December Alert: Deadlines That Could Impact Your Finances

As the year-end approaches, December brings a host of critical financial deadlines. Missing these could lead to fines or missed opportunities, so mark your calendars and act promptly:

1. RBI Monetary Policy Announcement – December 6:
   The Reserve Bank of India (RBI) will reveal its credit policy, with focus on interest rates. A potential rate cut could influence home loan EMIs and borrowing costs.

2. Free Aadhaar Update – Deadline: December 14:
   The Unique Identification Authority of India (UIDAI) allows free online updates to Aadhaar (name, address, or date of birth) until this date. Post-December 14, a fee of ₹50 per update will apply.

3. Advance Tax Payment – Deadline: December 15:
   Taxpayers must pay the third advance tax installment by this date. Failure to comply will attract a 1% monthly penalty under Section 234C of the Income Tax Act.

4. Changes to Credit Card Fees – Effective December 20:

   • Axis Bank: Revised redemption fees and charges for certain cards, including EDGE Rewards and Miles, begin. Applicable fees: ₹199 + GST per cash redemption or mileage conversion.
   • AU Small Finance Bank: Updates to charges on specific credit cards will also come into effect.

5. Late Income Tax Filing – Deadline: December 31:

   • Missed the July 31 ITR deadline? You can file a belated or revised return by December 31 with a penalty: ₹5,000 for most or ₹1,000 if income is below ₹5 lakh.
   • Outstanding taxes must also be cleared to avoid additional interest charges.

These deadlines are crucial for maintaining financial compliance and avoiding unnecessary penalties. Don’t wait—act now to wrap up your year-end financial tasks!