Complete These 3 Financial Tasks Before 31st December, or Risk Your Money Getting Stuck in the New Year

New Delhi: With the year 2025 drawing to a close, several financial and compliance deadlines are fast approaching. Missing these deadlines could directly impact your finances. Key tasks include filing belated Income Tax Returns (ITR), revised ITRs, and linking PAN with Aadhaar, as well as updating bank locker agreements.

1. Belated ITR Filing
The deadline for filing the regular ITR this year was 16 September 2025. However, taxpayers who missed this deadline can still file their belated returns until 31 December 2025. Filing a belated return will attract late fees under Section 234F and interest under Section 234A of the Income Tax Act.

2. Revised ITR
Taxpayers who submitted their ITR by 16 September but later discovered errors or omissions can file a revised return. This option allows correcting mistakes in the original ITR without incurring penalties or late fees. However, if the revision increases your tax liability, additional tax and interest will apply. The revised ITR can be filed up to three months before the end of the assessment year (31 December 2025) or before the tax authorities initiate assessment.

3. Aadhaar-PAN Linking and Bank Locker Updates
Taxpayers who obtained PAN using their Aadhaar before 1 October 2024 must link their PAN with Aadhaar by 31 December 2025. Additionally, if you hold a bank locker, ensure that your rental agreement is updated and signed with the bank. Failing to comply may result in losing access to your locker.

Other Year-End Compliance Deadlines

• GST Annual Returns (GSTR-9/9C) for FY24-25 must be filed by 31 December 2025. While professional bodies have requested an extension, no official announcement has been made yet.
• Companies must submit annual returns and financial statements (Forms MGT-7 and AOC-4) by 31 December 2025.

With just a few days left in 2025, taxpayers are advised to complete these crucial financial and compliance tasks promptly to avoid last-minute hassles and penalties.