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New personal finance rules for 2024: As we enter the new year of 2024, taxpayers and investors should start paying attention to significant changes to financial regulations and deadlines starting in January. Here is a list of the main changes in the personal finance sector that will come into effect from January 1, 2024:
> Details of features of comprehensive insurance
The Insurance Regulatory and Development Authority of India (IRDAI) has announced that insurance companies will provide customer information sheets (CIS) to policyholders. This document is designed to simplify the details of complex insurance contracts and provide policyholders with a clear understanding of their insurance coverage.
Your insurance company will provide you with important policy details such as sum assured, coverage details, exclusions, and claims procedures.
The revised Customer Information Sheet (CIS) will come into effect from January 1, 2024.
“As policy documents may contain legal jargon, it is essential that the documents explain the basic features of the policy in simple terms and provide the necessary information,” IRDAI said.
> Bima Trinity Initiative in 2024
The Bima Trinity project, which includes Bima Sugam, Bima Vistaar and Bima Vaahak, is scheduled to be launched in 2024 at different intervals. Bima Sugam will be an online platform where customers can choose the suitable scheme from multiple options offered by various companies.
Bima Vistaar promises to be an innovative insurance product that brings affordable insurance to the masses. It is scheduled to be released by January 2024.
Bima Vaahak is a women-centric distribution channel at the Gram Sabha level that aims to empower women and ensure financial security by educating them about the benefits of comprehensive insurance.
> Buying and selling SIM cards
The new Telecommunications Bill will change the landscape of purchasing and maintaining SIM cards. This decision follows an increase in spam, scams, and online fraud cases observed in 2023. These significant changes to the procedure for obtaining a SIM card will come into effect from January 1, 2024.
> Deadline for nomination of investment trust and demat account holders
Mutual fund and direct debit account holders will have until June 30, 2024 to nominate a beneficiary or opt out of being a beneficiary. If investors miss the nomination deadline, Sebi may freeze withdrawals from their holdings. This means that investors cannot withdraw from mutual funds or use demat accounts for trading.
> Update your Aadhaar details for free by March 14th
The Individual Identification Authority of India (UIDAI) has allowed you to update your Aadhaar details free of charge till March 14, 2024. However, the service is free only on the myAadhaar portal. Cardholders will have to pay Rs 50 at a physical Aadhaar center.
> Prepayment of taxes
Advance tax refers to tax paid within the same financial year in which the income was earned. Taxes are paid in four installments per year. Approximately 15% of the total tax must be paid by June 15th. This will increase to 45% by September 14th and will also account for the June installment.
By December 15th, your tax liability will be 75%, including the June and September installments.
Finally, according to the Income Tax Act, you need to pay the full amount of tax (15% + 30% + 30% + 25%) by March 15th.
Also read: IT Return 2024: New income tax rules introduced in 2023 and impacting 2024
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