How to Calculate and Pay Advance Tax for Corporates
How to Calculate and Pay Advance Tax for Corporates Advance tax, often referred to as "pay-as-you-earn," is the income tax payable in advance as per the provisions of the Income…
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Important Financial Deadlines for December 2024
As the end of 2024 approaches, it’s vital to keep track of key financial deadlines to avoid penalties and make the most of available opportunities. This month’s deadlines cover income tax payments, Aadhaar updates, special fixed deposit schemes, and changes to credit card rules. Here’s an overview to help you stay organized:
1. Advance Tax Payment: Due by December 15, 2024
Taxpayers not under the presumptive taxation scheme must adhere to the following advance tax payment schedule:
June 15: 15% of total tax liability
September 15: 45% of total tax liability
December 15: 75% of total tax liability
March 15: 100% of total tax liability
Timely payments will help you avoid interest charges and maintain compliance with tax laws.
2. File Belated Income Tax Returns by December 31, 2024
If you missed the initial deadline to file your income tax return, you still have until December 31, 2024, to submit a belated return for the assessment year 2024-25. Filing on time can help you avoid penalties and streamline your financial processes.
3. Free Aadhaar Updates: Offer Ends December 14, 2024
Aadhaar card holders can update their demographic details at no cost via the myAadhaar portal until December 14, 2024. After this date, updates made at offline centres will incur a fee. Don’t miss this chance to update your Aadhaar information for free.
4. Special Fixed Deposit Schemes: Invest Before December 31, 2024
Several banks are offering limited-time fixed deposit (FD) schemes with attractive rates that expire at the year’s end:
IDBI Bank Utsav FDs: Features special tenures of 300, 375, 444, and 700 days with competitive returns.
Punjab & Sind Bank FDs: Multiple special schemes with various tenures also close on December 31, 2024.
Consider these options to secure higher interest rates and grow your savings.
5. Axis Bank Credit Card Updates: Effective December 20, 2024
Axis Bank will implement changes to its credit card terms, including:
Finance/Interest Rates: The finance charge for the Airtel Axis Bank Credit Card will increase from 3.6% per month to 3.75% per month.
Evaluate these changes to understand their impact on your credit card usage and plan accordingly.
Add these deadlines to your calendar to stay compliant and take advantage of available opportunities. Being proactive can save you from unnecessary penalties and help you optimize your finances as 2024 comes to an end.
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