Several changes in financial rules are set to take effect from next month. By Nov. 30, critical tasks like pension paperwork and tax declarations must be completed. From Dec. 1, updated rules related to taxation, pension and fuel costs will roll out, which could directly affect your savings and expenses. Here's a look at major changes in financial rules that will take effect on Dec. 1.
UPS Deadline
Central government employees have only days left to switch to the Unified Pension Scheme (UPS), with the enrolment window closing on Nov. 30. Those seeking to switch from the National Pension System (NPS) to UPS must complete the process online via the CRA portal or submit forms to nodal officers by the deadline.
Pensioners' Life Certificate
Pensioners must ensure their annual life certificate is submitted by Nov. 30 to avoid any disruption in pension payments. While many are adopting the digital Jeevan Pramaan system, traditional submissions via banks and post offices remain available. Failure to comply with the deadline will result in a temporary suspension of pensions until re-verification is completed.
Tax Filings
Taxpayers are required to submit details of Tax Deducted at Source (TDS) for certain high-value transactions by the Nov. 30 deadline, including TDS statements for deductions made in October under Sections 194-IA, 194-IB, 194M and 194S of the Income Tax Act, 1961. Those mandated to submit transfer-pricing reports under Section 92E must also file their returns by this date. Multinational groups operating Indian subsidiaries need to submit Form 3CEAA by Nov. 30. Failure to comply with the deadline can result in penalties and notices.
LPG Prices
Oil companies will update cooking gas prices on Dec. 1 as per their monthly practice tied to international benchmarks and exchange rates. Commercial LPG cylinders saw a small cut last month, but households are awaiting Sunday's announcement to learn if domestic rates will ease or climb. For countless families, these shifts will have a ripple effect on kitchen expenses and overall monthly budgets.
Aviation Turbine Fuel Prices
Aviation turbine fuel rates will be recalibrated on Dec. 1, impacting airlines' bottom lines and potentially affecting passenger ticket prices during a travel surge. Even slight revisions could impact airfares across December.
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