Several major economic regulations are set to change in early December, which could directly impact your finances. Updates related to pensions, taxes, LPG, and ATF will be implemented, while some important tasks will need to be completed by November 30th. It’s beneficial to prepare ahead of time.
New financial rules from 1 December: The beginning of December will directly impact your finances, budget, and savings before the end of the year. Several major rules are set to change from December 1, and some of these tasks must be completed before November 30. Whether you are a government employee, taxpayer, pensioner, or have regular expenses like LPG and air travel.
UPS Deadline
If you are a central government employee and want to switch from the National Pension Scheme (NPS) to the Unified Pension Scheme (UPS), you have only a few days left. You must apply online on the CRA portal or submit the form to the relevant nodal officer by November 30. The window will close after this date.
Tax Filing Deadline
Taxpayers must complete certain important filings by November 30th. This includes submitting TDS statements (Sections 194-IA, 194-IB, 194M, and 194S) for taxes deducted in October. Those responsible for processing transfer pricing reports (Section 92E) must also file their returns by this date. Subsidiaries of foreign companies operating in India are required to submit Form 3CEAA. Failure to complete these tasks by the deadline could result in penalties and notices.
Changes in Aircraft Fuel Prices
Aviation turbine fuel (ATF) rates will also change on December 1st. If prices increase, there is a risk of ticket prices increasing in December.
The deadline for submitting a life certificate
November 30th is also crucial for pensioners. Failure to submit a life certificate will result in a suspension of your pension. You can submit the certificate at a bank or post office, or use digital methods like the Jeevan Pramaan app.
LPG prices will change on December 1st
LPG rates are revised at the beginning of every month. Commercial cylinders became cheaper last month, but domestic consumers are now awaiting the December 1st rate. Whether LPG prices have become cheaper or higher on December 1st will be known, which could impact your entire household budget.
The beginning of December brings significant economic changes. It’s best to complete all necessary paperwork before November 30th and monitor the December 1st price updates to avoid any sudden impact on your finances.
Add informalnewz.com as a Preferred Source
DISCLAIMER
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at informalnewz@gmail.com
