Income Tax Return Filing, PNB Interest Rates and More: 6 Key Changes from December

  • December 6, 2021
  • CA Chandan Agarwal's Office

Key changes in December 2021: The Punjab National Bank has reduced interest rates on savings bank accounts from December. The last date to file income tax return extended to December 31

Key Changes in December 2021: As the year inches near its end, with the month of December already starting, people in India are set to face a host of changes from the beginning of the month in terms of money matters. These regulatory and operational changes are likely to change for the common people. As we are headed towards the end of the year, citizens will have to follow some new rules and adjust to the changes that are being implemented by various government and non government agencies. In this context, you must be aware of the new guidelines that have come into effect starting from December.

For example, the last date to file your income tax return is December 31. There are also term insurance hikes set to be implemented this year. For SBI credit card holders, EMI transactions are likely to get costlier from December 1. The rule will be implemented for online transactions too. On the other hand, the Punjab National Bank has reduced interest rates starting from December. The details of all these changes, that have come into effect already, are given below.

Last Date to File Income Tax Return

December 31 is the last date to file Income Tax Return (ITR) for the assessment year 2021-22 (financial year 2020-21). If you do not do it by the stipulated time, you might face penalties and have to pay a fine when you file it. Therefore, it is advised that you start filing your income tax return soon and not wait for the month to end.

Last Date to Submit Life Certificate

The Department of Pension and Pensioners Welfare (DoPPW) has in a memorandum dated December 1 extended the last date to submit life certificate. Following the move, pensioners have to submit their Jeevan Pramaan by December 31 to keep receiving their pension uninterrupted. The decision has been taken in view of the Covid-19 pandemic.

SBI EMI to Become Costly from This Month

For SBI credit card holders, EMI transactions are going to get costlier as the bank has said it will levy a Rs 99 processing fee and impose tax on it. “Dear Cardholder, We would like to inform you that with effect from 01 Dec 2021, Processing Fee of Rs. 99 + applicable taxes will be levied on all Merchant EMI transactions done at merchant outlet/website/app. We thank you for your continued patronage. Please click here to know more about Merchant EMI Processing Fee,” read a mail from SBICPSL last month. The rule will be applicable for all EMI transactions done on or after December 1 at merchant outlets or e-commerce platforms.

Term Life Insurance Plans to Become Costlier

Pure protection term insurance premiums are expected to see a rise in the month of December again. As per reports, the hike is going to be between 25-45 per cent amid increasing reinsurance rates in the global market. Given the fact that India has enjoyed low term insurance rates over the last four years, the absolute rate rise can come as a shock for consumers. The reason behind this is the pandemic-driven death rate.

PNB Savings Account Rate of Interest to Go Down

The Punjab National Bank, or PNB, has announced that it will reduce the interest rate on savings account for balances below Rs 10 lakh to 2.80 per cent per annum starting from December. For balances above Rs 10 lakh, the interest rate has been reduced to 2.85 per cent per annum.

Source: https://www.news18.com/news/business/income-tax-return-filing-pnb-interest-rates-and-more-6-key-changes-from-december-4517474.html

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