Begin typing your search...

Financial Deadlines: Crucial tasks to complete by December 31st

Financial Deadlines: Crucial tasks to complete by December 31st

Financial Deadlines: Crucial tasks to complete by December 31st
X

24 Dec 2024 10:00 PM IST

As we prepare to welcome the new year, it's essential to be aware of several important financial deadlines that fall on December 31st. Missing these deadlines can lead to significant complications, so let's take a moment to review them.

Income Tax Return (ITR) Filing Deadline

For individuals falling under the income tax bracket, the deadline for filing IT returns for the last financial year 2023-24 (assessment year 2024-25) has already passed on July 31st. However, if you missed this deadline or need to correct any mistakes, you have until December 31, 2024, to file a revised or belated ITR. Filing a late ITR under Section 139(4) of the IT Act, 1961, incurs a penalty ranging from Rs. 1,000 to Rs. 5,000. Failing to meet this extended deadline can even result in imprisonment in certain cases.

Special Fixed Deposit Expiration Dates

For those looking to make high-interest deposits, it's crucial to note that some special bank schemes will expire on December 31st. For instance, the Utsav FD introduced by IDBI Bank offers tenure deposits of 300 days, 375 days, 444 days, and 700 days, but this scheme ends at the close of the month.

Similarly, the special fixed deposit schemes offered by Punjab and Sindh Bank will also expire on December 31st. These include a 222-day FD with an interest rate of 7.20 percent, as well as the 444-day, 777-day, and 999-day FDs. Investors seeking the highest interest rates should consider these tenure schemes before the deadline.

Final Thoughts

As we stand on the cusp of a new year, it's crucial to ensure that these financial tasks are completed on time. Missing these deadlines can lead to penalties and other complications. Make sure to address these important matters before December 31, 2024, to start the new year on a solid financial footing.

Next Story
Share it