Beginning on January 1, 2024, a number of regulations will change. Updates must be made before December 31 to avoid losses

 Beginning on January 1, 2024, a number of regulations will change. Updates must be made before December 31 to avoid losses

Beginning on January 1, 2024, there will be some changes in the economic sector. In order to prevent such losses, do a few procedures by the end of this month, such as filing your ITR by December 31st and nominating your mutual funds and demat accounts. Simultaneously, the enterprises will have to sign a new agreement for the bank locker and reactivate the closed UPID.

Penalty for failing to file an Income Tax Return (ITR): December 31, 2023, is the deadline for submitting an ITR with a penalty for the fiscal year 2022–2023. A person who fails to submit his return by the deadline shall be subject to penalties under Section 234F of the Income Tax Act. Late ITR filers will be assessed a fee of Rs 5,000. Nonetheless, taxpayers would only be required to pay a penalty of Rs 1,000 if their total income is less than Rs 5 lakh.

2. Required to sign the bank locker contract: The RBI reports that the new bank locker agreement must be signed by December 31, 2023, at the latest. A bank customer's locker will be frozen if they neglect to do this. Bank locker contracts must be renewed gradually, with the RBI requiring a deadline of December 31, 2023. Account holders will need to sign an updated contract and turn it in to their particular bank branch if they filed the bank locker contract on or before December 31, 2022.

3. KYC is required when buying a new SIM card: As of January 1, 2024, there will be modifications to the guidelines for buying a new SIM card. The Department of Telecommunications reports that in order to purchase new SIM cards, clients will now need to complete KYC. In other words, the Know-Your-Customer (KYC) procedure based on paper will begin. Only telecom providers will do e-KYC at the same time. The remaining guidelines for accepting new mobile connections won't change, however. It has not undergone any alterations in any sort. SIM cards will only be accessible with documentation till December 31st.

4. Required to add nominee: By January 1, 2024, all holders of demat accounts must add a nominee, per SEBI regulations. Account holders won't be allowed to deal in shares if they don't do this. September 30 was the original date, but it was extended by three months. Additionally, SEBI has extended the deadline for submitting specimen signatures for PAN, nomination, contact information, bank account information, and corresponding folio numbers by being physically present till December 31.

5. Inactive UPI IDs will be canceled: Payment applications (such as Google-Pay, Paytm, Phone Pay), among others, have been requested by the National Payments Corporation of India to cancel UPI IDs and phones that have been inactive for more than a year. Not always in operation. Third Party App Providers (TPAPs) and Payment Service Providers (PSPs) must abide by the new regulations by December 31.