As the world anticipates the arrival of the new year, 2024 holds more than just the promise of fresh beginnings. Among the changes primed to impact our lives, significant shifts in financial regulations and deadlines are poised to headline the transition.
Here's a look at some key changes and deadlines for 2024:
Insurance companies to provide comprehensive policy feature details from January 1
The new CIS format will come into effect from January 1, 2024.
The CIS is set to include all basic information regarding an insurance policy, presented in easy-to-understand language. Policyholders will find details such as the policy name and number, coverage information, sum insured, exclusions, waiting periods, limits to coverage, and the claims process.
New rules regarding the purchase and sale of SIM cards
The government is gearing up to change the rules regarding the purchase and sale of SIM cards. The decision has been taken after witnessing the rising cases of spam, scams and online fraud which were witnessed this year- 2023.
The new regulation will be implemented from January 1, 2024, by bringing significant changes to the SIM card acquisition process.
Bima Trinity initiative launch in 2024
The
Bima Trinity project, which includes Bima Sugam, Bima Vistaar, and Bima Vaahak, is expected to take off next year at different intervals. Bima Sugam, which is an online marketplace encompassing the entire customer journey from buying to servicing, is expected to make the accessibility of insurance much easier.
Bima Vistaar promises to be a revolutionary insurance product that seeks to offer affordable protection to the masses. It is expected to be launched by January 2024.
Bima Vaahak is a women-centric distribution channel at the Gram Sabha level that aims to empower women by educating them about the benefits of comprehensive insurance thus enabling their financial security.
Mutual funds, demat account holders nomination deadline to end on June 30
Mutual funds and demat account holders are required to nominate a beneficiary or opt out of it by June 30, 2024. If investors miss the nomination deadline, SEBI may freeze debits from their holdings. This means investors won't be able to withdraw from mutual funds or use their demat accounts for trading.
Aadhaar free update by March 14
Income tax return filing deadline to end on July 31
Under income tax laws, ITR filing is an annual activity seen as a duty of every responsible citizen of the nation. Taxpayers can claim the refund of the excess tax paid/deducted during a financial year by filing it. The deadline for filing an income tax return (ITR) for the financial year 2023-2024 (assessment year 2024-2025) will end on July 31, 2024.
Advance tax payment instalments
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. 15% of the total tax liability must be paid by June 15, while 45% must be paid by September 14. This includes the instalment paid in June.
By December 15, the liability is 75% which includes instalments of June and September. By March 15, the entire tax which is 100% must be paid, as per the income tax law.
Tax saving investment
The deadline for tax-saving investments for FY2023-24 will end on March 31, 2024. Tax planning is one of the important measures for financial planning as the main objective is to reduce tax liability and save more. The lesser tax one has to pay, the more disposable income one has.
While taking advantage of the tax-saving options available, one can save a significant amount of taxes.
