New rules from January 1, 2024: From SIM Cards to income tax returns (ITRs), here’s a list of changes you need to know

As the year 2023 draws to a close, the first month of the New Year is all set to bring a host of significant changes in various rules and regulations impacting the common man, ranting from SIM cards to income tax returns (ITRs).

Here’s a list of some of key changes set to come into force with effect from January 1, 2024:

1. Bank Locker Agreements

For individuals with lockers in banks, there's a crucial deadline. By December 31, they have the option to deposit funds by signing the revised bank locker agreement. Failure to do so will result in the freezing of lockers starting January 1.

2. Insurance Policy 

Starting January 1, the Insurance Regulatory and Development Authority of India (IRDAI) has mandated all insurance companies to furnish a customer information sheet to policyholders. This document aims to explain crucial insurance-related information in simple terms.

3. Insurance Trinity Project

The Insurance Trinity Project is set to launch. Comprising Insurance Sugam, Insurance Extension, and Insurance Carrier products, this project seeks to achieve diverse goals. From simplifying the purchase of products or services through Bima Sugam to offering affordable insurance protection through insurance expansion, the initiative also aims to contribute to women's empowerment through insurance carriers. The official launch of these products is expected in January or later in the new year.

4.  Income Tax Return Filing

As of January 1, taxpayers who failed to file their income tax returns for the financial year 2022-23 (AY-2023-24) will no longer have the option to file belated returns. Additionally, individuals with errors in their returns will be unable to submit revised returns. It's a crucial reminder for all taxpayers to ensure compliance with these updated regulations.

5. SIM Card Regulations

The landscape of purchasing and maintaining SIM cards is undergoing a transformation with the enactment of the new telecom bill. In a bid to curb online fraud, the government is introducing stringent rules governing the sale and purchase of SIM cards. Going forward, the digital Know Your Customer (KYC) process will be mandatory for obtaining a SIM card. Telecom companies will require customers to provide biometric data during the SIM card acquisition process. Possession of counterfeit SIM cards could lead to imprisonment of up to three years and a hefty fine of Rs 50 lakh. Additionally, SIM sellers will now be subjected to thorough verification, and bulk distribution of SIM cards will be prohibited.