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As of January 1, 2024, new regulations: Here is a list of changes you should be aware of, ranging types of income tax returns (ITRs) to SIM cards.

The types of income tax returns first month of 2024 is expected to bring with it a plethora of noteworthy changes to various rules and regulations that affect the average person, ranging as the year draws to a close, from SIM cards to types of income tax returns (ITRs).

The following is a summary of some of the most significant adjustments that will take effect on January 1, 2024: types of income tax returns

types of income tax returns

1. Bank locker agreements
There’s a deadline that bank locker owners must meet. By December 31st, they have the option to sign the revised bank locker agreement and make a deposit. Lockers will begin to freeze on January 1 if this isn’t completed.

2. Contract of Insurance
A customer information sheet for policyholders must be provided by all insurance companies as of January 1, per a mandate from the Insurance Regulatory and Development Authority of India (IRDAI). In layman’s words, this document tries to explain important information about insurance.

3.Trinity Insurance Project
The Trinity Insurance Project is about to get underway. This project aims to accomplish several objectives and consists of Insurance Sugam, Insurance Extension, and Insurance Carrier products.

The initiative also aims to support women’s empowerment through insurance carriers by making it easier for women to purchase goods and services through Bima Sugam and by expanding insurance to provide affordable insurance protection. These products are anticipated to go on sale officially in January or later in the new year.

4. Filing Income Tax Returns
The option to file belated types of income tax returns for the financial year 2022–2023 (AY-2023–2024) will disappear for taxpayers as of January 1. Furthermore, people who have mistakes on their returns will not be able to file amended returns. This is an important reminder to all taxpayers to make sure they are adhering to the updated regulations.

5. Rules Regarding SIM Cards
With the passage of the new telecom bill, the environment for acquiring and retaining SIM cards is changing. The government is enacting strict regulations governing the sale and purchase of SIM cards in an effort to combat online fraud.

Moving forward, obtaining a SIM card will require completing the digital Know Your Customer (KYC) process.   types of income tax returns When acquiring SIM cards, telecom companies will ask for biometric information from their customers.

The possession of fake SIM cards carries a severe penalty of Rs 50 lakh in addition to a maximum three-year prison sentence. Bulk distribution of SIM cards will also be forbidden, and SIM sellers will now be the subject of extensive verification.

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