Half of the last month of the year 2023 is about to pass. This month is also the last month to settle some financial matters. If you do not do any work related to finance like filing ITR by 31st December then you will not get another chance to settle them. Therefore, you should also check carefully that you do not have any pending work.
Investment in some FDs giving excellent interest and interest rebate on home loan can also be availed till 31st December only. Important tasks to be done this month include activating UPI ID, selecting nominee for mutual fund and updating bank locker agreement.
The deadline to file income tax return for the financial year 2022-23 i.e. assessment year 2023-24 was July 31, 2023, which has passed. Those who could not file ITR by this date can still file delayed ITR till December 31, 2023. To do this they will now have to pay a fee. Those whose total income is more than Rs 5 lakh will have to pay Rs 5,000 and those whose income is less than Rs 5 lakh will have to pay Rs 1,000. Income Tax Department can send notice to those who do not file ITR even till this date.
If you invest in mutual funds, you will have to declare your nominee by December 31, 2023. If you do not do this, your mutual fund account will be frozen. You will neither be able to withdraw nor deposit money. It is also mandatory for the demat account holder to make a nominee by 31st December.
If you also have a UPI ID which you have not used for more than a year, then it will be closed after December 31. National Payments Corporation of India has asked Google Pay, Phone Pay or Paytm to deactivate such UPI IDs. Therefore, to save your UPI ID from being closed, you must use it once or twice before 31st December.
The Reserve Bank has fixed December 31, 2023 as the last date for implementing the revised locker agreements in a phased manner. If you have submitted the revised bank locker agreement on or before December 31, 2022, you will have to resubmit the updated agreement by December 31.
If you are also thinking of taking a cheap home loan, then you should do this work immediately. The special home loan offer of India’s largest bank i.e. State Bank of India is going to end on 31st December. Under this, a discount of up to 0.65 percent is being given on the normal interest rates of home loan on the basis of CIBIL score.
Even if you want to invest money in a fixed deposit giving high returns, you still have only 17 days left. The reason for this is that you can invest money in SBI’s special FD scheme Amrit Kalash, IDBI Bank’s special fixed deposit scheme Amrit Mahotsav and Indian Bank’s Ind Saver Name FD scheme only till 31st December.
