Money rule changes from Dec 1: From LPG cylinder prices, belated ITR filing to Aadhaar update deadline, check details

Multiple rule changes are scheduled to come into effect on December 1, affecting daily life and finances for households nationwide. The purpose of these updates is to enhance transparency, fairness, and financial management. Individuals intending to file belated ITR or update their Aadhaar ID should be aware of the upcoming financial deadlines in December 2024.

LPG prices

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Oil marketing companies may adjust LPG cylinder prices on a monthly basis, which could impact domestic rates. These changes will be influenced by international market trends and policies, potentially impacting household budgets.

Aadhaar card free update

The deadline for free updates to Aadhaar details has been extended by the Unique Identification Authority of India (UIDAI). Aadhaar card holders can now update their name, address, or date of birth without any charges through an online process until December 14. Please be aware that there will be a processing fee for updates made after this date.

Belated ITR filing

Individuals who failed to file their Income Tax Returns (ITR) for the Financial Year 2023-24 (FY 24) by the July 31 deadline still have the opportunity to submit their ITR by December. Those who missed the initial deadline can now file a belated ITR with a penalty fee until December 31. Please note that a late fee of Rs 5,000 will be applicable. This late fee is reduced to Rs 1,000 for taxpayers with a total income below Rs 5 lakh.

TRAI deadline

On December 1, 2024, the Telecom Regulatory Authority of India (TRAI) will enforce new traceability regulations aimed at reducing spam and phishing messages. While these rules may temporarily affect OTP services, TRAI has confirmed that there will be no delays in OTP deliveries once the regulations come into effect.

“TRAI Assures Message Traceability Mandate Will Not Delay Deliveries of Messages and OTPs,” TRAI said in a post on X.

The updated regulations mandate telecom operators to track the origin of all commercial messages, including OTPs, to crack down on fraudulent activities. By pinpointing the source of messages, telecom providers can prevent malicious communications, safeguarding users from scams. However, not meeting this deadline could lead to widespread delays or even blockages of OTPs, impacting critical services such as banking, e-commerce, and social media.

TRAI has established a phased implementation schedule. From now until November 30, operators will issue daily warnings to entities that do not adhere to chain declaration requirements. Beginning December 1, messages from non-compliant entities will be completely blocked.