Income Tax Deadline: Only a few days are left until the end of 2025, and December has become very important for taxpayers. The Income Tax Department has set December 31st as the deadline for several important tax-related tasks, missing which can be costly.

Income Tax Deadline: The year 2025 is now in its final stages, and half of December has already passed. While people are busy preparing for New Year celebrations, this month is proving to be very challenging for taxpayers. Financial experts say that there are some important tasks that, if not completed on time before the end of the year, could lead to heavy penalties and legal complications for taxpayers. The Income Tax Department has set a deadline of December 31st for several important tasks, and only a few days remain.

This is the last chance to file your income tax return late

If you are among those who could not file their original income tax return (ITR) for the financial year 2023-24 on time, you still have one opportunity left. Under Section 139(4) of the Income Tax Act, you can file your 'belated return' by December 31st. However, you will have to pay a penalty for this delay.

According to the rules, people with an annual income of more than Rs. 5 lakh will have to pay a late fee of up to Rs. 5000, while for those with an income of less than Rs. 5 lakh, this penalty is fixed at Rs. 1000.  In addition, if you have any outstanding tax, you will also have to pay interest on it separately.

Last chance to correct errors in your return

This time is important not only for those who have not filed their returns, but also for those who have filed their returns but have provided incorrect information. If you made any mistakes while filing your ITR, you can correct them by filing a 'revised return' by December 31st.

However, experts have warned that if your tax liability increases after the correction, you may have to pay an additional penalty of 25 to 50 percent. After December 31st, this option to correct your return will be permanently closed.

Major consequences of not linking PAN and Aadhaar

Besides taxes, another crucial task is linking your Aadhaar and PAN cards. The government has clarified that those whose Aadhaar cards were issued on or before October 1, 2024, must link them to their PAN by December 31, 2025. If you fail to do so, your PAN card will become inactive. Once your PAN card is deactivated, your banking services may be disrupted, you won't be able to make new investments, and your pending tax refund may also get stuck.

Complete your tasks from home with these easy methods

Completing these tasks is very easy, and you don't need to go anywhere. You can link your PAN and Aadhaar by visiting the Income Tax Department's official e-filing website or by sending a simple SMS from your registered mobile number.

Experts advise against waiting until the last minute, as heavy traffic on the website in the final days may cause server issues, potentially delaying your work.

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