Financial Deadline on 31 December: 31 December is the last date for mutual fund nomination, IT return and UPI ID and bank locker agreement renewal.
There are only a few days left for the new year to begin and with December 31 being the last day of the year, there are also deadlines for many important financial tasks. In such a situation, complete these tasks before the deadline. Otherwise you may have to face difficulties in future.
Demat account
If you trade in the share market then it is necessary for you to register the nominee in your demat account before 31st December. If you do not file the nomination on time, the funds in your account may get frozen and you may face difficulties in withdrawing the funds.
IT return
The last date for filing late income tax returns is December 31, 2023. If for some reason you were not able to submit the IT return by July 31, 2023, then by this date you can easily submit the return with late fees. If you come under the ambit of Income Tax and do not file the return by 31st December, then the Income Tax Department can take action against you.
Bank locker agreement
RBI has given time till December 31, 2023 to all banks to make new locker agreements. In such a situation, if you also have a bank locker, then sign a new locker agreement by this date. If you do not do this you may have to close your locker.
UPI ID
NPCI i.e. National Payment Corporation of India, the government agency running the UPI network, has decided to close such UPI IDs which are not being used for more than a year. In such a situation, if you also have many such UPI IDs which you are not using, then they will be deactivated from January 1.
