- Big announcement from RBI
- Last date of ITR on 31st December
- 5000 on late filing. Penalty
PAN-Aadhaar Update: Decisions taken by RBI include deadline for linking Aadhaar and PAN, extension of deadline for filing ITR and discontinuation of SBI mCash service. RBI may reduce interest rate by 0.25% to 5.25%. The Income Tax Department has fixed December 31 as the deadline for linking your PAN with Aadhaar. This rule applies to those issued PAN with Aadhaar Enrollment ID before 1 October 2024.
If you don’t link your PAN on time, your PAN will become inactive. This will affect ITR filing, bank KYC, loan receipts and government grants. The Monetary Policy Committee (MPC) meeting of the Reserve Bank of India (RBI) will be held from December 3 to 5. RBI is expected to cut interest rates by 0.25% to 5.25%.
If RBI does this, loans will become cheaper and your EMIs may also come down. Earlier, the RBI kept the repo rate unchanged at 5.5% for the second consecutive time in the previous MPC meeting. In last February’s meeting, RBI cut the interest rate from 6.5% to 6.25%. The Monetary Policy Committee made this cut after five years. The second cut was made in the month of April by 0.25%. The third cut was made in the month of June by 0.50%. This means the Monetary Policy Committee has cut interest rates by 1% three times.
Last date to file ITR is 31st December. If ITR is not filed, those with income up to Rs 5 lakh will have to pay a late fee of ₹1,000 and for others ₹5,000. Also, the Central Board of Direct Taxes (CBDT) has extended the last date for filing Income Tax Return (ITR) for tax audit cases till December 10. This tax is required for small business owners, professionals and those with turnover above ₹1 crore.
The popular mCash service of State Bank of India (SBI) has been discontinued from today. This facility was available for online remittance through SBI and Yono Lite. The expiry date was 30 November. If you are using this service, check the bank details before transacting. Commercial gas cylinder has become cheaper by Rs 10.50 from today.
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Today is the first Pradosh of December, worship at this special time for the special blessings of Lord Shiva.
