ITR Filing Deadline
December 31st represented the cut-off for filing belated or revised Income Tax Returns (ITR) for the Assessment Year (AY) 2025-26. Those who missed the original
deadline could still file a belated return, but this came with potential penalties and interest. Simultaneously, taxpayers had the opportunity to correct errors or omissions in their previously filed returns by submitting a revised ITR. The Income Tax Department reported a substantial number of filings. By the specified date, 22.4 lakh updated returns and 26 lakh revised returns had been filed, showing the significance of this deadline for compliance.
PAN-Aadhaar Link Deadline
Another important deadline that coincided with December 31 was the last date to link the Permanent Account Number (PAN) with Aadhaar. While this was the final day to link, there could have been ramifications for failing to do so, impacting various financial transactions and potentially leading to PAN becoming inoperative. It’s important for those who missed the deadline to seek guidance on the updated rules and potential consequences.
GST Return Deadline
Businesses registered under the Goods and Services Tax (GST) regime also faced a December 31 deadline for filing their GST returns. These returns are crucial for businesses to declare their sales, input tax credits, and tax liabilities. This deadline ensures that the government can collect the necessary revenue and maintain the integrity of the GST system. Late filings could lead to penalties, highlighting the importance of timely compliance for businesses.
Other Financial Updates
Besides the immediate tax deadlines, December brought other significant financial developments. The financial markets saw action; stock market performances, including the Sensex and Nifty's movements, were discussed. Furthermore, updates on bank holidays in January 2026, and the impact of the US-Venezuela situation on crude oil prices and India’s economy came into the news. These updates provided a broader perspective on the financial landscape and offered insights into market trends and economic impacts.
