Beginning on January 1, 2024, there will be some changes in the economic sector. In order to prevent such losses, finish a few procedures by the end of this month, such as filing your ITR by December 31, 2023 and nominating your mutual funds and demat accounts. Simultaneously, the enterprises will have to sign a new agreement for the bank locker and restart the closed UPID.Penalty for non-filing of ITRThe last date for filing Income Tax Return (ITR) with penalty for the financial year 2022-23 is December 31, 2023. A person who fails to file his return by the deadline shall be subject to penalties under Section 234F of the Income Tax Act. Late ITR filers will be assessed a fine of Rs 5,000. Nonetheless, taxpayers will only be required to pay a penalty of Rs 1,000 if their total income is less than Rs 5 lakh.Mandatory to sign the bank locker contractThe RBI reports that the new bank locker agreement has an extended deadline of December 31, 2023, for signatures. A bank customers locker will be frozen if they neglect to do this. Bank locker contracts must be renewed gradually, with the RBI requiring a deadline of December 31, 2023. The account holders will have to sign a revised contract and submit it to the respective bank by December 31, 2023.KYC mandatory while purchasing a new SIMThe rules for purchasing a new SIM card will change from January 1, 2024. According to the Department of Telecommunications, customers will now have to submit KYC when purchasing new SIM cards, which means the paper based Know-Your-Customer (KYC) process will start. However, rest of the rules for buying a SIM card will remain same.Mandatory to add nominee in Demat accountSEBI has made it mandatory for all demat account holders to add nominee by January 1, 2024. If account holders fail to do so, they will not be able to transact in shares. The deadline to do so was earlier September 30, which was extended by three months. The date to submit specimen signatures for PAN, nomination, contact details, bank account details and their respective folio numbers by being physically present has been extended to December 31 by SEBI.Inactive UPI IDs will be deactivatedNational Payments Corporation of India has asked payment apps (Google-Pay, Paytm, Phone Pay) etc. to deactivate those UPI IDs and numbers which are not in use for more than a year. According to the new guidelines, Third Party App Providers (TPAPs) and Payment Service Providers (PSPs) will have to comply by December 31, 2023.
