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Home > Income Tax > Help Center > Checklist before Dec 31stLast Updated: Jan 12th 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.

To know the list of activities you should perform from Jan 01st 2024, refer Money and taxes: Checklist after January 01st 2024

Things to be taken care before 31st Dec 2023

Reconciliation of Input Tax Credit by 30th Nov 2023:

The taxpayers are required to furnish the correct Input tax credit and reverse the ineligible input tax credit for the financial year 2022-23. The taxpayers who have incorrectly claimed the input tax credit for FY 2022-23 needs to correct them in Oct 2023 GSTR 3B before 30th November 2023.

know more at Input Tax Credit (ITC) Explained

Annual Return in GSTR 9/9C by 31st Dec 2023:

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 2023 unless extended by Government.

know more at GSTR 9 Explained

Advance Tax by 15th Dec 2023:

15th December 2023 is the due date for payment of Advance Tax for 3rd quarter of FY 2023-24. The taxpayers are required to pay Advance Tax before 15th December 2023 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 2023:

31st December 2023 is the due date for filing belated or revised income tax returns for FY 2022-23. Post 31st December 2023, 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

Filing of MGT 7/7A by Private Limited Companies/OPC by 28th November 2023:

Every private limited company and OPC's are required to fil MGT 7/7A by 28th November 2023 for FY 2022-23 to avoid penalty of Rs 100 per day.

Nomination and submission of KYC by 31st December 2023:

The due date for submission of 'choice of nomination' for demat account holders and mutual fund investors is 31st December 2023.Also the physical security holders are required to submit PAN and KYC before 31st December 2023. If not done, SEBI will freeze the trading and demat accounts.

Tax Saving Investments and Declaration:

Generally, most of the companies ask the employees to upload the proofs of investments for the financial year 2022-23 in December month. Hence the employees are required to plan and invest in the tax saving options.

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 2023 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 2023.

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 2023 to avoid penalties.

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 2023.

Bank Lockers

Account holders are required to sign revised locker agreements and submit to the respective banks if they have submitted locker agreements on or before 31st December 2022. Learn more on bank lockers at Bank Lockers (Safe Deposit Box) - a Complete Guide

UPI Payment IDs

All the UPI holders are required to perform atleast one financial or non financial transactions on banks or third party apps like Google pay, Phone pay etc to avoid deactivation of UPI Id, UPI numbers. Learn more on 5 most used UPI payment apps in India.

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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.