In December 2023, the personal finance landscape will see some pivotal changes and critical deadlines. From HDFC Bank's Regalia credit card new rules to the belated income tax return (ITR) return filing deadline, from the third instalment of advance tax payment to the Aadhaar update free of cost, these changes are crucial. Missing out on these milestones could result in penalties or other significant repercussions.
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Let's delve into these vital financial checkpoints:
HDFC Bank to make changes to Regalia credit card
HDFC Bank, one of India's leading private sector banks, has announced significant modifications to its Regalia Credit Cards' lounge access program. Effective December 1, 2023, the bank will implement these changes, shifting the focus to credit card spending as the key determinant for accessing lounge benefits. Under the new system, Regalia Credit Cardholders will be required to spend a minimum of ₹1 lakh or more during a calendar quarter. The quarters are categorised as January-March, April-June, July-September, and October-December. Meeting this spending criteria will grant cardholders access to lounge benefits.
The process for availing of lounge benefits has also been streamlined. Once the spending criteria are met, cardholders will need to visit the Regalia SmartBuy page and the lounge benefits page on the bank's website. Here, they can generate a lounge access voucher to claim their benefits.
Deadline for MF, demat nomination
The deadline for existing demat account holders and mutual fund unit holders to provide a choice of nomination will end on December 31, 2023. For those holding physical shares, SEBI said that the folios will be frozen if PAN, nomination, contact details, bank account details and specimen signature are not submitted by the holders by December 31.
Free Aadhaar update
The Unique Identification Authority of India (UIDAI) has provided free Aadhaar update service till December 14, 2023. This service is, however, free only on the myAadhaar portal and attracts a fee of ₹50 at physical Aadhaar centres.
UIDAI has been encouraging residents to upload Proof of Identity and Proof of Address (PoI/PoA) documents to revalidate their demographic details, especially if Aadhaar was issued 10 years back and never got updated. If there is a need to change demographic details (Name, Date of Birth, Address, etc), the residents can use the online update service or may visit the nearest Aadhaar centre.
Bank locker agreement
The Reserve Bank of India (RBI) has provided the deadline for banks to complete the process of renewal of locker agreements in a phased manner by December 31, 2023. Bank account holders will have to sign a revised locker agreement and submit it to the bank branch if they have submitted a bank locker agreement on or before December 31, 2022.
Advance tax payment third instalment deadline
The deadline to pay the third instalment of advance tax is December 15. Those eligible to pay advance tax but fail to do so within the deadline will be subjected to penalties. Generally, taxes are deducted/collected at source as TDS when an income is paid but even salaried individuals may be liable to pay advance tax. The tax which is paid within the same financial year in which the income is earned is called advance tax. It is paid in four instalments and not in a lump sum at the end of the financial year.
Belated income tax return (ITR) filing
December 31, 2023, is the last day to file revised or belated returns for taxpayers who haven't yet filed them by the original deadline of July 31, 2023. However, that comes at a cost. A fee of ₹5,000 is levied under Section 234F of the Income Tax Act, 1961, for filing belated returns. For taxpayers whose total income is not more than ₹5 lakh in a financial year, the maximum penalty for the delay is ₹1,000. Also, if there is tax to be paid, taxpayers will be charged interest at 1% per month after the end of the due date till they file ITR.
UPI IDs to be deactivated if not active for more than one year
The National Payments Corporation of India (NPCI) has asked payment apps such as Google Pay, Paytm, PhonePe etc. and banks to deactivate the UPI IDs and numbers that have not been active for over a year. As per the new guidelines, the following must be done by the Third Party App Provider (TPAP) and Payment Service Providers (PSP) and implement the same by December 31, 2023.
(Edited by : Amrita)
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