1. Prepare to pay more for food, clothes, phones, TV, shoes
From eating out to appliances to clothing, everything is going to become more expensive due to an unprecedented increase in the price of raw materials. For example, international coffee prices are at their highest level in 10 years and production has been affected by excessive rain in India, making the food product more expensive. Similarly, tomato prices are retailing at over Rs 60/kg and will remain higher for another month until the new crop is available.
Even watching television will be expensive, as the country’s major television networks, Zee, Star, Sony and Viacom18 have excluded some channels from their branch, or pack of channels. Because of this, people may have to spend up to 50% more to watch the same channels now. Broadcasters have raised prices due to the new tariff order (NTO) of the Telecommunications Regulatory Authority of India (MALE).
Jio plans have also gotten expensive. Jio on Sunday announced a rate increase on its unlimited prepaid plans, which came into effect from December 1. However, the telecommunications company maintains that it continues to provide the lowest rates despite the 20 percent increase in rates. The move comes shortly after Airtel and idea of vodafone o Vi also announced a rate increase of up to 25% on their prepaid plans. Jio will upgrade its plan from Rs 75 to Rs 91, while Jio unlimited plan priced at Rs 149 giving 24 days validity will be priced at Rs 179 now.
2. ITR filing deadline
The Central Board of Direct Taxes (CBDT) had extended the deadline for filing the Income Tax Return (ITR) for fiscal year 2020-21 for individuals until December 31, 2021 due to the difficulties faced by taxpayers due to the Covid-19 pandemic. This is the second time this fiscal year that the government has extended the ITR filing deadline for people whose accounts are not required to be audited. Previously, 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 haven’t linked it with Aadhaar
If you are an employee in the corporate sector and have an account with the Employees Provident Fund Organization (EPFO), you must link your account with your Aadhaar. The last date to link Aadhaar with UAN was November 30. “In partial modification of Circular No. WSU/15(1)2019/ATR/529 dated 06.15.2021 under reference, it is reported that the date of completion of the planting and verification of Aadhaar with UAN, is hereby extended until 30.11.2021 and consequently the date in paragraph 1 of the referred Circular dated 15.06.2021 mentioned as 01.09.2021 can be read as 01.12.2021″, the EPFO said in a circular.
Also, withdrawals from your EPF account will be restricted until your UAN has been confirmed and linked to your Aadhaar number.
4. Processing fee to be charged on all EMI transactions via SBI credit card
The credit card company has said that from December 1 it will charge Rs 99 plus applicable taxes for all EMI purchase transactions made with the SBI credit card. Such charges will apply to both retail and online e-commerce transactions, such as on Amazon and Flipkart. These charges are on top of the interest charges to convert the purchase into EMI. Any transaction made before December 1, with the EMI booking made after December 1, will be exempt from this processing fee.
5. Term insurance premiums will rise
Pure protection term insurance premiums are expected to rise in the range of 25 to 45 percent due to rising reinsurance rates in the global market. Several life insurance companies have increased their premiums since the COVID-19 outbreak last year due to concerns about high mortality rates. The extent of the premium increase will vary from one insurer to another. Munich Re, the largest reinsurer in the Indian insurance market, increased its rates for underwriting portfolios of pure protection plans by up to 40 percent. The part of the increase in the reinsurance rate that each insurer will pass on will depend on the quality of the book, the loss rate, etc.
6. GNP lowers the interest rate on savings accounts
The GNP has reduced the interest rate on deposits in savings accounts by 10 basis points (bps) for account balances less than Rs 10 lakh and by 5 basis points (bps) for account balances of Rs 10 lakh and above, respectively, at 2.80 per cent per annum and 2.85 per cent per annum. These interest rates apply to both domestic and NRI savings accounts.
7. HDFC and Bajaj Finance increase rates on time deposits
Two non-bank lenders have raised their fixed deposit (FD) interest rates. HDFC FDs will offer up to 10 basis points more on holdings. For 36 months, HDFC now offers 6.1 percent and for 60 months it offers 6.5 percent. Retirees continue to earn 25 basis points more than the card rates and investors who make their fixed-term deposits online pocket an extra 10 basis points. Previously, HDFC was offering 6.05 percent and 6.4 percent fixed deposits, respectively.
Bajaj Finance has increased the interest rate by up to 30 basis points. You’ll pay 6.4 percent interest on your 24-month FD compared to 6.1 percent previously and 6.8 percent on your 36-month deposit compared to 6.5 percent previously.
8. LPG the price of the cylinder has risen in the very fast day of december
Oil trading companies have announced an increase in the prices of LPG gas cylinders. LPG prices for commercial cylinders increased by Rs 103.50 on Wednesday. The relief is that there is no increase in domestic LPG cylinders by oil companies. The price for a non-subsidized 14.2kg domestic cylinder in Delhi will be Rs 899.50 per bottle, while the new rate for a 5kg domestic cylinder is Rs 502.