New Year 2024: New Year is started. Everyone is ready to welcome the new year. But during this time, some big changes will be seen in the world of finance from the first day of the year.
These changes directly affect your life. So it is mandatory to know about them. Let us know what is the Important Financial Changes in New Year 2024, which you should not ignore.
New UPI ID Rule
From today onwards, the UPI IDs which are closed for more than a year on payment apps like PhonePe, Gpay will be closed forever. The National Payments Corporation of India (NPCI) in its circular dated 7 November 2023 had asked all major banks and payment apps to implement this new rule from 31 December 2023.
ITR Filing LastDate
If you pay tax, then the last date to file income tax return for the years 2022 – 23 was 31 December 2023. According to Section 234F of the Income Tax Act, if a person is late in filing ITR, he will have to pay a penalty of ₹ 5,000. But those whose income is below ₹ 5 lakh, the penalty is ₹ 1,000.
Bank Locker Agreement
According to the new rules of Reserve Bank of India (RBI), if you use the locker facility in your bank, then you will have to sign a new agreement before 31 December 2023. If the rent of your locker is not paid then you will not be allowed to use the locker.
Paper-less KYC for SIM cards
From January 1, 2024, you will no longer need to fill any form to get a new SIM card. According to the notification of the Department of Telecommunications (DoT), paper-based know-your-customer (KYC) will now be discontinued from January 1, 2024.
Vehicle Price Increase in 2024
Are you thinking of buying a new car in 2024? Be prepared because vehicle prices are going to increase. India’s big auto maker companies like Maruti Suzuki, Mahindra & Mahindra and Audi India have announced that they are going to increase the prices of vehicles from January 2024.
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| Changes | New rule/schedule/information |
|---|---|
| New UPI ID Rule | If your UPI IDs on payment apps like PhonePe, Gpay are closed for more than a year, then they will be closed forever. |
| Bank Locker Agreement | If you use a locker in a bank, you will have to sign a new agreement before December 31, 2023. If the locker rent is not paid, it will not be allowed to be used. |
| ITR Filing Deadline | The last date for filing income tax returns for 2022-23 for tax payers was 31 December 2023. There will be a penalty of ₹5,000 for late filing, but those whose income is less than ₹5 lakh will have a penalty of ₹1,000. |
| No paper-based KYC for SIM cards | No paper-based Know Your Customer (KYC) will be done for new SIM cards from January 1, 2024. |
| Vehicle Price Increase | Vehicle prices are set to increase from January 2024, as announced by Maruti Suzuki, Mahindra & Mahindra, and Audi India. |
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