New Rules January 2024: The year 2023 is now moving towards its end. In the new year 2024, there are going to be many important changes in the rules affecting the common man. These include rules related to SIM card to Income Tax Return (ITR). Let us know about them.
- Bank Locker Agreement
For individuals having lockers in banks, there is an important deadline – 31 December 2023. Those who have not signed the revised bank locker agreement till this day, their lockers can be frozen from January 1.
- Insurance Policy
The Insurance Regulatory and Development Authority of India (IRDAI) has made it mandatory for all insurance companies to give customer information sheets to policyholders from January 1. The purpose of this document is to explain important information related to insurance in simple words.
- Insurance Trinity Project
The Insurance Trinity Project is set to launch in the new year. Covering insurance facilitation, insurance extension and insurance carrier products, the project aims to achieve diverse goals. There is a plan to simplify the purchase of products or services through Bima Sugam. The aim is to provide affordable insurance protection through insurance expansion. At the same time, the aim is to contribute to the empowerment of women through insurance carriers. The official launch of these products can be done in January or in the months ahead of the new year.
- Filing Income Tax Returns
From January 1, taxpayers who have failed to file their income tax returns for financial year 2022-23 (assessment year 2023-24) will no longer have the option to file belated returns. Additionally, individuals with errors in their returns will also be unable to submit amended returns. In such a situation, those who have not yet filed the return for the said period should file their return for the said period before midnight of 31st December.
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- It will be difficult to get a SIM card
With the implementation of the new Telecom Bill, there will be changes in the process of purchasing and maintaining SIM cards. To prevent online fraud, the government is imposing strict rules governing the sale and purchase of SIM cards. Now the digital Know Your Customer (KYC) process will be mandatory to get a SIM card. Telecom companies will be required to provide biometric data to customers during the SIM card acquisition process. Possession of a fake SIM card can lead to imprisonment of up to three years and a heavy fine of Rs 50 lakh. Additionally, SIM sellers will now be able to sell SIMs only after complete verification. Bulk distribution of SIM cards will also be banned.
- Change in Aadhar Card Details
Aadhaar card holders wishing to change their details will be able to do so for free only till December 31, 2024. After this date, people wishing to change their personal details in Aadhaar card will have to pay an amount of Rs 50.
