January 1, 2024: Insurance Policy Details Simplified
Starting from January 1, 2024, insurance companies are mandated by the IRDAI to provide policyholders with a simplified Customer Information Sheet (CIS). This sheet aims to demystify complex policy details, offering clear insights into policy coverage, sum insured, exclusions, and the claims process. It’s designed to empower policyholders with easy-to-understand information about their insurance policies.March 14, 2024: Free Aadhaar Updation Deadline
Until March 14, 2024, individuals can update their Aadhaar details for free on the myAadhaar platform. After this deadline, a fee of Rs. 50 will be charged at physical Aadhaar centers for any updates. Ensuring your Aadhaar information is up-to-date is essential for various financial transactions and government services.March 31, 2024: Tax-Saving Investment Deadline
March 31, 2024, marks the deadline for tax-saving investments for the financial year 2023-24. Making strategic investments in tax-saving instruments can help individuals reduce their tax liabilities and increase their savings. Planning and investing wisely before this deadline can lead to significant tax savings.June 30, 2024: Mutual Funds and Demat Account Nomination Deadline
By June 30, 2024, mutual fund and demat account holders must nominate beneficiaries or opt out of nomination. Failure to do so may result in the freezing of debits from their holdings, affecting their ability to withdraw from mutual funds or trade using demat accounts. Nomination ensures a smooth transfer of assets in case of the account holder’s demise.July 31, 2024: Income Tax Return Filing Deadline
The deadline for filing income tax returns for the financial year 2023-24, or assessment year 2024-25, is July 31, 2024. Filing your ITR on time is crucial to avoid penalties and ensure compliance with tax laws. It also enables taxpayers to claim refunds of excess taxes paid or deducted during the financial year.Advance Tax Payment Instalments
Advance tax payments are made in four instalments within the financial year in which the income is earned. By June 15, taxpayers must pay 15% of their total tax liability, followed by 45% by September 14. By December 15, 75% of the tax liability is due, including the instalments paid in June and September. The remaining 25% is payable by March 15. Staying informed about these deadlines and changes can help individuals effectively manage their finances and ensure compliance with regulatory requirements. It’s advisable to plan ahead and take necessary actions to meet these deadlines and make informed financial decisions in 2024.🚀 Ready to level up your finances? Say goodbye to tax woes with Savingz! 🎉
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