7 Key Financial Changes in December: Demat Account Nominations, Third Advance Tax Instalment, and More

As we step into the last month of the year, December brings forth significant financial changes that demand your attention. From mutual fund nominations to credit card lounge access modifications, here’s a breakdown of the crucial updates impacting your financial decision.

Key Highlights

• Nominate or opt out for MF investments and demat accounts by December 31.
• Sign and submit a revised locker agreement for bank lockers by the same date.
• Free Aadhaar update last date is December 14; costs will be incurred afterwards.
• The third advance tax instalment is due by December 15; assess your tax liability.
• The last date to file revised returns or belated returns is December 31; penalties apply.

Deadline for Revised Tax Returns

The deadline for filing revised or belated tax returns for the financial year 2022-23 is December 31, 2023. Failure to meet this deadline incurs a penalty, with varying amounts based on income levels.

Mutual Funds and Equity Investor Responsibilities

Mutual fund holders and equity investors must provide nominations or opt-out before December 31, 2023. Failure to comply may restrict transactions such as redemptions and systematic withdrawal plans from January 1, 2024.

Demat Account Nominations

Investors in stocks through demat accounts need to make nominations or opt out by December 31, 2023. Failing to do so could result in the freezing of trading and demat accounts.

Now, open a free demat account and trade at zero brokerage.

Revised Locker Agreement

If you have a bank locker and submitted an agreement before December 31, 2022, you must sign a revised locker agreement by the same date to comply with the Reserve Bank of India’s guidelines.

Aadhaar Card Updates

Free updates for Aadhaar cards are available until December 14, 2023. After this date, updates will incur a cost. Users who haven’t updated their Aadhaar in the last 10 years should do so before the deadline to avoid potential issues with government facilities.

Third Advance Tax Installment

• December 15, 2023, marks the deadline for the third advance tax instalment. Salaried individuals and those with additional income sources need to assess their advance tax liability and make the necessary payments.

Changes to HDFC Bank’s Regalia Credit Card Lounge Access

• HDFC Bank has implemented changes to lounge access for Regalia credit cardholders within India. The new criteria are based on credit card spending, with additional benefits for users reaching specified spending milestones.

Impact on Traders and Investors

As we end our financial journey for December, it’s clear that some important changes are coming for investors and traders in India. Whether you’re into mutual funds, stocks, or just have a bank locker, there are things you need to do. Make sure you update your Aadhaar if it’s been 10 years. Don’t forget about the third advance tax payment by December 15. And file your tax returns by December 31 to avoid penalties. Keep an eye on the RBI’s decisions about interest rates; it could affect loans. And if you have an HDFC Regalia credit card, there are changes to how you access lounges. Stay on top of these things for a financially smart December and a good start to the new year.

Source- moneycontrol.com

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Disclaimer: Investments in the securities market are subject to market risks; read all the related documents carefully before investing.