New rules and deadlines 2024: As we usher in the year 2024, it’s important to know the changes in deadlines and rules could significantly affect various aspects of our lives. Knowing them beforehand will help you to complete the required process preceding the dates.
Let’s have a look at important changes and deadlines for 2024:
Nomination for Mutual funds, Demat Account holders deadline
If you are an investor who regularly invests in mutual funds and having a Demat account, you need to know about the nomination deadline. As per SEBI rules, it is mandatory to nominate a beneficiary or opt out of the nomination by June 30, 2024. Non-compliance of any action regarding it may attract freezing of account and inability to withdraw mutual funds or usage of demat account for trading.
Aadhaar free update by March 14
The Aadhaar apex body, The Unique Identification Authority of India (UIDAI) is offering holders the facility to change or update their personal details like name, address, or any other update without any cost. The service is available only on the myAadhaar portal. Aadhaar holders can avail the facility until March 14, 2024.
ITR filing deadline for FY 2023-24
Income tax filing for the fiscal year 2023-24 (Assessment year 2024-25) will be available till July 31, 2024. IT filing is annual activity that accounts a taxpayer’s income, investment, and assets & liabilities for the one fiscal year. Taxpayers can claim the refund if the amount they need to pay as taxes and the paid amount has a difference.
Advance tax payment last installments
When the tax liability is completed in the same fiscal year in which it is being earned is called Advance tax payment. It can be paid in several installments, for instance four.
According to the income tax law, 15% of total tax liability must be paid by June 15.
45% of total tax liability by September 14.
75% of total tax liability by December 14.
Taxpayers need to complete their 100% tax liability by March 15.
New SIM card sale rules
The government is gearing up to implement new SIM card sale rules from January 1, 2024 in order to hamper the misuse, scams and online frauds. The rules will limit selling bulk SIM cards and make e-kYC mandatory.
Bank locker agreement
People holding lockers in banks will have to sign the revised agreement by December 31, 2023. If customers will fail to do so, their lockers will be frozen.
New rule to save users from online fraud
As smartphone usage has upscaled in India, online fraud and scams have upscaled and have seen a parallel increase. The government has been taking a decisive stance to curb these issues.