December Deadline: The last month of the year is going on and December 2023 is also the deadline to do many important works. There are five such important tasks which need to be done by the end of the month i.e. 31st December 2023 and these tasks are related to your financial health. If you fail to do these, you may have to face financial problems. These tasks include tasks ranging from mutual fund nomination to filing income tax returns (ITR). Let us know about these important tasks and the harm caused by not doing them…
1 Mutual fund nomination
If you invest in mutual funds (Mutual Fund Investors), then the date of 31st December is very important for you. Actually, before this last date you have to add a nominee in your account. If you are not able to do this, your mutual fund account can also be frozen. It is important for Demat Account Holders to do this work also.
2 Updated ITR
The last date for filing income tax was 31 July 2023, but those who have not done this work by the due date, they have a chance till 31 December to do it. Updated ITR can be filed with late fees till this deadline. Talking about fine, it varies according to income. If the income of the taxpayers is more than Rs 5,00,000, then a fine of up to Rs 5,000 will have to be paid. Whereas if the income is less than Rs 5,00,000, the fine will be Rs 1000.
3 UPI account may be closed
UPI is the next name in the list of important tasks, in fact, National Payments Corporation of India (NPCI) has decided to deactivate such UPI IDs of Google Pay, PhonePe or Paytm. , which have not been used for the last 1 year or more. Therefore, it is important to use it before December 31, 2023, otherwise third party app providers and payment service providers will close such inactive accounts.
4 Locker agreement
There is also an alert for customers taking lockers in other banks including SBI (SBI), Bank of Baroda (BoB), as per the guidelines of the Reserve Bank of India (RBI), to implement the revised locker agreements in a phased manner. The deadline has been set for December 2023. If you have previously submitted a revised bank locker agreement, you may be required to submit an updated agreement. If you do not do this then you may have to leave the bank locker. It has been made mandatory by RBI to get 100% customers’ signatures on bank locker agreement by 31st December.
5 Last date of SBI scheme
The deadline for SBI Amrit Kalash Scheme, the special FD scheme of State Bank of India (SBI), is ending on December 31, 2023. The maximum interest rate available on this FD scheme of 400 days is 7.60%. On this special FD deposit, maturity interest and TDS will be deducted and deposited in the customer’s account. TDS will be levied at the rate applicable under the Income Tax Act. Premature and loan facilities are also available in Amrit Kalash Yojana.
