Key Financial Changes And Deadlines In December 2024 You Should Know About

December is here and with it comes the flurry of financial updates and deadlines that will wrap this year, potentially affecting your wallet. Whether it is the taxes, credit card changes, or even Adhaar-related updates, there is plenty to keep track of. Here’s a breakdown of all significant financial changes and deadlines for December 2024 so you are prepared before the year ends.

1. Income Tax Belated Return Deadlines

If you missed the initial deadline to file your income tax returns for the fiscal year 2023-24, no need to panic. You still have until December 31, 2024, to submit a belated return. However, be ready to pay penalties and interest on any unpaid taxes. Filing your ITR now may sting a little, but is better than facing the repercussions of non-compliance.

2. Aadhaar Updates You Should Know

Your Aadhaar card is more than an identity card on today’s date as it is interlinked with various financial services.

If your details are outdated, now is the time to act and update. Until December 14, 2024, you can update your Aadhaar details for free through the myAadhaar portal. If this deadline is missed, you will need to visit the Aadhaar center and pay a fee of Rs 50. Missing this opportunity could cost you both time and money.

3. Trai’s Counter Measures Against OTP Scam

Starting December 1, telecom service providers will have to ensure message traceability as per TRAI’s (Telecom Regulatory Authority of India) new regulations. This move aims to curb OTP fraud without disrupting timely message delivery.

This rule was initially set to be rolled out in October, however, it was extended after operators requested more time.

Dismissing reports suggesting that OTP messages could get delayed from December 1, Trai in a post on social media platform X, has called them ‘factually incorrect’. "This is factually incorrect. TRAI has mandated the Access Providers to ensure message traceability. It will not delay delivery of any message,” the regulatory body stated in its post.

4. LPG Price Revisions In December

Oil companies will announce the latest LPG prices on December 1, 2024, as they do at the beginning of every month. While domestic oil prices were unchanged last month, commercial cylinders saw Rs 48 hike. Whether the costs rise, fall, or stay steady, keeping an eye on this update is crucial for budgeting your household expenses.

5. Credit Card Changes To Watch Out For

These banks will revise credit card points, payment services, and charges in December:

- Starting December 1, Yes Bank has put a cap on YES Rewardz points for flights and hotels. The cardholders of this bank can cover up to 70 per cent of the invoice amount with points wherein the monthly limits will vary based on the card type.

- Gaming enthusiasts should take note, SBI Credit Card transactions on digital gaming platforms will no longer earn reward points starting December 1.

- Major changes kick in from December 22 for AU Small Finance Bank customers. On the Ixigo AU credit card, transactions like rent payments, education, and government services will no longer earn reward points. However, international spending now comes with a zero per cent forex markup (effective from December 23).

- From December 20 onwards, Axis Bank credit card holders will rise to 3.75 per cent per month. There will also be increases in cheque return/dishonour fees and cash charges wherein the minimum charge has been revised to Rs 500 (up from Rs 450), with no maximum cap.

6. Deadlines Related To Special Fixed Deposits

Two banks (IDBI Banks and Punjab & Sind Bank) are offering attractive fixed deposit rates under their special schemes, but you should act fast because the deadline for these is December 31 2024:

- Senior citizens can earn up to 7.85 per cent on deposits with IDBI Bnaks’s FD with rates ranging from 7.05 - 7.35 per cent for the general public on select tenures.

- Special FDs for Punjab & Sind Bank customers are due before this year-end. The bank is offering special FDs for a duration of 222 days with a high interest rate of 6.30 per cent. The interest rate of 7.20 per cent is available on special deposits with a duration of 333 days. The other offers are as follows:

444 days: 7.30%

555 days (Callable): 7.45%

777 days: 7.25%

999 days (Callable): 6.65%

December is more than just a year-end; it is also a crucial time for financial housekeeping. From tax deadlines and credit card updates to special FD offers and Aadhaar updates, there’s a lot for people to catch up on. If they concern you, ticking off these tasks can give you a strong financial footing ahead of the new year.