As December arrives, it marks the final month of the year. It is also an important month for various economic and financial activities, with key events and deadlines to be aware of.
RBI’s Monetary Policy Meeting – 6th December
The Reserve Bank of India (RBI) will hold a major meeting on December 6th to discuss its monetary policy.
Many people are waiting to see if the RBI will lower interest rates or keep them at 6.5%.
If the RBI decides not to change the rates for the 10th time, your finances, especially home loans, won’t be affected.
The RBI has been focused on reducing accommodation since May 2022.
Economists believe that if inflation stays low, the RBI might cut rates, which could reduce interest rates and EMIs on loans.
Key Deadlines for Aadhaar, Taxes, and Credit Cards
Aadhaar Update Deadline – 14th December
If you need to update your Aadhaar details (like name, address, or date of birth), you must do so by December 14 to avoid a fee.
Updates will be free if done online, but after the deadline, a fee of Rs 50 will apply. The Unique Identification Authority of India (UIDAI) suggests updating Aadhaar every 10 years.
Advance Tax Payment Deadline – 15th December
For those who earn income from sources other than salary, such as interest, rent, or investments, the third installment of advance tax is due by December 15.
If you owe more than Rs 10,000 in tax for the year, you need to pay 75% of your total tax by this date.
Missing the deadline could lead to a penalty of 1% interest per month under Section 234C.
Axis Bank Credit Card Fee Changes – 20th December
Starting December 20, Axis Bank will change the fees on its credit cards, including charges for redeeming rewards points and changes in interest rates.
For example, cash redemption and mileage conversions will cost Rs 199 plus GST.
These changes will apply to specific Axis Bank cards, such as the Atlas, Samsung Axis Bank, Magnus, and Reserve cards.
Tax Filing and Late Return Penalty – 31st December
If you haven’t filed your tax return for the financial year 2023-24, you still have time to file it by December 31. However, if you file late, you will face a penalty.
The late fee is Rs 5,000, but it will be reduced to Rs 1,000 if your income is less than Rs 5 lakh. Any taxes due must also be paid with interest.
If you miss this deadline, you will need to explain the delay to the Income Tax Commissioner.
