New Year 2024: Finance Changes From New Year 2024
The New Year is here. Everyone is excited for the new year. However, some significant changes will be seen in the world of finance beginning on January 1st.
These modifications have an immediate impact on your life. As a result, knowing about them is critical. Please tell us about the change that you should not ignore.
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New UPI ID Rule
UPI IDs that have been closed for more than a year on payment apps like PhonePe and Gpay will be permanently closed as of today. In a circular dated 7 November 2023, the National Payments Corporation of India (NPCI) requested that all major banks and payment apps implement this new rule by 31 December 2023.
Bank Locker Agreement
If you use your bank’s locker facility, you must sign a new agreement before December 31, 2023, according to new Reserve Bank of India (RBI) rules. If you do not pay the locker rent, you will be unable to use the locker.
ITR Filing Deadline
If you pay taxes, the deadline for filing income tax returns for the years 2022-23 was December 31, 2023. If a person is late in filing his ITR, he must pay a penalty of 5,000, according to Section 234F of the Income Tax Act. However, if your income is less than Rs. 5 lakh, the penalty is Rs. 1,000.
No paper-based KYC for SIM cards
You will no longer need to fill out any forms to get a new SIM card after January 1, 2024. The Department of Telecommunications (DoT) has announced that paper-based know-your-customer (KYC) will be phased out beginning January 1, 2024.
Vehicle Price Increase
Do you intend to buy a new car in 2024? Prepare yourself because vehicle prices will rise. Maruti Suzuki, Mahindra & Mahindra, and Audi India, three of India’s largest automakers, have announced that vehicle prices will rise beginning in January 2024.
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