As December 2024 approaches, it’s time to gear up and stay financially vigilant. This month brings several critical deadlines that can directly impact your tax planning, investments, and personal financial management. With the right information and preparation, you can not only avoid penalties but also maximise your savings and returns.

1. Aadhaar Update: Leverage the Free Service

The UIDAI has announced a free service for Aadhaar updates until December 2024. This is a golden opportunity for those whose Aadhaar details, such as name, address, or date of birth, are incorrect.

How to avail: The free service is available only through the online portal.

Benefits: Accurate Aadhaar details facilitate seamless access to banking services, government schemes, and tax filing.

2. Last Date for Delayed ITR Filing: 31 December

Taxpayers who missed filing their Income Tax Returns (ITR) on time have until 31 December 2024 to do so. Missing this deadline can attract significant penalties.

3. Special FD Schemes: Grab Higher Interest Rates Before They End

Several banks are offering higher interest rates under special Fixed Deposit (FD) schemes that end in December 2024. This is a great opportunity for investors to park their savings in a secure and lucrative option.

Examples:

Note: FD interest rates are subject to change based on inflation trends.

4. Senior Citizen Savings Scheme (SCSS): Benefit from the Increased Limit

In the 2023 budget, the government raised the investment limit under the Senior Citizen Savings Scheme (SCSS) from Rs 15 lakh to Rs 30 lakh. This provides senior citizens with an excellent opportunity to secure and grow their retirement funds.

5. Review Your Tax-Saving and Investment Plans

December is not just about meeting deadlines but also the perfect time to review your financial portfolio. Ensure that your tax-saving investments, such as PPF, ELSS, and LIC policies, are on track and payments are made on time.

6. Business-Related Financial Deadlines

For entrepreneurs, it’s crucial to ensure all GST returns, advance tax payments, and audit-related tasks are completed before the deadlines.

Why Meeting Deadlines Matters

Failing to meet these deadlines can result in:

By adhering to deadlines, you can:

Are You Ready?

December 2024 is a month of financial responsibilities. Whether it’s updating your Aadhaar, filing delayed ITRs, or taking advantage of special FD rates, these deadlines should be your top priority. Review your financial plans, seize opportunities, and start the new year on a strong financial footing.