A new set of financial rules and deadlines is taking effect in December for the general public, including bank customers, taxpayers, and pensioners. While several key timelines expired in November, multiple compliance requirements remain due through December. Taxpayers and bank customers should be aware of specific dates to avoid transaction disruptions or penalties.
December 10: New ITR filing deadline for tax audit cases
The Central Board of Direct Taxes (CBDT) last month extended the income tax return filing deadline for tax audit cases from October 31, 2025, to December 10, 2025.
The extension offers significant relief to taxpayers whose returns require mandatory audits and involve additional financial disclosures and updates.
The deadline for Aadhaar-PAN linking is December 31, 2025
If you obtained Aadhaar on or before October 1, 2024, your PAN and Aadhaar must be linked by December 31, 2025.
Missing this deadline will render your PAN inoperative, directly impacting banking transactions, income tax return filing,
and investments and financial services.
Therefore, it is important to link your PAN with Aadhaar on time to keep it active.
Belated and revised tax return filing deadline
December 31, 2025, marks the final deadline for taxpayers to file a belated or revised income tax return for FY 2024–25.
A belated return is filed after missing the original deadline with a late filing fee of up to Rs 5,000 (Rs 1,000 for individuals with income below Rs 5 lakh), along with interest on any unpaid tax.
A revised return, used to correct errors or omissions in an already filed ITR, can also be submitted by December 31.
After this date, taxpayers lose both these options and are left only with the provision of filing an Updated Return (ITR-U). While ITR-U allows individuals to rectify missed income or discrepancies even after the deadlines, it comes with a significantly higher penalty burden — ranging from an additional 25% to 50% of the tax and interest payable, depending on how late the return is filed.
This makes December the final and most cost-efficient window for taxpayers who either missed earlier deadlines or need to correct mistakes in their returns.
SBI is discontinuing its mCASH service
SBI has discontinued its mCASH service from November 30, 2025.
Now customers will not be able to send money without beneficiary registration and claim payments through the mCASH link.
SBI has advised customers to use secure options like UPI, IMPS, NEFT, and RTGS.
Two major rules ended on November 30: Impact on pensioners and government employees
- The last date for submitting a Life Certificate (Jeevan Pramaan Patra) has ended
The last date for submitting a Life Certificate (Jeevan Pramaan Patra) for government pensioners was November 30, 2025. DLC is an Aadhaar-based digital certificate that can be easily submitted at banks, post offices, face authentication apps, and public service centres.
Pensioners who failed to submit this certificate on time may will now face a temporary suspension of their pension.
- The deadline for switching from NPS to UPS has also expired.
The deadline for switching from the National Pension System (NPS) to the Unified Pension Scheme (UPS) was also November 30, 2025.
The UPS, a pension plan for central government employees, offers some combined features of the National Pension System (NPS) and the Old Pension Scheme (OPS). UPS combines features from both, operating under the NPS framework but offering a guaranteed pension similar to OPS, with a defined benefit model and family pension provisions.
Most importantly — those who have chosen UPS can also return to NPS in the future if they wish. But this switch facility can be availed only once.
Why is December important?
December 2025 is a crucial month for many financial matters. From PAN-Aadhaar linking to ITR filing, pensioner compliance, and banking regulations — many changes and deadlines will play a crucial role in keeping your financial affairs running smoothly in the coming months.
If you complete the work on time keeping these dates in mind, then not only will it be easier to follow the rules, but the work related to your account, tax and pension will continue without any interruption.