Updated December 29th, 2023 at 16:36 IST
Important finance related deadlines to look out for before December 31
As the current year draws to a close, here are four finance related deadlines to keep in mind, ranging from belated ITR filings to deletion of inactive UPI IDs.
- 2 min read
The year 2023 has now nearly drawn to a close but there are still some important deadlines to heed as holiday preparations get underway and distractions galore abound. From mutual fund nominations to belated ITR filings, here are four important personal finance deadlines to keep track of before the clock strikes midnight on October 31.
- Mutual Fund nomination deadline: The Securities and Exchange Board of India, back in September, extended the deadline for mutual fund investors and Demat account holders to nominate a beneficiary who can claim their unit if the investor in question passes away. The new deadline is set for December 31. In the event this nomination is not made by the set date, the mutual fund and Demat account will be temporarily deactivated until the unit holder makes the said nomination.
- Extended ITR filing date: For those who missed out on the income tax return filing date for the financial year 2022-2023 (assessment year 2023-2024) that lapsed back in July, there is an opportunity to file a belated ITR filing by December 31. This filing, however, will set back the individual Rs 5,000 which will be levied as a penalty for the delay.
- New bank locker agreement deadline: The Reserve Bank of India has set a deadline of December 31, 2023, for banks to execute revised locker agreements with their customers. This new deadline applies to those customers who have submitted a new locker agreement on or before December 31, 2022. The agreements contain significant changes, ranging from a higher limit set for compensation a bank must provide in the event of loss or damage of the locker contents to stipulations regarding what exactly can be stored within the locker, with the new agreement prohibiting ‘illegal or hazardous’ substances.
- Last date to use inactive Unified Payments Interface IDs before they are deleted: In a circular released on November 7 of this year, the National Payments Corporation of India asked payment apps and related banks to de-activate any UPI IDs and numbers that have been inactive for over a year. The deadline for the same is December 31. Thus, any individual looking to hold on to such an ID must make use of it before the deadline lapses.
Published December 29th, 2023 at 11:18 IST