Happy New Year, everyone!
We all know, things change with time. This article is to inform you about some the changes that came along with the change in the year. With the change in year from 2018 to 2019, you’ll also see changes in some rules and regulations.
Following are some of the major changes that will affect an individual:
- Penalty on Income Tax Return (ITR) doubled: The last date to file Income Tax Return (ITR) was 31st August 2018. Some taxpayers failed to file the ITR by the said date so the date has been extended till 31st December 2018 with a penalty of ₹5,000. If you still fail to file the Income Tax Return (ITR) then the last date to file will be 31st March 2019 along with the double penalty of ₹10,000.
- ATM card with a Chip are mandatory: From the new year, Reserve Bank of India released a statement that ATM Cards with chips are mandatory. Old Debit Cards with black strip will be inactive from New Year. Only chip based Debit Cards will remain active. EVM chip technology is safe and protects the data of the cardholder. If you have a card without EVM chip then visit your bank and get it replaced without any extra charges.
- As per RBI, only CTS cheque-book will be acceptable: New CTS cheque-books are being issued. CTS cheque-book will have “CTS 2010” written on its left side, in which electronic image will be captured. It will eliminate the step of sending the physical cheque to another bank for clearance. This will ultimately make cheque payments safer and customer friendly.
- No more discounts can be available on Pre-GST commodities: 31st December 2018 was declared the last date of selling the products that were manufactured before GST was introduced. This is the reason why producers and shopkeepers sold these products at huge discounts and received sufficient benefits as well. Although, you won’t be able to avail this discount after the New Year.
- The rise in the price of Cars: There will be a rise of approximately ₹40,000 in the price of the new cars models manufactured by some renowned companies like TATA, Maruti Suzuki and Volkswagen. Although, the price of old models won’t be affected and you’ll be able to purchase old models at the same cost.
- Insurance Companies will increase the claim value: This is one of positive change that will be applicable from New Year. Until 31st December 2018, Insurance companies used to offer a claim amount of ₹1,00,000, in case of accident of a two-wheeled vehicle, and ₹2,00,000 in case of an accident of a commercial or private vehicle. Although, IRDA has now declared a change in the value of the claim without any change in the premium. From now onwards, the claim value of ₹15,00,000 will be offered in case of an accident of a vehicle.
- Personal Accident Cover is no more a compulsion: Earlier, purchase of personal accident cover while purchasing a car was a mandate, irrespective of the fact that it is your first car or second car. Although, this rule has now been changed. As per the revised rule, if you’ve personal accident cover with the 1st car then it is no more mandatory to purchase it again with the second car.
- Processing fees on SBI Home Loans: State Bank of India (SBI) have a large customer base. Earlier, there were no processing fees applicable SBI Home Loans. 1st January 2019 onwards, this rule has been changed and you’ll be charged a processing fee for the same.
- Issue while accessing Net Banking: There are a large of people who have not yet registered their mobile numbers with their respective banks. All such users are required to get their mobile numbers registered with their banks or else you won’t be able to access Net Banking facility.
Stay connected and keep visiting for such updates!