4 Deadlines In December: December has officially started. As the final month of the year, it brings a host of important tasks that need to be completed. This makes it the busiest time for taxpayers. ITR, TDS, advance tax, and several other crucial filings are due this month. Failing to meet a deadline can result in penalties, interest, and delayed refunds.
Thus, it would be unwise to underestimate December’s deadlines. This month features four significant deadlines that are approaching. Missing them could have serious consequences. Let’s discuss these four critical deadlines this month that could lead to issues if overlooked.
December 10 is the key date for those with audited accounts. If your business is subject to an audit or you are a partner in an audited firm, December 10th is a vital deadline for you. This deadline was previously set for October 31st, but it has been extended to December 10th to allow some time for filing your ITR post-audit. This also pertains to spouses covered under Section 5A.
This is the final chance for the assessment year 2025-26. Missing it could lead to penalties, interest, and subsequent notices. If the audit report is ready, it’s advisable to file your ITR by this date. Delays could incur penalties and hinder further filings.
Forms, TDS, and advance tax due by December 15 December 15th is a day filled with numerous tax obligations, making it the busiest day in the tax calendar. Form 27C for November must be submitted on this day. Government departments are required to report uninvoiced TDS or TCS for November via Form 24G. Additionally, the third installment of advance tax must be paid on this day, which applies to individuals, professionals, and businesses.
TDS certificates for October tax deductions under sections 194IA, 194IB, 194M, and 194S must be issued today. Additionally, stock exchanges are required to upload Form 3BB, which pertains to changes in client codes. Failing to meet this deadline can lead to various disruptions. Hence, it’s crucial to note this date in your calendar ahead of time.
TDS and client code statement by December 30
December 30th is quite a challenging day. Recognized associations must submit their client code modification statements for November on this date. Any delays in this process can jeopardize compliance records. It’s vital to submit the invoice-cum-statement for November’s TDS by this deadline to ensure the entire month is accurately reflected in the system. Missing this date may result in issues such as payment errors, uncredited amounts, or delays in certificate issuance.
December 1st is the final and most significant cut-off
The last day of the year holds another important significance. This is the final date for submitting your belated or updated Income Tax Return (ITR) for the assessment year 2025-26. You can only file this return if the Income Tax Department has not yet completed your assessment. Missing this deadline leaves you with no option but to appeal, which could lead to penalties, interest charges, and prolonged refund delays. Before the year concludes, it’s essential to verify that your filing status is complete.
