A number of rule changes that will impact everyday life and household finances across the country are set to take effect on December 1. Enhancing financial management, equity, and transparency are the goals of these updates. People who plan to update their Aadhaar ID or file a belated ITR should be aware of the December 2024 financial deadlines.
TRAI implementing traceaibility rules
The Telecom Regulatory Authority of India (TRAI) will implement new traceability rules on December 1, 2024, with the goal of lowering the number of spam and phishing messages.
OTP services may be temporarily impacted by these regulations, but TRAI has assured that OTP deliveries won’t be delayed after they take effect. In an effort to combat fraud, the revised rules require telecom providers to trace the source of all commercial messages, including OTPs.
Telecom companies can stop malicious communications and protect users from scams by identifying the source of messages. But failing to meet this deadline might cause widespread OTP delays or even blockages, which would affect vital services like social media, e-commerce, and banking.
Aadhar card details change deadline extended
UIDAI, the Unique Identification Authority of India, has extended the deadline for free updates to Aadhaar details. Until December 14, Aadhaar cardholders can use an online process to update their name, address, or birthdate for free. For updates submitted after this date, a processing fee will be applied.
Deadline for late ITR filing
Those who did not file their Income Tax Returns (ITR) by the July 31 deadline for the Financial Year 2023-24 (FY 24) still have until December to do so.
Up until December 31, those who missed the original deadline can now file a delayed ITR with a penalty fee. It should be noted that there will be a Rs 5,000 late fee. For taxpayers with a combined income under Rs 5 lakh, this late fee is lowered to Rs 1,000.
