As we welcome the new year 2024, the new regulations will come into effect from the first of the month. Some changes will take effect. Since these changes will impact you directly, it’s essential to know what rules will be in place on the first day of the month.
Below is an overview of the changes effective January 1, 2024
1) UPI ID is not working
The National Payments Corporation of India (NPCI), in its November 7 circular, asked payment apps and banks to deactivate IDs and UPI numbers that have been inactive for more than a year. Every bank and third-party app must respect them until December 31. 2) Bank locker agreement
According to the Reserve Bank of India (RBI), the new safe deposit box rules require customers to sign a new agreement with their bank. Guests are only allowed to use the lockers after paying the rental fee. The deadline for implementing the agreement is December 31, 2023.
3) Late RTI filing deadline
The deadline for filing penalty tax returns for the financial year 2022-23 is also approaching December 31, 2023. As per section 234F of the Income Tax Act, individuals who fail to file their tax returns by the due date will be liable to pay late fees . . For those who miss the deadline, the fine is 5,000 yen. However, taxpayers whose total income remains below ₹5 lakh will only have to pay a penalty reduced to ₹1,000.
4) No paper KYC for SIM cards
Mobile phone users will be able to get new SIM cards without filling a paper form on the first day of 2024. According to a notification from the Department of Telecommunications (DoT), the know-your-customer (KYC) process on Paper will be removed from January 1st. “In view of various amendments/changes made to the existing KYC framework from time to time, the authority has decided that the use of paper-based KYC process as provided in the instructions dated 08.09. 2012, will cease operations effective January 1, 2024,” the announcement said.
5) Car prices increase
Several Indian automakers, including Maruti Suzuki, Mahindra & Mahindra and Audi India, have announced plans to increase prices of their passenger vehicles by January 2024.
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