Complete this work before 31st December
Amidst the hustle and bustle of New Year celebrations and parties, are you forgetting your most important financial tasks? The dates on the calendar are changing rapidly and the year 2025 is now on its way. But this year is also leaving behind some very important responsibilities for you. You now have only 9 days left. If you do not complete these important tasks related to income tax, banking and identity cards by December 31, 2025, then the morning of January 1 may bring new troubles and financial losses for you. It is not just a question of fine, but there is also the fear of your bank account and important documents being blocked.
The biggest concern should be for those taxpayers who have not yet filed their Income Tax Return (ITR) for the financial year 2024-25. According to the rules of the Income Tax Department, 31 December 2025 is the last date for filing 'Belated Return' (Belated ITR). If you miss this date, you will not be able to file the return under the normal process. After this you will have to resort to 'Updated Return' (ITR-U), in which you may have to pay heavy penalty and additional tax.
Not only this, this date is also like 'Lakshman Rekha' for those people who had filed the return but made a mistake in it. This is also the last opportunity to file 'Revised ITR' to correct any errors in name, bank details or income details. After this, your old mistake can become a reason for notice in the new year.
The government and the Income Tax Department have been warning for a long time to link PAN card with Aadhaar. Now its final deadline has also come to 31 December 2025. This matter is very serious because if you do not link these two documents by the due date, then your PAN card will become 'inoperative' from January 1, 2026.
Inactivation of PAN card will have a direct impact on your financial life. You will neither be able to file income tax return nor claim refund. Even mutual funds, stock market investments and banking transactions above Rs 50,000 may come to a complete halt. At present, a late fee of Rs 1,000 has to be paid to link it, but after the deadline passes, the loss can be much bigger.
Not only tax, banking related work is also in the queue. If you have a bank locker, be careful. Under the instructions of the Reserve Bank of India (RBI), it is mandatory for all locker holders to renew or update the 'Locker Agreement' with their bank. If this process is not completed by 31st December, banks may stop you from opening your locker in the new year.
At the same time, this time is also very important for our senior citizens and pensioners. To continue taking uninterrupted benefits of government pension, it is mandatory to submit life certificate. Many pensioners may have done this work in November, but if for some reason you have missed it, then by all means submit it by 31st December. If this is not done, the pension amount may get stuck from next month, which may pose a threat to the financial security of old age.
