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As we welcome New Year 2024, some new rules come into effect as it’s the first day of the month. several changes will come into effect. Since these changes will have a direct impact on you, it is vital to know which rules will be taking shape on the first day of the month.
Here’s a look at changes coming into effect from January 1, 2024
1) Inactive UPI IDs
The National Payments Corporation of India (NPCI) in a circular dated 7 November, has asked payment apps and banks to deactivate the UPI IDs and numbers that have not been active for more than one year. Every bank and third-party app has to follow these till 31st December.
According to the Reserve Bank of India (RBI), new rules for safe deposit lockers require customers to sign a new agreement with their banks. Customers are only allowed to use the locker as long as they pay the rent. The deadline for the agreement is December 31, 2023.
The last date to file Income Tax Returns with penalty fees for the fiscal year 2022-23 is also approaching on December 31, 2023. Under Section 234F of the Income Tax Act, individuals who fail to file their returns before the due date will be subject to a late filing fee. For those who missed the deadline, the penalty is ₹5,000. However, taxpayers whose total income remains below ₹5 lakh will only have to pay a reduced penalty of ₹1,000.
4) No paper-based KYC for SIM cards
Mobile phone users will be able to get new SIM cards without filling out the paper forms on the first day of 2024. According to a notification by Department of Telecommunications (DoT), the paper-based know-your-customer (KYC) process will be done away with from January 1. “Considering various amendments/changes made in the existing KYC framework from time to time, it has been decided by the competent authority that the use of Paper-based KYC process, as envisaged in instructions dated 09.08.2012, shall be discontinued effect from 01.01.2024,” the notification read.
Several automakers in India, including Maruti Suzuki, Mahindra & Mahindra, and Audi India, have announced plans to increase the prices of their passenger vehicles in January 2024
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Published: 31 Dec 2023, 06:14 AM IST
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