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Home > Income Tax > Help Center > Checklist before Dec 31stLast Updated: Dec 03rd 2024

Money and taxes: Checklist before December 31st

A list of financial and tax-related (Income Tax, GST) responsibilities that one as a taxpayer must complete by December 31, the end of the year.

For previous year, refer Money and taxes: Checklist before December 31st 2023

Things to be taken care before 31st Dec 2023




Reconciliation of Input Tax Credit by 30th Nov 2024:

The taxpayers are required to furnish the correct Input tax credit and reverse the ineligible input tax credit for the financial year 2023-24. The taxpayers who have incorrectly claimed the input tax credit for FY 2023-24 needs to correct them in Oct 2024 GSTR 3B before 30th November 2024.

know more at Input Tax Credit (ITC) Explained

Annual Return in GSTR 9/9C by 31st Dec 2024:

The taxpayers registered under GST needs to file annual return in GSTR 9/9C if the turnover exceeds certain threshold. It needs to be filed by 31st December 2024 unless extended by Government.

know more at GSTR 9 Explained

TDS by 07th December 2024:

07th December 2024 is the due date for payment of TDS /TCS for the payments made in November 2024. The tax deductors or collectors are required to pay the TDS/TCS by 07th December 2024

Advance Tax by 15th Dec 2024:

15th December 2024 is the due date for payment of Advance Tax for 3rd quarter of FY 2024-25. The taxpayers are required to pay Advance Tax before 15th December 2024 to avoid interest u/s 234C.

Know more on Advance Tax: What, When & How to Pay?

Belated Or Revised Income Tax Returns by 31st Dec 2024:

31st December 2024 is the due date for filing belated or revised income tax returns for FY 2023-24. Post 31st December 2024, you cannot file belated or revised income tax returns and need to pay 25% penalty to file updated returns.

Know more on Belated ITR Filing

Know more on Revised ITR Filing

Foreign tax Credit:

December 31 is last date for claiming Foreign Tax Credit. The taxpayers who wants to claim Foreign tax credit needs to file Form 67 before Dec 31. Post Dec 31, Foreign Tax Credit is not allowed

Know more on Getting Foreign Tax Credit & How to submit Form 67 Online?

Filing of MGT 7/7A by Private Limited Companies/OPC by 29th November 2024:

Every private limited company and OPC's are required to fil MGT 7/7A by 29th November 2024 for FY 2023-24 to avoid penalty of Rs 100 per day.

Know more on Guide On Form MGT 7 or Form MGT 7A

Tax Saving Investments and Declaration:

Generally, most of the companies ask the employees to upload the proofs of investments for the financial year 2023-24 in December month. Hence the employees are required to plan and invest in the tax saving options.

The employees are required to declare their investments and expenses in Form 12BB to their employees for deduction of taxes accordingly by employer

Investment in Fixed Deposits:

Generally, most of the banks will change the FD rates in new calendar years. Hence it is recommended for the investors to check for better FD rates and invest.

Also the investors are advised to check the maturity of their Fixed Deposits or Term Deposits and plan for the renewal of same

Tax Loss Harvesting:

If you are an investor in the stock market, it is the correct time (before Dec 31) to review how your portfolio is working and make the necessary corrections.

Also it is correct time to do the tax loss harvesting if you are in profits to minimize your taxes impact for current financial year i.e., 2024-25

Renewal of Insurance:

Generally most of the insurances will be valid for 1 year. Insurance like Term insurance, Health Insurance, Life Insurance and Vehicle Insurance etc needs to be renewed before Dec 31 if the validity is expiring.

Planning to start new business in a new calendar year 2024:

If any person who wants to start a new business needs to start the paperwork in December 2024 itself as it takes considerable amount of time like 7-20 days by MCA, GST, and other departments to approve registrations. Hence it is recommended to start registration process in December 2024.

Shops & Establishment Act (Labour Licence):

Generally, State specific registrations like Shops & Establishment act (Labour Licence) for most of the states like Telangana, Karnataka, Maharashtra etc have validity of 1 year. Hence the business are required to renew the registration by 30th November 2024 to avoid penalties.

Update of Aadhaar Card:

The due date to update the details in Aadhaar for free of cost online is 14th December 2024. Hence the Aadhaar card holders are required to update their details in UIDAI before 14 th December 2024. Post 14th December 2024, the aadhaar card holders are required to pay the processing fee.

Also, it is recommended to download mAadhaar App (Unique Identification Authority of India, UIDAI) from the appstore to monitor who is requesting the aadhaar OTP from time to time.

Disclosures of Residence and other interests in Foreign Countries:

If you are a resident of foreign countries also, you are required to disclose the residency status and beneficial interest in other countries also to the tax authorities in foreign countries by Dec 31 2024.

UAN Activation:

30th November 2024 is the last date for all employers to make the Aadhaar OTP- based UAN Activation for all the employees who joined the organisation in this financial year by 30th November 2024.

Bank Lockers

Conduct a brief check or audit of the bank lockers to confirm the safety of your valuables. This is advisable due to the high number of reported frauds and robberies at specific bank branches, which are attributed to inadequate security measures. Learn more on bank lockers at Bank Lockers (Safe Deposit Box) - a Complete Guide

How to get help from EZTax.in



Disclaimer: This article provides an overview and general guidance, not exhaustive for brevity. Please refer Income Tax Act, GST Act, Companies Act and other tax compliance acts, Rules, and Notifications for details.