January 2020: There are only a few days left for 2019 to end. Everyone is busy preparing for the New Year's reception, but it is very important to know some things between the preparations. A lot of rules are going to change in the new year. If you are not aware of the changed rules, then you may have problems. In this article, we are going to tell you about the seven changed rules, which need to be known.
1. PAN-Aadhaar Link
The last date to link your PAN to Aadhaar is 31 December. If you do not do this work, then the PAN card will become inoperative, ie financial transactions will not be done with the help of this.
2. Income Tax Return Filing (ITR filing 2019)
Belated Income Tax Returns for FY 2018-19 can be filed by 31 March 2020, but filing late returns by 31 December will incur late fees. There will be no penalty on filing the return till August 31 after extending the date. Filing of returns from 31 August to 31 December will attract a fine of Rs 5000. From January 1, 2020, the fine will increase to Rs 10,000. However, those whose income will be less than 5 lakh will be charged a fine of Rs 1000 only.
3. State Bank Magnetic Stripe Card
The last chance to replace the State Bank of India's magnetic striped card is till December 31. From 1 January 2020, this card will not work and you may get into trouble. SBI is constantly asking its customers to get the old card replaced and get a card with an EMV chip. Card replacement is currently free of cost.
4. Everybody's Confidence Plan
'Sabka Vishwas Scheme', which is introduced for resolution of old pending disputed cases related to service tax and excise duty, ends on 31 December 2019. The plan is unlikely to be extended further. The scheme was announced by Finance Minister Nirmala Sitharaman in the budget for the current financial year to resolve old disputes related to service tax and excise duty. The scheme was named as 'Sabka Vishwas (Heritage Dispute Resolution) Scheme 2019'. Under the scheme, which came into effect on September 1, 2019, a provision has been made to pay the eligible persons in the old disputed case by announcing the tax dues themselves.
5. NEFT transactions will not be charged
In the new year, customers have received new gifts from banks. From January 1, 2020, the customer will not be required to pay any fee from banks for transactions done through NEFT. On the third anniversary of demonetization, a proposal was made by the Reserve Bank of India to promote digital transactions. A 24-hour NEFT transaction service was launched from 16 December.
6. GST Registration
To make GST registration easier, it has been decided to register GST through Aadhaar. The deadline for filing annual returns was extended by 2 months to 30 August 2019, while the new GST return filing system will come into effect from 1 January 2020.