From ITR filing to credit cards: Key money changes from September 1

From taxes to pensions and credit cards, here are the September rule changes that could affect your wallet

As September begins, a set of new rules around taxation, pensions, postal services, credit cards, and fixed deposits come into effect, which directly affect your personal finances. Here is a list of deadlines you cannot afford to miss.

 

ITR filing deadline extended

 

The Income Tax Department has extended the last date for filing income tax returns (ITR) for those not requiring an audit. Instead of the usual July 31 deadline, taxpayers now have until September 15. For those whose accounts require auditing, the due date remains October 31.

 

Unified Pension Scheme (UPS)

 

Central government employees under the National Pension System (NPS) have until September 30 to switch to the new Unified Pension Scheme (UPS). The government extended this window from the earlier deadline of June 30, after limited enrolments. The UPS is designed as an alternative to the NPS for central staff. 

 

 

Aadhaar update window closes soon

 

The Unique Identification Authority of India (UIDAI) has allowed free updates of Aadhaar demographic details online until September 14. Citizens can log in to the UIDAI website and upload valid ID and address proof documents. Updating ensures the information remains accurate for essential services.

 

Postal changes: Registered Post merges into Speed Post

 

From September 1, India Post has merged its domestic Registered Post service with Speed Post. This means that any registered post within the country will now be delivered through Speed Post, streamlining the system.

 

Credit card rule revisions

 

Credit card users need to take note of fresh restrictions:

 

·  SBI Card has revised its reward points policy from September 1. Spends on digital gaming platforms and government websites will no longer earn reward points on select SBI cards.

 

·  Customers under SBI’s Card Protection Plan (CPP) will be shifted to new variants from September 16, with renewal charges revised to Rs 999 (classic),  Rs 1,499 (premium), and Rs 1,999 (platinum).

 

Special FD schemes near deadline

 

Banks are currently offering limited-period special tenor fixed deposits (FDs):

 

·  Indian Bank: 444-day and 555-day deposits open until September 30.

 

·  IDBI Bank: 444-day, 555-day, and 700-day deposits also available until September 30.

 

Why does it matter?

 

These deadlines and regulatory changes have implications for taxes, pensions, savings, and even day-to-day spending. Missing them could cost taxpayers penalties, central staff retirement benefits, or higher service charges. Staying updated ensures you don’t lose out on benefits or face avoidable expenses.