November 1 Brings Key Financial Deadlines and Gold Purity Updates

November 1 marks the beginning of several financial changes and deadlines that could impact ordinary savers and taxpayers, according to Livemint Money. Central and state government employees receiving pensions are required to submit their annual ‘Life Certificate’ (LC) by November-end. This can be done physically at a bank branch, digitally using the Jeevan Praaman Patra facility with Aadhaar identification, or through the Postal Department's doorstep service. All processes are free, but failure to submit the LC could delay or disrupt pension payments from December onwards. For pensioners aged over 80 years, the submission process began October 1, while for other retirees, it commenced November 1, with a universal deadline of November 30.

The Central Board of Direct Taxes (CBDT) has extended the income-tax returns deadline for taxpayers filing audited ITR for FY26 (assessment year AY27) from October 31 to November 21, 2026. This extension applies to taxpayers with income from business or professional services who are required to submit an audit report, as well as companies whose accounts are audited under company law. For businesses, a tax audit is typically required if total sales, annual turnover, or gross receipts exceed ₹1 crore in a financial year, a threshold that rises to ₹10 crore if cash receipts and payments are less than 5% of total. Professionals generally face a tax audit threshold of ₹50 lakh in gross receipts. Salaried taxpayers are not affected by this specific deadline, as their ITR-1 and ITR-2 filings were due by July 31, with belated or delayed returns possible until December 31, 2026, though with applicable late fees.

In banking news, the Cabinet Committee on Economic Affairs (CCEA) approved the sale of a 60.72% stake in IDBI Bank to Canada-based Fairfax on October 14. This transaction is considered a merger, not a dissolution, meaning customer bank accounts, fixed deposits, recurring deposits, direct benefit transfers (DBT), and loans will continue as before. The deal is currently awaiting clearance from the Reserve Bank of India (RBI).

For those purchasing gold during the festive season, verifying jewellery purity is now more streamlined with the six-digit Hallmark Unique Identification (HUID) code. This alphanumeric code is stamped on every BIS-hallmarked gold jewellery piece and allows buyers to verify authenticity and purity via the BIS Care mobile app or online portal. Introduced in 2021, the BIS hallmark now mandatorily includes the BIS logo, fineness and karatage, and the HUID code. This mandatory hallmarking for gold in India aims to protect consumers from fraud and enhance trust in the gold market.

Editor's note: The article accurately and comprehensively covers all financial deadlines and updates provided in the source material.