New Rules from December: There will be many changes from next month, know what will affect you

Rules Changes from 1st December 2022: If you have not yet filed income tax return for 2021-22, you can file it with a fine till December 31.

Day after tomorrow the last month of the year will start. In such a situation, there are many such things that you will have to do this month. Along with this, there will be some changes from December 1.

Will be able to fill the return with fine

If you have not yet filed the income tax return for 2021-22, then you can fill it with a fine by 31 December. If your total income is less than Rs 5 lakh, you will have to pay a penalty of Rs 1,000. The fine would rise to Rs 5,000 if the total revenue is higher than Rs 5 lakh.

Third installment of advance tax: December 15 is the deadline for submitting the third advance tax payment for the fiscal year 2022–2023. Those whose annual income tax is more than 10 thousand rupees, will have to deposit advance tax. If by December 15, 75 percent tax is not deposited in advance or less tax is deposited, then one percent interest will have to be paid.

Correction of mistake in IT return: It is possible that you have filed an income tax return for the financial year 2021-22 and there has been a mistake in it. You have until December 31 to file a revised return in this circumstance. After this, the error won’t be fixed. Because of this, you can get a notice from the Income Tax Department.

 then will not be able to submit life certificate 
Those getting pensions from the government have to submit life certificates every year. It must be submitted by November 30th. The inconvenience of submitting the life certificate will start on December 1 for those who have not done so by the end of the current month.

Changes in gas prices The prices of
There is a change in CNG and PNG on the first date or first week of every month across the country. In such a case, it may or may not change with an increase or decrease in prices on a given date. Holidays will start in banks, banks will remain closed for 13 days next month. Of the 13 bank holidays, the 2nd and 4th Saturdays and all Sundays are weekly holidays. Christmas is the last day of the year and Guru Gobind Singh ji’s birthday is also coming in December, on this day there is a holiday in banks.

Read More: December Month Bank Holidays 2022 Check Complete List

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