Important deadlines that you should know about before December 31

Several key financial deadlines are nearing on December 31. These include filing belated Income Tax Returns (ITR) by the due date and the closure of special fixed deposit schemes by various banks

As 2024 comes to a close, you must be aware of crucial deadlines that could impact finances. December 31, 2024, marks the final day for several important tasks, including the filing of belated income tax returns, reporting foreign income, and taking advantage of special fixed deposit offers.

 

Belated ITR filing

 

Taxpayers who missed the initial deadline have time until December 31, 2024, to file their income tax return (ITR) for FY 2023-24 (AY 2024-25). This date applies to those filing a belated ITR, subject to a penalty of up to Rs 5,000. Additionally, December 31, 2024, is the final date for submitting a revised ITR.

  Avail Vivad Se Vishwas Scheme

  A crucial deadline to note is for the Direct Tax Vivad Se Vishwas Scheme, which offers taxpayers an opportunity to resolve disputes with the tax department by paying a reduced amount. To benefit from this initiative, taxpayers must act before December 31, 2024. This scheme is especially advantageous for individuals dealing with prolonged litigation over tax-related issues.

 

Reporting foreign income and assets

 

Taxpayers must ensure they report any foreign income or assets by December 31. The Income Tax Department has highlighted that failing to disclose such information can lead to severe consequences, including fines of up to Rs 10 lakh or, in extreme cases, imprisonment.

  Special fixed deposits: Act before December 31, 2024

 

The deadline to invest in Utsav Fixed Deposits (FDs) with special tenures of 300 days, 375 days, 444 days, and 700 days is fast approaching, with the last date being December 31, 2024. These deposits offer attractive interest rates for both the general public and senior citizens. For the general public, the rates are 7.05 per cent, 7.25 per cent, 7.35 per cent, and 7.20 per cent for the respective tenures. Senior citizens can enjoy higher rates of 7.55 per cent, 7.75 per cent, 7.85 per cent, and 7.70 per cent for the same durations.

 

Similarly, Punjab & Sind Bank is also offering special fixed deposits with various tenures, all of which have a December 31, 2024, deadline. A 222-day deposit earns an interest rate of 6.30 per cent, while a 333-day deposit offers a rate of 7.20 per cent. For a tenure of 444 days, the interest rate stands at 7.30 per cent for general citizens. The bank provides a 7.45 per cent rate on a 555-day callable deposit and a 7.25 per cent rate on a 777-day special deposit. Additionally, the 999-day callable deposit comes with a 6.65 per cent interest rate.

  GST annual return

 

Every GST-registered individual is required to file the GST annual return using the GSTR-9 form by December 31, 2024, for the financial year 2023-24. However, for the financial years 2017-18, 2018-19, 2019-20, 2020-21, 2021-22, 2022-23, and 2023-24, filing the GSTR-9 (annual return) is optional for taxpayers whose annual turnover is below Rs 2 crore.