5 Major Financial Rules Changing From December 1 Know How It Will Impact Your Pocket

Financial Rules Change: With only a few days left before December begins, several major financial rules are set to change, which could directly impact your pocket. Along with the changes coming into effect from December 1st, there are certain critical tasks that must be completed by November 30th. Failure to do so could result in penalties or a disruption in government benefits.

For pensioners, taxpayers, and the average household, the coming days are crucial. From LPG cylinder prices to the submission of Life Certificates for pensions, updates are expected across various sectors. Below are the details of the rules changing and the tasks you need to complete before the November 30 deadline.

1. Last Chance to Opt for UPS (Unified Pension Scheme)

If you are a central government employee and wish to switch from the current National Pension Scheme (NPS) to the Unified Pension Scheme (UPS), time is running out. You must apply for this switch by November 30, 2024. The process can be completed online via the CRA portal or by submitting the form physically to the relevant nodal officer. The window to exercise this option will close after this date.

2. Deadline for Submitting Life Certificate

November 30 is a critical date for pensioners. Every year, pensioners are required to submit their ‘Life Certificate’ or Jeevan Pramaan Patra by this date. If the certificate is not submitted by November 30, the pension disbursement may be suspended starting from December. You can submit this certificate at a bank, post office, or digitally from home using the ‘Jeevan Pramaan’ app.

3. Income Tax Filing Deadlines

November 30 is also a vital deadline for taxpayers. It is the last date to submit TDS statements for tax deducted in October (under sections 194-IA, 194-IB, 194M, and 194S). Additionally, those responsible for processing Transfer Pricing reports (Section 92E) must file their returns by this date. Subsidiaries of foreign companies operating in India are required to submit Form 3CEAA. Missing these deadlines could invite notices and penalties.

4. Revision in LPG Cylinder Prices

Oil marketing companies revise the prices of LPG cylinders on the 1st of every month. While commercial cylinder prices saw a reduction last month, domestic consumers are waiting to see if there will be any change in household cylinder rates on December 1st. Any increase or decrease in prices will directly affect your monthly household budget.

5. ATF (Aviation Turbine Fuel) Prices

The price of Aviation Turbine Fuel (ATF) is also set to be revised on December 1st. If the fuel prices increase, it could lead to a hike in airfares in December. This is a significant update for those planning air travel in the coming days.

Key Dates at a Glance:

It is advisable to complete all pending paperwork before December begins to avoid any sudden financial impact or inconvenience at the start of the month.