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Arjuna (Fictional Character): Krishna, as the year-end comes closer, there seem to be so many deadlines to meet. I'm worried I might miss something important and end up paying interest, late fees, or penalties. Krishna (Fictional Character): Arjuna, December isn't just about celebrations; it's also
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FAQ :
The two main deadlines in December 2024 are for filing belated/revised Income Tax Returns (ITR) for AY 2024-25 and for filing GSTR-9 and GSTR-9C for FY 2023-24, both on or before 31st December 2024.
A belated return is the last chance to file your income tax return if you missed the original due date. A revised return is used to correct errors in an ITR that has already been submitted.
If you miss the 31st December deadline for belated or revised ITRs, you cannot file your income tax return for FY 2023-24 afterwards, potentially leading to notices and the loss of any eligible refunds.
Missing the 31st December deadline for GSTR-9 and GSTR-9C can result in late fees and penalties. Late fees for GSTR-9 vary based on turnover, and a general penalty of up to Rs. 25,000 can be levied for not filing GSTR-9C.
Late fees for GSTR-9 are Rs. 50 per day (Rs. 25 each under CGST and SGST Act) for turnovers up to Rs. 5 crore, Rs. 100 per day (Rs. 50 each under CGST and SGST Act) for turnovers between Rs. 5 crore and Rs. 20 crore, and Rs. 200 per day (Rs. 100 each under CGST and SGST Act) for turnovers exceeding Rs. 20 crore.
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