With the end of the year 2018 on December 31, the deadlines for compliance of various activities, which you have to do, will also end. Although there may be many things to do before the start of the New Year, there are 5 financial tasks which need to be completed latest by December 31, 2018, if you don’t want to get in any trouble and also want to make the most of them. Here they go:
If you are using a magnetic stripe-based debit or credit card, you need to hurry up and get your cards replaced with EMV Chip Cards by December 31, 2018. As per the Reserve Bank of India, your card /cards may get blocked by your bank once the deadline gets over, and you won’t be able to use them until they get updated. Although, to meet the deadline for replacements of the cards, some banks have started sending the EMV Chip-based debit cards to their customers without waiting for their requests, but you have to make sure that your present address is there with the banks to receive the cards. There will be no problem if the address is updated, otherwise you have to update it urgently either through net banking or by visiting the bank branch.
Like magnetic stripe-based cards, non-CTS cheque books will also become redundant after December 31. So, to ensure that the cheques issued after the deadline don’t get bounced, you have to get the CTS cheque books issued before December 31. As the Cheque Truncation System (CTS) eliminates the need to physically move the cheques for clearing purposes and thereby the associated cost or time required for their collection, the Reserve Bank of India (RBI) wants banks to discontinue the processing of time-taking non-CTS cheques from January 1, 2019. So, you have to hurry up and get a CTS cheque book issued before the deadline.
If you have missed the July 31 due date as well as the extended due date of August 31 to file your income tax return (ITR), you may file it till December 31 with a late fee of Rs 5,000 (Rs 1,000 for assesees having taxable income of less than Rs 5 lakh), else you have to cough up Rs 10,000 as late fee till March 31. In case you don’t want to pay double late fee or face actions of non-filing of ITR, better to file it before the December 31 deadline.
If you are planning to buy a home, you may become a homeowner with the SBI home loan before the end of the year without paying any processing fee. So, you may save a few thousand rupees and add more zing to your New Year celebrations by accepting the zero processing fee offer from SBI, which is valid till December 31, 2018.
As the extended deadline to clear pre-GST goods will end on December 31, there will be a rush to clear the stockpile. There may be a good chance to grab pre-GST goods at a discounted rate as such goods can’t be sold after the deadline.