The Central Board of Direct Taxes (CBDT) and GST Council have jointly reminded all companies and business owners operating in India to complete their statutory filings for the financial year ending March 31, 2025, through the Income Tax e-filing portal (incometax.gov.in) and GSTN (gst.gov.in) before the stipulated deadlines.
Key Deadlines
Companies must file Income Tax Returns (ITR-6) by October 31, 2025 for FY 2024-25 (if audit is required). Non-audit companies must file by July 31, 2025. GST Annual Return (GSTR-9) must be filed by December 31, 2025 for FY 2024-25.
Compliance Requirements
- All Income Tax Returns must be submitted electronically via the Income Tax e-filing portal.
- Companies with turnover exceeding INR 1 crore (INR 10 million) must have their financial statements audited by a Chartered Accountant under Section 44AB of the Income Tax Act.
- GST returns (GSTR-1 and GSTR-3B) must be filed monthly or quarterly depending on turnover.
- TDS deducted must be deposited by the 7th of the following month, and TDS returns (Form 26Q, 24Q) must be filed quarterly.
Penalties
Failure to file ITR by the due date attracts late fees under Section 234F — up to INR 5,000 for companies with turnover above INR 5 lakh. Non-filing of GST returns attracts a late fee of INR 50 per day (INR 20 per day for nil returns) and potential cancellation of GST registration. CBDT emphasises timely compliance to maintain clean tax records essential for FDI approvals and RBI filings.