BackFrom PAN-Aadhaar linking to advance tax payment, check key personal finance deadlines in June 2023
2 min read
04 Jun 2023, 10:09 AM IST
From Aadhaar-PAN linking to applying for higher EPF pension, many of these important financial tasks need to be completed within this month to avoid unnecessary consequences.
PremiumSeveral important personal finance deadlines fall in June 2023 which are significant for salaried employees and taxpayers. From Aadhaar-PAN linking to applying for higher EPF pension, many of these important financial tasks need to be completed within this month to avoid unnecessary consequences. The deadlines for some of these tasks have been extended after their previous dates expired. Missing on these important dates would result in monetary penalties, account deactivation, and other such repercussions.
Here is a list of the important financial deadlines coming up this month:
- PAN-Aadhaar linking: The Income Tax (I-T) department has made it mandatory to link permanent account number (PAN) with Aadhaar by June 30, 2023, from the earlier deadline of March 31. From July 1, an individual’s PAN will become inoperative if it is not linked to Aadhaar.
PAN can be linked to Aadhaar through the National Securities Depository Limited (NSDL) portal by paying the amount under Challan No. ITNS 280 with Major head 0021 (Income Tax Other than Companies) and Minor head 500 (Other Receipts).
Upon missing the June 30 deadline, individuals will still have option to link PAN with Aadhaar, by paying a fine of ₹1,000. The I-T department will not process tax returns until PAN and Aadhaar are linked.
Read all personal finance stories here - Apply for higher pension under EPF: The deadline for subscribers to opt for higher pensions is set as June 26, 2023. Subscribers to the Employee Provident Fund (EPF) can now contribute more towards their pension beyond the pensionable salary limit of ₹15,000 per month - on which employers deduct a sum equal to 8.33 per cent of the ‘actual basic salary’.
The higher pension under EPF means that an employee and an employer can together request the EPFO to deduct 8.33 per cent of the higher monthly basic salary - which allows for a larger accumulation of pension fund towards the course of working years. - Bank locker agreement: The Reserve Bank of India (RBI) has set the deadline for banks to complete the phased renewal of new locker agreements by December 31, 2023 with intermediate milestones of 50 per cent by June 30 and 75 per cent by September 30, 2023.
Banks are required to prepare the locker agreement on stamp paper and are responsible for providing the stamp paper at no cost to the customers. The revised agreement is designed to protect the interests of locker holders. The RBI now expects banks to achieve 50 per cent enrollment by June 30, and 75 per cent enrollment by September 30. - Free Aadhaar update: The Unique Identification Authority of India (UIDAI) has offered Aadhaar card holders to update Aadhaar details online for free till June 14, 2023. The service is free only on my Aadhaar portal and attracts a fee of ₹50 at the physical Aadhaar centres. Details such as change of address etc., can be done through the my Aadhaar portal free of cost till June 14 by submitting valid of identity and other relevant documents.
- Payment of Advance Tax: The self-employed professionals, salaried employees, and businesses whose estimated tax liability for the financial year exceeds ₹10,000 are required to pay advance tax in installments during the year. For the salaried employees, the employer will deduct the required taxes and they do not need to pay advance tax, in case they do not have other source of income. The advance tax has to be paid in four installments - and the first installment of 15 per cent, should be paid by June 15, 2023.
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Published: 03 Jun 2023, 05:19 PM IST
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