India is set to roll out several financial rule changes on December 1, impacting millions of citizens across the country, with key deadlines expiring just hours before on November 30. The changes will affect household budgets, pensions, and tax compliance, making the next two days critical for government employees, pensioners, and taxpayers alike.
Critical Deadlines Expire November 30
Central government employees and pensioners face two crucial November 30 deadlines that could disrupt their benefits if missed. Eligible National Pension System (NPS) subscribers must decide whether to switch to the newly-introduced Unified Pension Scheme (UPS) by submitting applications through the Central Recordkeeping Agency portal or to their nodal offices by Friday evening. The Finance Ministry notified the UPS in January 2025 and extended the original September deadline to November 30 following tepid response rates.
Pensioners face an equally pressing deadline to submit their annual Life Certificate, or Jeevan Pramaan Patra, by November 30 to avoid pension payment suspensions. According to NDTV Profit, failure to submit the certificate will result in temporary pension stoppage, with payments resuming only after submission. The certificate confirms the pensioner is alive and eligible to receive benefits, and can be filed digitally through the Jeevan Pramaan app or in person at banks and post offices.
Taxpayers also confront multiple November 30 deadlines. Those engaged in international or specified domestic transactions must file Transfer Pricing Reports under Section 92E in Form 3CEB, while TDS statements covering sections 194-IA, 194-IB, 194M, and 194S are due. Additionally, constituent entities of international groups must submit Form 3CEAA for the 2024-25 accounting year.
Price Revisions Expected December 1
Oil companies will announce revised LPG cylinder prices on December 1, as they do on the first day of every month. Commercial LPG prices were reduced by Rs 6.50 per 19-kg cylinder on November 1, but domestic cooking gas rates have remained unchanged at Rs 852.50 for a 14.2-kg cylinder in Mumbai since April 2025. Whether households receive relief or face higher costs depends on global market trends and the rupee’s value.
Aviation Turbine Fuel (ATF) prices will also be revised December 1. ATF accounts for approximately 40% of airlines’ operational costs, meaning any price increase could lead to higher airfares during the December travel season. According to India Today, the price adjustments affect both domestic and international travelers.