Starting December 1, key financial regulations will undergo changes that impact taxpayers, pensioners, and everyday consumers. As the November 30 deadline nears, it's crucial to complete essential actions like submitting tax documents, verifying pensions, and enrolling for UPS to prevent fines or interruptions in services.
UPS Enrolment Deadline Nears for Govt Employees
Central government employees have until November 30 to opt into the Unified Pension Scheme (UPS). Those wishing to shift from the National Pension System (NPS) must complete the transition online via the CRA portal or submit necessary documents to their nodal officers before the deadline.
Life Certificate Submission for Pensioners
Pensioners must submit their annual life certificate by November 30 to ensure uninterrupted pension payments. Submissions can be made via the Jeevan Pramaan digital system or through banks and post offices. Failure to submit the certificate on time will result in a temporary halt in pension until verification is completed.
Mandatory Tax Filings
Taxpayers are required to file TDS details for high-value transactions by November 30. This includes TDS statements for deductions made in October under Sections 194-IA, 194-IB, 194M and 194S. Companies with transfer-pricing obligations under Section 92E must also file their reports by this date. Additionally, multinational groups with Indian subsidiaries must submit Form 3CEAA. Missing these deadlines may lead to penalties or notices from the income tax department.
Cooking Gas Price Update on December 1
Oil companies will revise LPG prices on December 1 based on international market trends and exchange rates. While commercial cylinder prices were reduced last month, domestic consumers are awaiting the new update, which will influence household expenses and monthly budgets.
Aviation Turbine Fuel Rates to Change
Aviation turbine fuel (ATF) prices will also be revised on December 1. The updated rates may impact airline operating costs and could influence passenger fares during the busy travel season.
