- By Aditya Pratap Singh
- Fri, 29 Dec 2023 02:09 PM (IST)
- Source:JND
The beginning of each new year usually brings some sort of changes that have a direct impact on common citizens. So, it is useful to be aware of the changes going to take place as the new year commences.
The year 2023 will be passed in the next three days. The whole world will be welcoming in the year 2024. As Indian citizens, you will experience some new essential financial rules.
Below are newly revised rules with effect from January 1, 2024.
Paperless KYC for SIM Cards
On the first day of the new year, the paper-based Know Your Customer (KYC) service will be replaced with paperless KYC. However, the rules for new mobile connections will remain unchanged.
Income Tax Returns
The deadline for late and revised ITRs is December 31 (the deadline for regular ITRs was July 31). Taxpayers who file late returns have to pay a maximum penalty of ₹5,000, but the process is free for those filing revised returns. If you have not filed a tax return yet, do it before 31 December.
Also Read: Tata Coffee To Merge With TCPL On January 01; Companies Set Record Date
LPG Price
In Rajasthan, under Pradhan Mandir Ujjwala Yojana (PMUY), LPG cylinders will be available at ₹450, down from the current price of ₹500.
Earlier, Political parties have included the price cut in their election manifesto.
Inactive UPI accounts to be closed
The National Payments Corporation (NPCI) has directed payment apps to deactivate UPI IDs that have been inactive for over a year since December 31.
The majority of us have multiple UPI IDs Nowadays, if you have many UPI IDs have not used one for the past year. The ID will be closed, if you don't activate it by December 31.
Bank Locker Agreement
Customers who have bank lockers in any bank must sign the revised Bank Locker Agreement by December 31, otherwise, their lockers will be disabled from the next day.
Failing to do so, customers will have to face a lot of paperwork to restain their lockers.
Also Read: IPO Listing: Innova Captab Shares Make Flat Opening At stock Market; Rises Above 20% In Early Trade
