CA Umesh Sharma
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 a busy month for taxpayers and businesses. Missing any important deadline will lead to fines, interest, or may even lose refunds.
Arjuna (Fictional Character): Krishna! So tell me, what are the crucial deadlines in the month of December 2024?
Krishna (Fictional Character): Arjuna, this last month of the year brings two crucial deadlines, which are as follows:
1. Filing of belated/revised income tax returns: The first deadline in the month of December is for the filing of belated or revised Income Tax Returns (ITR) of Assessment Year 2024-25 on or before 31st December 2024. Belated Return is the last chance for taxpayers to file the income tax return (if the actual due date to file ITR was missed), and Revised Return is the last chance to rectify the errors in the originally submitted return. The belated return can be filed only with applicable late fees and interest.
2. Filing GSTR-9 and GSTR-9C: The second deadline in the month of December is for the filing of GSTR 9 (Annual Return) and GSTR 9C (Reconciliation Statement) of FY 2023-24, i.e., 31st December 2024. The correct filing of this ensures that your GST returns match with your books of accounts and compliance of the GST provisions is made.
Arjuna (Fictional Character): Krishna, what if the deadlines for filing a belated/revised return and GSTR 9 or GSTR 9C are missed by the taxpayers?
Krishna (Fictional Character): Arjuna, missing these deadlines can have the following consequences:
For Belated or Revised Return
If the taxpayer misses the deadline for filing a belated or revised return, then the taxpayer cannot file the income tax return for FY 2023-24 afterwards, due to which the Income Tax Department can issue a notice to the taxpayer, asking for a response regarding the non-filing of the return.
Also, if the taxpayer is eligible for a refund due to excess TDS or advance tax payments, they cannot claim the refund due to non-filing of the return.
For example, a taxpayer had ₹10,000 TDS deducted during FY 2023-24, and their total income was below the basic exemption limit. If the taxpayer filed their income tax return, they could have claimed a full refund of ₹10,000. However, if they miss the due date for filing the belated return (31st December 2024), they will lose the chance to file their return, which leads to loss of claim of refund.
For GSTR 9 and GSTR 9C
If the taxpayer misses the due date of GSTR 9 and GSTR 9C, then it may lead to the levy of late fees and penalties.
If the GSTR-9 is not filed within the due date, the late fees would be levied as follows:
|
Sr. No. |
Turnover Limit |
Late Fees per Day |
|
1 |
Up to Rs. 5 crore |
Rs. 50 (Rs. 25 each under CGST and SGST Act) |
|
2 |
More than Rs. 5 crore and less than Rs. 20 crore |
Rs. 100 (Rs. 50 each under CGST and SGST Act) |
|
3 |
More than Rs. 20 crore |
Rs. 200 (Rs. 100 each under CGST and SGST Act) |
A general penalty could be levied due to non-filing of GSTR 9C up to Rs. 25,000/-.
For example, if a taxpayer's aggregate turnover is up to 5 crores, then the late fees for delay in filing of the GSTR-9 return will be Rs. 100/- each day till the date of filing of the same.
Arjuna (Fictional Character): Krishna, what should taxpayers learn from this?
Krishna (Fictional Character): These deadlines remind us how important it is to be on time and disciplined with our financial responsibilities. Filing returns on time isn't just about avoiding fines; it builds trust and keeps things clear in financial matters. When taxpayers stay organized and follow the rules, it leads to easier audits, fewer problems, and steady growth for their businesses.
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