December Deadlines: Watch Out For 5 Financial Changes That May Impact You

One of the much-awaited months of the year is about to begin. December, which is the last month of the year, is set to arrive tomorrow. While this month usually sees people going into a holiday mood and/or just taking some time off for friends and family, it's equally important to not miss out on the financial deadlines approaching soon.

Here are 5 financial deadlines that may impact your financial life in December 2023:

5 Financial Deadlines To Watch Out For In December

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Last date to submit mutual fund and demat nomination

The deadline for existing demat account holders and mutual fund account holders to provide a choice of nomination is December 31, 2023. Earlier, the deadline for nomination or opting out of nomination for mutual fund folios or demo accounts was September 30, 2023. This was further extended until December 31, 2023, by India's market regulator, SEBI.

¡°If you do not nominate or opt out of nomination by December 31, 2023, your folios/demat account will be frozen,¡± said SEBI.

Last date to prevent UPI ID deactivation

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The National Payments Corporation of India (NPCI) has instructed payment apps such as Google Pay, Paytm, PhonePe, and banks to deactivate UPI IDs and numbers inactive for over one year by December 31.

Last date to sign the revised bank locker agreement

In January 2023, the Reserve Bank of India (RBI) extended the deadline for banks to complete the process of renewing locker agreements in a phased manner by December 31, 2023. You will have to sign a revised locker agreement and submit it to the bank branch if you have submitted a bank locker agreement on or before December 31, 2022.

Also Read: How To Reverse UPI Payment Mistakenly Made To Wrong ID

Last date to update Aadhaar for free

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The last date to update your Aadhaar details online free of cost is December 14. The Unique Identification Authority of India (UIDAI), has been encouraging residents to upload Proof of Identity and Proof of Address (PoI/PoA) documents to revalidate their demographic details, especially if Aadhaar was issued 10 years ago and never got updated.

Last date to file your revised or belated returns

Also, December 31, 2023 is the last day to file revised returns or belated returns if you haven't yet filed them by the original deadline of July 31, 2023. You would, however, have to bear a penalty of Rs 5,000 if you file your return now. This amount is lower at Rs 1,000 for those with an income of less than Rs 5 lakh.

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