Final Reminder: File ITR and GST Returns by December 31, 2024
By: Admin
Date: December 30, 2024
Categories: TAX News
Reading Time: 4 Minutes
As the calendar year comes to an end, taxpayers must ensure that they file both belated Income Tax Returns (ITR) and annual GST returns by December 31, 2024. This deadline is crucial to avoid penalties and maintain compliance.
Key Points on Filing ITR
- Filing Options
Taxpayers can file belated ITRs until December 31. However, penalties between ₹1,000 and ₹5,000 will apply based on the delay.- No penalty applies if the gross income remains below the basic exemption limit (₹2.5 lakh under the old regime and ₹3 lakh under the new regime).
- Updated ITR
You can file updated ITRs within two years from the end of the relevant assessment year, but additional payments are required.- For instance, an updated ITR for AY 2024-25 can be filed until March 31, 2027.
- Penalties and Limitations
Belated returns do not allow taxpayers to carry forward losses, except those related to house property.- Interest of 1% per month applies to outstanding tax amounts from the due date until filing.
- TDS for Non-Filers
Non-filers face higher TDS/TCS rates:- Twice the applicable rate or 5% (if PAN is available).
- 20% if PAN is unavailable.
- Prosecution Risk
Taxpayers who fail to file ITRs with liabilities exceeding ₹25,000 could face prosecution under Section 276 CCC. This may lead to imprisonment ranging from 6 months to 7 years, along with fines.
GST Annual Return Filing
- Mandatory Filings
- GSTR-9: Taxpayers with an annual turnover exceeding ₹2 crore must file this return.
- GSTR-9C: Taxpayers with turnover exceeding ₹5 crore must submit a self-certified reconciliation statement.
- Optional Filings
- Taxpayers with turnover below ₹2 crore may opt out of filing GSTR-9.
- Late Filing Penalty
- Failing to file annual GST returns on time will result in fines, which increase with further delays.
Key Takeaway
To steer clear of penalties, interest, and compliance issues, file your ITR and GST returns before the December 31, 2024 deadline. Non-compliance can lead to severe legal and financial consequences.
Act now and stay compliant!