December 2024: Year End Financial Deadlines You Should Not Miss

Financial Deadlines: With 2024 coming to an end, are you aware of the key dates that could impact your finances this month? Missing them could result in penalties, missed opportunities, or extra costs. It's crucial to stay ahead of these deadlines to ensure you don't lose out on important financial advantages. Here's what you need to know to stay on top of things.

Aadhaar updates: December 14, 2024

Need to update your Aadhaar details? The myAadhaar portal allows free updates to demographic information, but this offer expires on December 14, 2024. After this date, any updates made through offline Aadhaar centres will attract a fee of Rs 50 or more. If you need to update your address, name, or other details, it’s advisable to complete these changes before the deadline to avoid additional charges. This update could also be important for linking your Aadhaar with other financial services like your PAN or bank account.

Advance tax payment deadline: December 15, 2024

Are you one of those taxpayers who haven't yet made their advance tax payments? If you're not under presumptive taxation, December 15 is the last chance to make your payments for the current assessment year. Advance tax payments are required for income above Rs. 10,000 in a year. Failing to pay on time will result in interest penalties under Section 234B and 234C of the Income Tax Act. To avoid any last-minute stress and interest charges, it's advisable to check your total income for the year and make your payment before this deadline.

File your belated income tax return by December 31, 2024

Did you miss the deadline to file your income tax return? If so, you can still file a belated return for the assessment year 2024-25, but December 31, 2024, is the final date to do so. After this, you will not only face penalties but may also miss out on claiming certain deductions or rebates. The belated return must be filed with an additional penalty under Section 234F, which could range from Rs 1,000 to Rs 10,000, depending on the delay. Filing on time ensures you avoid these charges and also helps you claim your refund faster if applicable.

Fixed deposit offer by IDBI Bank: December 31, 2024

If you are considering fixed deposits in IDBI Bank with tenures of 300, 375, 444, and 700 days. These FD schemes come with competitive interest rates and offer better returns than regular fixed deposits. However, these offers will expire on December 31, 2024. Fixed deposits remain one of the safest investment options, but it’s essential to ensure that you select the right tenure based on your liquidity needs.

Credit card changes from Axis Bank: December 20, 2024

Do you have an Axis Bank credit card? Be prepared for changes that will affect your finances starting December 20, 2024. The finance charges for the Airtel Axis Bank Credit Card will increase from 3.6% to 3.75% per annum (monthly rate), which means higher monthly interest payments if you carry a balance. If you’re currently using this card or plan to apply for one, it's important to consider this increase in the interest rate. To avoid the added costs, it's advisable to pay your dues in full by the due date or explore other cards with lower interest rates.

Mark these dates on your calendar and make sure to take action in time to avoid any unwanted penalties or missed opportunities.