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There is a good opportunity to buy a car by the end of this month i.e. 31st December. Because companies are going to increase prices from January 1. At the same time, interest rates on small savings schemes may also decrease. Therefore, if you are planning to invest now, you can get the benefit of higher interest. Apart from this, the deadlines of some works are also coming to an end.
Complete these 4 tasks by 31st December…
1. Opportunity to buy a cheap car for five days Cars of companies like Maruti, Tata, MG and Hyundai may become expensive from January 1. MG has also announced the price increase, while other companies may also announce it soon.
MG Motor has increased the prices of cars by 2% due to increase in input costs. Due to this, MG Hector will become costlier by Rs 38 thousand. Apart from MG, in the luxury segment, Mercedes and BMW have announced to increase the prices by 2-3%.
2. Interest rates of Small Savings Scheme may decrease There may be an announcement of reduction in interest rates of Small Savings Scheme by 31st December. It includes a total of 11 schemes. RBI had reduced the repo rate by 0.25% to 5.25% on December 5, due to which the interest rate of these schemes is expected to decrease.
- Due to low repo rate, banks get cheaper money.
- This reduces the rates of fixed deposits (FD) and small savings schemes.
- The government reviews the rates every quarter (January, April, July, October).
3. Link Aadhaar with PAN Those whose Aadhaar card is made on or before October 1, 2024, have to link it with PAN by December 31. If this is not done, the pan may become inactive i.e. closed.
What problems will there be if not linked? If your PAN becomes inoperative, you will neither be able to file Income Tax Return (ITR) nor get pending refund. There will also be problems in work related to bank account or mutual fund.
4. Refund may get stuck if income tax return is not filed If you have not yet filed the Income Tax Return (ITR) for the financial year 2024-25, then you can file it with late fees by 31 December 2025. If you do not do so, along with getting a notice, the Income Tax Department can also impose a fine.
According to tax expert Chartered Accountant (CA) Anand Jain (Indore), your refund will not be claimed if ITR is filed after December 31. The refund money will go to the government.
If you file belated income tax return for income less than Rs 5 lakh, you will have to pay a late fee of Rs 1,000. If the income is Rs 5 lakh or more then a late fee of Rs 5,000 will have to be paid.
Extra penalty will have to be paid on filling ITR-U
If you file income tax after December 31, you will have to pay more tax:
- Within 12 months: 25% more of total tax.
- Within 24 months: 50% more of total tax.
- Within 36 to 48 months: You may have to pay 60% to 70% more tax.
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Also read this business related news
The old income tax law will change from April 1: Assessment year will end in 2026, now only tax year will continue.
The central government is going to implement a new income tax law (Income Tax Act, 2025) in the country from April 1, 2026. The new law will replace the old law that has been in place since 1961. The biggest objective of the new law is to simplify the tax process and reduce complications for the common man. Read full news
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