New Delhi: As the new month has begun, people would see several money-related changes, such as revised bank rules, approaching deadlines, tax-related amendments, etc.
To prepare your finances and make the required arrangements, it is important to go through all the financial rules and revisions that would come up throughout the month.
Life certificate submission
Retirees who draw their pension from the state or central government have to submit a life certificate to continue receiving it.
Pensioners who are below 80 years of age can start submitting their life certificates, also known as Jeevan Pramaan, from November 01, whereas those who are 80 years of age or more have already been submitting them since October 01. They may continue submitting the certificate.
The pensioners are required to submit the certificate by November 30, failing which their pension may be stalled.
The Central Board of Direct Taxes (CBDT) extended the deadline for filing Income Tax Returns (ITR) for taxpayers who require their accounts to be audited for Assessment Year 2026-27 from October 31 to November 21.
Taxpayers with business or professional income who submitted their tax audit reports by the deadline of October 21, 2026, are eligible to file their ITR by the due date.
If the total sales, turnover, or gross receipts of a taxpayer's business exceed Rs 1 crore, a tax audit becomes mandatory. However, the threshold rises to Rs 10 crore if cash transactions account for no more than 5 per cent of the total. For professionals, the limit is Rs 50 lakh. Also, if a professional declares profits lower than 50 per cent under Section 44ADA but their total income exceeds the basic exemption limit, a tax audit is required.
Certain provisions pertaining to Section 15(3)(b) of the Central Goods and Services Tax Act have been amended by the Government. The revised provisions would be applicable from November 01, 2026.
Under the previous rules, businesses could claim post-supply discounts to reduce the taxable value if the agreement pertaining to the discount was made at or before the time of supply. Also, the discount had to be linked to particular invoices.
As per the amendments, these conditions have been removed, though the recipient must reverse the Input Tax Credit attributable to the discount.
From November 01, customers holding Indus Delite, Indus Digi-start, Indus Online-Min Bal Required, and Indie Star, Superstar, and Megastar savings accounts would be charged for certain failed transactions.
Moreover, transactions that fail at Point of Sale (POS) due to insufficient funds would attract a charge of Rs 25. Earlier, there was no charge for this.
Transactions that fail at IndusInd Bank ATMs would also incur a charge of Rs 25, which was earlier zero.
Cheques bounced for reasons other than financial would lead to a charge of Rs 50 per cheque.
PNB has revised charges on Visa and RuPay credit cards from November 1.
Credit card cash withdrawals at Punjab National Bank ATMs would attract a fee equal to 2.5 per cent of the amount withdrawn or Rs 400, whichever is higher. At other domestic ATMs, the fee would be 2.5 per cent of the amount or Rs 500, whichever is higher.
Moreover, no dues of Rs 500 or less would attract a late payment charge. The limit earlier was Rs 1,000. A maximum charge of Rs 1,200 would be applicable on late payments of dues over Rs 50,000.
Also, if utility bill payments exceed Rs 50,000, a fee of 1 per cent would be charged, subject to a maximum charge of ₹2,000 per transaction.
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