Major financial rule changes coming into effect from December 1

MUMBAI: From pensions to gas cylinders and tax filings, 1 December will usher in a fresh set of financial rules and price resets that touch almost every household. With the 30 November deadline looming large, taxpayers, pensioners and government staff need to tick off critical compliance tasks to avoid penalties and service disruptions.

Government staff rush to enrol in the new pension scheme

Central government employees have until 30 November to opt into the Unified Pension Scheme (UPS). Those shifting from NPS must submit their choice either online through the CRA portal or via their nodal officers. Miss the deadline, and the window closes — at least for now.

Pensioners must verify life certificate

Pensioners are required to submit their annual life certificate by 30 November to keep monthly payouts flowing. Verification can be done online through the Jeevan Pramaan platform or physically at banks and post offices. Skip the formality, and pensions will be paused until proof of life is updated.

Tax filings to beat the buzzer

High-value transaction tax deductions made in October come with reporting deadlines this week. These include TDS filings under Sections 194-IA, 194-IB, 194M and 194S.

Companies under transfer-pricing rules must file their compliance report under Section 92E by 30 November. Multinational groups with Indian entities are also expected to file Form 3CEAA before the cut-off.

Ignore the deadlines, and taxpayers may face penalties or unwelcome notices.

Gas prices reset from 1 December

LPG cylinders will see a price revision on 1 December, linked to international benchmarks and currency movements. After a cut on commercial cylinders last month, domestic consumers are watching closely — the update could either ease or squeeze already-tight household budgets.

Airlines brace for ATF rate shift

Aviation turbine fuel (ATF) rates will also be refreshed on 1 December. Even a small bump could push up airline operating costs, raising the risk of costlier tickets right as the holiday travel rush kicks in.

Tick the boxes now — before December bites