Last date of many works like tax filing, Aadhaar, credit card in December, eyes also on RBI

December Financial Change: The month of December is about to come and apart from being the last month of the year, it is also important from the point of view of many economic and financial matters. The most important in this is the upcoming meeting of the Monetary Policy Committee of the Reserve Bank. After this, along with the last date for updating Aadhaar for free, the last date for payment of advance tax is also important for those who file late tax returns. At the same time, changes are also being seen in the credit card charges of some banks.

RBI’s credit policy will come on 6th December

All eyes are on the monetary policy of the Reserve Bank of India on December 6. Is RBI going to cut the rates this time or will it keep it at 6.5 percent? If RBI does not change the rates for the 10th consecutive time in its MPC review, then not much change will be seen on the financial front. However, RBI has changed its stance in the policy from neutral to withdrawal of accommodation, which remained the same from May 2022. Economists believe that if inflation rates remain under control, then RBI can take the decision to cut policy rates. If RBI does not change its stance on December 6 and the rates do not change, then there will be no change in your home loan interest rates and EMIs. There will be no improvement. After this, loan takers will see stability in their financial planning.

Last date for free update in Aadhaar is 14th December

Unique Identification Authority of India (UIDAI) has fixed December 14 as the last date for updating Aadhaar for free. Under this, you can make any change in name, address and date of birth in your Aadhaar without any charge provided it is done online. UIDAI has recommended updating Aadhaar every 10 years so that the information in your Aadhaar will remain up to date. If you get this update done after December 14, you will have to pay a fee of Rs 50 per request.

Last date for third advance tax installment – ​​15 December

If you are a salaried individual and also earn income from other sources like interest on deposits, rental income, capital gains or anything else, then you will have to pay advance tax. Under Section 208 of the Income Tax Act, advance tax has to be paid if the tax liability after deducting TDS and TCS in a financial year is more than Rs 10,000. Taxpayers have to pay their estimated tax liability in four installments and 75 percent of it is required to be paid by December 15. Penal interest at the rate of 1 percent every month will be charged under section 234C on late filed or unpaid tax.

Axis Bank credit card associate charges will change – December 20

The last date for revising the associate charges of Axis Bank Credit Card is December 20 and under this, customers will be charged new redemption fees, credit card interest rates and changed charges on many other transactions. Axis Bank has changed the fees for customers using EDGE Rewards and Miles and it will be Rs 199 plus GST on each cash redemption. Whereas if the points are converted into mileage program then Rs 199 plus GST will be charged.

This charge will be applicable on select Axis Bank credit cards, which include Atlas, Samsung Axis Bank Infinite, Samsung Axis Bank, Magnus (including the Burgundy variant) and Reserve Credit Cards. There will be no impact on Citi-Protect cards like Axis Bank Olympus and Horizon.

AU Small Finance Bank Is also changing the charges of some of its credit cards and these are also going to be implemented in December only.

Last date to file late tax return – 31 December

If you have not yet filed your income tax return, you can file belated or revised tax return till December 31, 2024. Although the last date for filing ITR was 31 July 2024, but you can file your revised late return with a penalty of Rs 5000. The penalty for those whose income is less than Rs 5 lakh is Rs 1000.

Along with filing the tax return, if there is anything left for the financial year 2023-24, then the outstanding tax will also have to be paid and interest will also have to be paid on it. If you miss even this deadline, then you will have to submit an application to the Income Tax Commissioner giving the true and logical reason for late return filing.

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