File belated ITR, sign revised locker agreement, activate UPI: 7 money, tax tasks to complete before December 31
Before you make your resolutions for the new year 2024, do know that there are a few important money and tax related deadlines that fall on December 31, 2023. These deadlines include adding nominations to your demat account and mutual fund folios, signing a revised bank locker agreement, invest in special FDs with higher interest rates and more.Mutual fund, demat nomination
The Securities Exchange Board of India (Sebi) has extended the deadline for existing individual unit holder(s) to submit a choice of nomination. The freezing of folios will come into force with effect from January 01, 2024.
Mutual fund units holder and demat account holders should add nominations or opt out before the deadline to avoid freezing of accounts. While it is voluntary in the case of trading accounts.
Only 11 days left to add nominees to mutual funds, demat accounts; what happens if you miss the deadline
Bank locker agreement
The Reserve Bank of India (RBI) has asked all locker holders to sign a new bank locker agreement by December 31, 2023, If the bank locker agreement is not signed by the deadline, your bank lockers will be frozen. According to the revised standards for locker agreements, the deadline was previously extended by a year for the convenience of bank clients.
Last date to file belated ITR
The last date to file the income tax return (ITR) for FY 2022-23 (AY 2023-24) was July 31, 2023. If you have missed this deadline, you can still file it but it will be called a belated ITR and you have to do it by December 31, 2023. This is the last date to file a belated ITR under Section 139(4) of the Income-tax Act, 1961. It also attracts a penalty up to Rs 5,000. A belated ITR is filed by individuals who have missed the original filing deadline, which is usually July 31.
Apart from the belated return, December 31, 2023, is also the last date to file the revised ITR for FY 2022-23 (AY 2023-24). A revised ITR is filed to correct mistakes in the original ITR. A revised ITR is filed under Section 139(5) of the Income-tax Act.
No paper-based KYC for SIM cards
The paper-based Know Your Customer (KYC) process will be completely digital starting on January 1, 2024, according to notification from the Department of Telecommunication (DoT). As a result, completing a paper form to complete KYC for SIM cards won't be a problem for you.
According to the DoT circular dated December 5, 2023, “Considering various amendment/changes made in the existing KYC framework from time to time, it has been decided by the competent authority that the use of Paper based KYC process, as envisaged in instructions dated 09.08.2012, shall be discontinued with effect from 01.01.2024. The other terms and conditions of the instructions dated 09.08.2012, as amended from time to time, shall remain the same”
In the past, customers had to register for the issuance of mobile connections using a paper-based KYC procedure, which involved completing out a Customer Acquisition Form (CAF), placing their photo on the form, attaching Proof of Identity (Pol) and Proof of Address (PoA) papers, among other steps.
SBI home loan
SBI has launched a special campaign for home loans that offers discounts up to 65 basis points (bps). The special campaign discount is valid up to December 31, 2023. The discount is valid for all home loans, including those with flexipay, NRI, non-salaried, privilege, and Apon Ghar.
Inactive UPI
The National Payments Corporation of India (NPCI) to discontinue UPI services for accounts that have been dormant for more than a year. This implies that you won't be able to access or utilise your UPI account if it hasn't been used for transactions for more than a year. This will be applicable from starting December 31, 2023.
The decision has been taken to prevent the inadvertent transfer of money to unintended recipients in case customers change their mobile number without disassociating their old number from the banking system, NPCI stated. There exists a possibility that that old mobile number can be issued to a new issuer.
Indian Bank
Indian Bank, a public sector bank, had extended the special fixed deposit offering higher interest rate dubbed “Ind Super 400” and “Ind Supreme 300 days”, according to the bank website. The last date to invest is December 31, 2023.
IDBI Bank
IDBI Bank has extended the validity date for special FDs dubbed as Amrit Mahotsav FD for 375 days and 444 days tenure, according to the bank website. It has extended these special fixed deposit deadlines to December 31, 2023.
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This story originally appeared on: India Times - Author:Faqs of Insurances
