April 13, 2024

Because the 12 months ends, December 31, 2023, is a major date for submitting and updating totally different monetary paperwork. This end-of-year deadline applies to quite a lot of monetary duties. Right here’s a rundown of the whole lot it’s good to do earlier than the clock strikes midnight on December thirty first.

Key Monetary Deadlines You Can’t-Miss

1. Deadline for Aadhaar Free Replace

The Distinctive Identification Authority of India (UIDAI) has set December 31 because the deadline for individuals to replace their Aadhaar information on-line totally free. Any modifications to the doc after this time will incur a value of Rs 50. This assertion extends the sooner deadline of September 14, offering an additional alternative for individuals who nonetheless must replace their data.

2. Financial institution Locker Settlement Renewal

For financial institution locker preparations, the Reserve Financial institution of India (RBI) has established a phased renewal process. Prospects with present agreements which might be dated on or earlier than December 31 should signal and submit an up to date settlement to their financial institution branches by the top of 2023. This transfer is meant to enhance the safety and repair high quality of financial institution lockers.

3. Final Day for Demat Nomination Updates

The Securities and Change Board of India (SEBI) has introduced that the deadline for altering or including nominees in mutual fund and demat accounts is December 31. The board won’t take into account any additional amendments past this deadline, highlighting the necessity for this improve for easier monetary administration.

4. Submitting Earnings Tax Returns Late

Those that missed the July 31 deadline for submitting the earnings tax return (ITR) for the fiscal 12 months 2022-23 have till December 31 to file a belated ITR underneath Part 139(4) of the Earnings-tax Act of 1961. It must be famous that submitting a late ITR could lead to a penalty of as much as Rs 5,000.

5. Deactivation of Inactive UPI IDs

The Nationwide Funds Company of India (NPCI) has directed cost functions and banks to deactivate UPI IDs which have been dormant for greater than a 12 months by December 31. The replace is designed to keep away from unintentional transfers to undesired receivers, notably when cell phone numbers are modified with out updating the banking system. Take into account performing a transaction earlier than the deadline if you do not need your dormant UPI ID to be cancelled.

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