• Source:JND

As just a few days are left to this year, many major changes are set to take place with the advent of next year. Cars are expected to become more expensive starting in January, and interest rates on small savings schemes may decrease. Meanwhile, some tasks have until December 31st to be completed.

Cars to become expensive

Starting January 1st, cars from companies like Maruti, Tata, MG, and Hyundai may become more expensive. MG has already announced a price increase.

BMW has announced a 2-3% price hike. Other companies, including Nissan and Honda, have also announced a price hike.

Small Savings Scheme interest rates

Rate cuts for small savings schemes are expected to be announced by December 31. This will affect 11 schemes in total.

ALSO READ: Aadhaar-PAN Linking Not Done Yet? These Services May Be Affected; Check Steps To Complete Process

The rate revision would take place as the RBI has reduced the repo rate by 0.25% to 5.25% on December 5. This could also lead to lower rates on fixed deposits (FDs) and small savings schemes.

Link Aadhaar with PAN

Those who made their Aadhaar card on or before October 1, 2024, should link it with their PAN before December 31. Otherwise, your PAN may be deactivated.

If your PAN card becomes inactive, you will be unable to file your Income Tax Return (ITR) or receive any pending refunds. Additionally, you may face difficulties with bank account and mutual fund transactions.

ALSO READ: New Income Tax Bill To Take Effect Next Year: From Tax Rates To Pensions And ITR Refunds, What’s Changing

Income tax return

If you haven't filed your Income Tax Return (ITR) for the financial year 2024-25 yet, you can do so by December 31, 2025, with payment of a late fee. Failure to do so could result in a fine from the Income Tax Department. According to tax expert Chartered Accountant (CA) Anand Jain, filing your ITR after December 31 will prevent you from claiming your refund. The refund will go to the government.


Also In News