December 2024 money deadlines: Belated ITR, free Aadhaar update, special FD rates revision, and key dates you MUST know | Mint

Many financial deadlines are approaching as we are just a month away from the new year. From revised FD rates to deadlines related to Aadhaar updates and income tax returns, people need to keep a few dates in mind in December.

Those who are planning to invest their money in fixed deposits or are looking to update their Aadhaar ID, must take a look at the approaching financial deadlines in December.

Free Aadhaar card update

The Unique Identification Authority of India (UIDAI) has postponed the last date for free updates to Aadhaar details. Now, Aadhaar card holders can update details on the document for free till December 14. They are allowed to update information related to their name, address, or date of birth without any charges via an entirely online process. Note that Aadhaar card holders would be able to update their details after December 14, but only after paying a processing fee.

FD rates

A number of banks may revise their fixed deposit bank rates in December.

IDBI Bank Utsav FD

People can invest their money under IDBI Bank’s Utsav FD scheme to get a return of up to 7.85%. The Utsaf FD scheme will be available for the public till December 31. Under this FD scheme, the general public will get interest rates of 7.05%, 7.25%, 7.35%, and 7.20% for 300 days, 375 days, 444 days and 700 days tenures, respectively. Interest rates will be higher for senior citizens.

Punjab & Sind Bank special FD

Under this FD scheme, people can get an interest rate of up to 7.45% on fixed deposit schemes. Revised Punjab & Sind Bank Fixed Deposit interest rates will come into effect from 1 January 2025. 

The bank offers 7.20% of returns on FDs for a tenure of 333 days. People will get an interest of 7.3% for a duration of 444 days. For 555 days (Callable) deposit, the bank offers an interest rate of 7.45%. On a special deposit of 777 days, people can avail an interest rate of 7.25%. The existing rates will be valid for a period up to December 31.

Belated ITR filing

Those who missed filing an Income Tax Return (ITR) for the Financial Year 2023-24 (FY 24) before the ITR filing deadline of July 31 have the last chance to submit their ITR in December.

Those who were unable to file an ITR on July 31 can file a belated ITR with a specific penalty amount until December 31. However, taxpayers would be required to submit a late fee of ₹5,000. The late fee amount is ₹1,000 if the total income is less than ₹5 lakh.

TRAI deadline

The Telecom Regulatory Authority of India (TRAI) will implement new traceability rules designed to combat spam and phishing messages from December 1, 2024. The new rules are likely to impact OTP services for a short duration. However, TRAI on Friday assured that there will be no delay in OTP services after the rules will be implemented.

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