New Financial Rules from 1 December
Several major economic regulations are set to change in early December, which could directly impact your finances. Updates related to pensions, taxes, LPG, and ATF will take effect, while some important tasks must be completed by November 30th.
The beginning of December will affect your budget, expenses, and savings. These rules apply to government employees, taxpayers, pensioners, and households using LPG or air travel.
UPS Deadline
If you are a central government employee and want to switch from the National Pension Scheme (NPS) to the Unified Pension Scheme (UPS), the deadline is approaching fast.
- You must apply online on the CRA portal or submit the form to your nodal officer.
- Deadline: November 30
- After this date, the switch window will close.
Tax Filing Deadline
Important tax filings must also be completed by November 30:
- Submit TDS statements (Sections 194-IA, 194-IB, 194M, 194S) for taxes deducted in October.
- Submit transfer pricing report filings under Section 92E.
- Foreign company subsidiaries must submit Form 3CEAA.
- Missing the deadline may lead to penalties and notices.
Changes in Aircraft Fuel Prices
Aviation turbine fuel (ATF) prices will change on December 1. If the fuel rates rise, flight ticket prices may also increase during December.
Life Certificate Deadline for Pensioners
The life certificate submission deadline is also November 30. Pensioners must complete this to avoid suspension of pension payments.
- You can submit at a bank or post office.
- Digital option available via the Jeevan Pramaan app.
LPG Price Revision on December 1
LPG cylinder prices are revised at the start of every month. Domestic consumers will know the new rates on December 1.
This may affect your household budget, depending on whether prices increase or decrease.
The beginning of December brings several financial changes. Complete all required tasks before November 30 and stay updated on new prices from December 1 to avoid sudden impacts on your finances.
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