It’s the end of the year and there are a few money changes this month that are likely to impact your wealth. We decode each one for you:
1. Get ready to pay more for food, clothes, phones, TV, footwear
From eating out to electrical appliances, apparel, everything is going to get expensive because of an unprecedented raw material price hike. For example, international coffee prices are at 10-year high and production has been hit owing to excess rainfall in India, which is why the food product has become costlier. Similarly tomato prices are retailing at over Rs 60/kg and will remain higher for another month or so until the new harvest becomes available.
Even watching TV is set to get expensive as the country’s leading broadcasting networks Zee, Star, Sony and Viacom18 have excluded some channels from their bouquet, or the pack of channels. Because of this, people may have to spend up to 50% more to watch the same channels now. Broadcasters have hiked the prices due to the new tariff order (NTO) of the Telecom Regulatory Authority of India (TRAI).
Jio plans have also become expensive. Jio on Sunday announced a tariff hike on its unlimited prepaid plans, which went into effect from December 1. The telco, however, maintains it continues to provide the lowest tariffs despite the 20 per cent increase in tariffs. The move comes shortly after Airtel and Vodafone Idea or Vi also announced a tariff hike of up to 25 per cent in their prepaid plans. Jio will upgrade its Rs 75 plan to Rs 91 while Jio’s unlimited plan priced at Rs 149 which gives 24 days validity will be priced at Rs 179 now.
2. ITR filing deadline
The Central Board of Direct Taxation (CBDT) had extended the Income-Tax Return (ITR) filing deadline FY 2020-21 for individuals till 31 December 2021 because of the difficulties faced by taxpayers in the wake of the Covid-19 pandemic.This is the second time this financial year that the government has extended the ITR filing deadline for individuals whose accounts are not required to be audited. Earlier, due to the second wave, the ITR filing deadline was extended by two months from the usual deadline of July 31 to September 30, 2021.
3. EPF money will stop if you have not linked it with Aadhaar
If you are an employee in the corporate sector and have an account with the Employees Provident Fund Organisation (EPFO), you must link your account with your Aadhaar. The last date to link Aadhaar with UAN was November 30. “In partial modification of the Circular No. WSU/15(1)2019/ATR/529 dated 15.06.2021 under reference, it is informed that the date of completing the seeding and verification of Aadhaar with UAN, is hereby extended till 30.11.2021 and accordingly, the …….