December Financial Change: The month of December is about to come and along with being the last month of the year, it is also important in terms of many economic and financial works. The most important among these is the meeting of the monetary policy committee of the Reserve Bank. After this, the last date for updating Aadhaar for free and paying advance tax is also important along with the last date for those who file tax returns late. At the same time, changes are also being seen in the credit card charges of some banks.

RBI's credit policy will come on 6 December

All eyes are on the monetary policy of the Reserve Bank of India on December 6. Is RBI going to cut rates this time or will it keep it at 6.5 percent. If RBI does not change the rates for the 10th consecutive time in its MPC review, then not much change will be seen on the financial front. By the way, RBI has changed its stance in policy from neutral to withdrawal of accommodation, which was unchanged since May 2022. Economists believe that if inflation rates remain under control, then RBI can take the decision to cut policy rates. If RBI does not change its stance on December 6 and does not change the rates, then there will be no improvement in the interest rates and EMI of your home loan. After this, loan takers will get to see stability in their financial planning.

Last date for free update of Aadhaar is 14 December

Unique Identification Authority of India (UIDAI) has fixed December 14 as the last date for updating Aadhaar for free. Under this, you can make any changes in the name, address and date of birth in your Aadhaar without any charge provided it is done online. UIDAI has recommended updating Aadhaar in 10 years so that the information in your Aadhaar can remain updated. If you get this update done after December 14, then you will have to pay a fee of Rs 50 per request.

Last date for payment of third advance tax installment- December 15

If you are a salaried individual and also earn income from other sources such as interest on deposits, rental income, capital gains or anything else, then you will have to pay advance tax. Under Section 208 of the Income Tax Act, advance tax has to be paid if the tax liability is more than Rs 10,000 after deducting TDS and TCS in a financial year. Taxpayers have to pay their estimated tax liability in four installments and 75 percent of it has to be paid by December 15. Penal interest at the rate of 1 percent per month will be charged under Section 234C on late filing or unpaid tax.

Associate charges of Axis Bank credit card will change- 20 December

The last date for revising the associate charges of Axis Bank credit card is 20 December and under this, customers will have to pay new redemption fees, credit card interest rates and changed charges on many other transactions. Axis Bank has revised the fees for customers using EDGE rewards and miles and it will cost Rs 199 plus GST on every cash redemption. On the other hand, if the points are converted to the mileage program, then Rs 199 plus GST will be charged.

This charge will be applicable on select Axis Bank credit cards, including Atlas, Samsung Axis Bank Infinite, Samsung Axis Bank, Magnus (including Burgundy variant) and Reserve credit cards. Citi-protected cards such as Axis Bank Olympus and Horizon will not be affected.

AU Small Finance Bank is also changing the charges on some of its credit cards and these too will be implemented in December.

Last date for filing late tax returns- 31 December

If you have not filed your income tax return yet, then you can file belated or revised tax return till 31 December 2024. Although the last date for filing ITR was 31 July 2024, but you can file your revised late return with a penalty of Rs 5000. For those whose income is less than Rs 5 lakh, the penalty is Rs 1000. 

Along with filing the tax return, if there is anything left for the financial year 2023-24, then the outstanding tax will also have to be paid, interest will also have to be paid on it. If you miss this deadline as well, then you will have to submit an application to the Income Tax Commissioner giving the correct and logical reason for filing the return late.