December is a crucial month for taxpayers and professionals, as it brings multiple deadlines for filings, payments, and compliance. Missing these deadlines can lead to hefty fines, interest, and legal complications. Here’s a detailed look at the 4 important deadlines you cannot afford to miss this December:
1. GST Return Filing
- Deadline: Usually mid-December for previous month returns (check exact date as per GST portal)
- Details: Businesses registered under GST must file their GSTR-3B returns and pay any outstanding tax.
- Penalty for Delay: Late fees of ₹50 per day for CGST and ₹50 per day for SGST, plus interest on outstanding tax.
2. Income Tax Advance Payment / TDS Deposits
- Deadline: Specific due dates in december for quarterly TDS deposits (usually 7th or 15th of the month)
- Details: Companies and individuals deducting TDS must deposit it with the government.
- Penalty for Delay: Interest at 1% per month on delayed TDS payments and possible penalties under the Income Tax Act.
3. Provident Fund (EPF) Contributions
- Deadline: 15th of december for monthly EPF contributions
- Details: Employers must deposit both employee and employer contributions to the Employees’ Provident Fund.
- Penalty for Delay: Interest and damages, along with potential legal notices from the EPFO.
4. Professional Tax / local Body Taxes
- Deadline: Varies by state, but often falls in december for quarterly or monthly payments
- Details: Professionals and businesses must pay professional tax or municipal taxes.
- Penalty for Delay: Penalty and interest levied by state authorities; repeated delay can result in legal action.
Tips to Avoid Penalties
- Maintain a calendar: Keep track of all statutory deadlines.
- Use automated reminders: wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital accounting software or apps can alert you ahead of deadlines.
- Consult professionals: Tax consultants or accountants can help ensure timely compliance.
- Double-check submissions: Confirm that returns, payments, or deposits are successful and keep receipts.
Conclusion:
December is a high-alert month for financial and tax-related compliance. Missing any of these 4 key deadlines can result in hefty fines, interest, and additional legal hassles. Mark these dates, plan ahead, and ensure timely submissions to avoid unnecessary stress and penalties.
Disclaimer:
The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of any agency, organization, employer, or company. All information provided is for general informational purposes only. While every effort has been made to ensure accuracy, we make no representations or warranties of any kind, express or implied, about the completeness, reliability, or suitability of the information contained herein. Readers are advised to verify facts and seek professional advice where necessary. Any reliance placed on such information is strictly at the reader’s own risk..jpg)
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