There isn’t much time left before the end of 2025, and with it, the deadlines for several important financial and government processes are also approaching. If these tasks are not completed by December 31st, it could directly impact your finances and legal standing. Income tax returns, GST filing, Aadhaar-PAN linking, and bank locker rules are currently the most discussed topics.

Read More- Buy Maruti Alto for just Rs 1.55 lakh, great mileage

Last Chance for Income Tax Returns

The last date for filing income tax returns for the financial year was September 16th. Taxpayers who could not file their returns by this date have been given an additional opportunity until December 31st. Filing returns during this period is called filing a belated return. However, this option comes with penalties and interest, which increases the total tax liability.

Disadvantages of Filing a Belated Return

Filing an ITR after the deadline attracts late fees and interest under various sections of the Income Tax Act. The longer the delay, the greater the financial burden on the taxpayer. Therefore, it is better to complete this process as soon as possible instead of waiting until the last days.

Opportunity to Correct with Revised Returns

If you filed your ITR within the stipulated time but later realised any mistakes or omissions, you can file a revised return. This provides the facility to correct the original return. A revised return can be filed until December 31st or before the tax department begins the assessment. There are no late fees for this, but if the tax liability increases after the revision, additional tax and interest have to be paid.

GST and Company Filing Deadlines

The last date for filing GST annual returns and audit-related forms for the financial year 2024-25 is also December 31, 2025. Similarly, companies also have to submit their annual returns and financial statements by the same date. Although there are demands to extend the deadline, no official announcement has been made yet.

Read More- Looking for 10%+ Returns in a Year? Here Are 5 Smart Short-Term Investment Options

Aadhaar-PAN Linking and Bank Locker Rules

Those who obtained their PAN using their Aadhaar enrollment ID must link their Aadhaar and PAN by December 31. Failure to do so may result in their PAN becoming inactive. Similarly, bank locker holders must also sign an updated agreement with their bank. Failure to complete this process within the stipulated time may lead to the termination of their locker facility.