The most important thing in this is filing delayed income tax returns. Apart from this, it is necessary to add nominee in Demat and mutual fund account, restart the closed UPI ID and sign new agreement of bank locker, because the last date for these works is 31st December. In such a situation, you can avoid losses by completing these tasks before 31st December.

If income tax is not paid along with fine, action will be taken

The most important thing is to file income tax return because, the last date for filing delayed income tax return (ITR) with penalty for the financial year 2022-23 is December 31, 2023. Under Section 234 F of the Income Tax Act, action will be taken against the person who does not file the return before the due date.

Those filing ITR late will be fined Rs 5,000. However, those whose total income is less than Rs 5 lakh will have to pay a fine of Rs 1000 only. But after December 31, they will also have to pay a fine of Rs 5,000.

Because of this the locker will freeze

The second most important task is to sign the bank locker contract. According to the Reserve Bank of India, the deadline for signing the revised bank locker agreement has been extended till December 31, 2023. In such a situation, if a bank customer fails to sign the bank locker agreement, his locker will be frozen.

RBI has made the renewal process for bank locker contracts mandatory with a last date. Account holders who had submitted the bank locker contract on or before December 31, 2022, will have to sign a revised contract and submit it to their respective bank branch.

Rules for buying a new SIM card will change

The rules for purchasing a new SIM card will also change from January 1, 2024. According to the Department of Telecommunications, customers will now have to submit KYC through paper based process. Only telecom companies will do e-KYC. However, the rest of the rules for taking new mobile connections will remain the same. No changes of any kind have been made in it. Till 31st December, SIM cards will be available only through documents.

Mandatory to add nominee’s name in demat accounts

SEBI has made it mandatory for all demat account holders to file nomination by January 1, 2024. If account holders fail, they will not be able to transact in shares. The deadline to do so was earlier September 30, which was extended by three months.

Last chance to activate UPI ID

National Payments Corporation has asked payment apps (Google Pay, Paytm, Phone Pay) etc. to close those UPI IDs which are not active for one year. Customers paying through UPI have till December 31 to activate their ID.

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