interest: Taxpayers who fail to file GSTR-9 and GSTR-9C within the prescribed time limit will be liable to pay interest on the tax amount due.
How to File GSTR-9 and GSTR-9C
Taxpayers can file GSTR-9 and GSTR-9C online through the GST portal. The steps to file GSTR-9 and GSTR-9C are as follows:
- Log in to the GST portal using your credentials.
- Click on the “Returns” tab and select “Annual Return” from the drop-down menu.
- Select the financial year and the type of return (GSTR-9 or GSTR-
Other Important Deadlines
While the above two deadlines are critical, there are other important deadlines to keep in mind:
- Filing of Form 24G for the month of November 2024: December 15, 2024
- Payment of Advance Tax for the Quarter ending December 2024: December 15, 2024
Staying Ahead of Compliance Deadlines: How Our Team Can Assist You
Managing critical compliance deadlines and ensuring seamless adherence to regulatory requirements can be a complex and daunting task. At Finsmart Accounting, our team of experts provides comprehensive guidance and support to help businesses navigate these complexities with ease. By partnering with us, you can ensure timely compliance, optimize your financial processes, and maximize your business efficiency. Our services include:
- Expert guidance on compliance deadlines and regulatory requirements
- Support in setting up and managing financial processes
- Ensuring compliance with all regulatory requirements
- Providing ongoing support and maintenance to ensure continued compliance
To learn more about how we can support your business, schedule a consultation with our team of experts today.
Book a consultation today: https://calendly.com/finsmart_accounting/30min
Founder & Director
Shalaka Joshi, a Chartered Accountant passionate about outsourcing and problem-solving, brings over 20 years of extensive experience in accounting, payroll, and MIS reporting to her professional endeavors
