December 31 is a crucial deadline for taxpayers, covering belated Income Tax Return filing, GST annual returns, and PAN–Aadhaar linking. Missing this date can lead to late fees, higher tax liability, loss of benefits, or even an inoperative PAN that may disrupt financial transactions.
Taxpayers Alert! December 31 Is a Crucial Deadline
December 31 is not just the final day of the calendar year, but also a key deadline for several important tax-related compliances. From income tax filings to GST returns and PAN–Aadhaar linking, missing this date can lead to penalties, loss of benefits, and restrictions on financial transactions. Taxpayers and businesses are advised to take note of these deadlines to avoid last-minute stress.
Last Date To File Belated ITR For AY 2025–26
For income-tax payers, December 31 marks the final opportunity to file a belated Income Tax Return for the Assessment Year 2025–26. This facility is meant for individuals who failed to submit their ITR before the original due date. Filing a belated return allows taxpayers to stay compliant, but only if it is done before this year-end deadline.
Filing Belated ITR Comes At A Cost
While belated ITR filing offers relief, it does not come without consequences. Taxpayers may have to pay a late filing fee of up to Rs 5,000, along with interest on any pending tax dues. Additionally, some benefits, such as carrying forward certain losses, are not available when returns are filed late.
Missing December 31 Can Mean Higher Tax Later
If taxpayers miss the December 31 deadline, they will have to opt for filing an updated return at a later stage. This usually involves paying additional tax and reduces the flexibility available under belated filing. Hence, meeting the year-end deadline is crucial to avoid a higher financial burden.
GST Annual Return Due For Businesses
December 31 is also a critical date for businesses registered under GST. It is the due date for filing the annual GST return for the relevant financial year. This return consolidates details of total sales, input tax credit claimed, taxes paid, and refunds received throughout the year.
Why Timely GST Filing Is Important
Delays or errors in filing the GST annual return can invite late fees, compliance notices, or closer scrutiny from tax authorities. Since the annual return reflects a complete summary of business transactions, inaccuracies can raise red flags and lead to further action, making timely filing essential.
December 31 Deadline For PAN–Aadhaar Linking
Another major compliance requirement ending on December 31 is PAN–Aadhaar linking. Taxpayers who have not completed this process must do so before the deadline. Failure to link PAN with Aadhaar can result in the PAN becoming inoperative from January 01, 2026.
