A Comprehensive Guide to December’s Deadlines

A Comprehensive Guide to December’s Deadlines

As the year ends, December 31, 2023, is a significant date for submitting and updating different financial documents. This end-of-year deadline applies to a variety of financial tasks. Here’s a rundown of everything you need to do before the clock strikes midnight on December 31st.

Key Financial Deadlines You Can’t-Miss

1. Deadline for Aadhaar Free Update

The Unique Identification Authority of India (UIDAI) has set December 31 as the deadline for people to update their Aadhaar data online for free. Any modifications to the document after this time will incur a cost of Rs 50. This statement extends the earlier deadline of September 14, providing an extra opportunity for people who still need to update their information.

2. Bank Locker Agreement Renewal

For bank locker arrangements, the Reserve Bank of India (RBI) has established a phased renewal procedure. Customers with current agreements that are dated on or before December 31 must sign and submit an updated agreement to their bank branches by the end of 2023. This move is intended to improve the security and service quality of bank lockers.

3. Last Day for Demat Nomination Updates

The Securities and Exchange Board of India (SEBI) has announced that the deadline for changing or adding nominees in mutual fund and demat accounts is December 31. The board will not consider any further amendments beyond this deadline, highlighting the need for this upgrade for simpler financial management.

4. Filing Income Tax Returns Late

Those who missed the July 31 deadline for filing the income tax return (ITR) for the fiscal year 2022-23 have until December 31 to file a belated ITR under Section 139(4) of the Income-tax Act of 1961. It should be noted that submitting a late ITR may result in a penalty of up to Rs 5,000.

5. Deactivation of Inactive UPI IDs

The National Payments Corporation of India (NPCI) has directed payment applications and banks to deactivate UPI IDs that have been dormant for more than a year by December 31. The update is designed to avoid unintentional transfers to undesired receivers, particularly when mobile phone numbers are changed without updating the banking system. Consider performing a transaction before the deadline if you do not want your dormant UPI ID to be cancelled.

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