The Buyt Desk
September is a crucial month for finishing a number of personal finance-related work. Many crucial deadlines are knocking at your door. If you miss these deadlines you will end up paying a hefty penalty. Let’s have a look at 5 things that you must take care of in the month of September-
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File Your Income Tax Return
Due to the second wave of COVID 19 the last date of filing Income Tax Return was extended from 31st July to 30th September 2021. You need to file your IT return for the financial year 2020-21 by 30th September. Though the new Income Tax portal is not functioning properly and it may just happen that the return deadline could be extended further. But all this is hypothetical till there is an official announcement and till then you should focus on the 30th September deadline and file your return. If you don’t file your Income Tax Return by the given deadline you will have to pay interest on due tax plus a late fee of Rs 5000. This fee would be Rs 1000 if your taxable income does not exceed Rs 5 Lakhs.
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Link your PAN and Aadhar
Your PAN card is a very important financial identification number. You must link your PAN with your Aadhar or after 30th September your PAN will be inoperative. PAN is required at many places such as opening a bank account, making investments, filing your return and if you make a purchase of more than Rs 50,000. An inoperative PAN will make your life difficult and that’s why you must finish this work in the month of September.
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Link your EPF and Aadhar
EPFO wants all its subscribers/members to link their Universal Account Number (UAN) with their Aadhar for transparency. If you fail to do so by 1st September there will not be any penalty but you will lose money. Payment to PF will stop and so will be the interest until you link the account with your Aadhar.
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Complete Know Your Customer(KYC) formalities of Demat Account
If you do not complete this important work by 30th September 2021 your Demat account will be deactivated. The earlier deadline for the KYC updation of Demat was 31sit July. The Market Regulator SEBI extended this deadline due to the COVID-19 second wave. Every Demat account holder must ensure that all his/her personal details such as name, address, phone number, PAN, email id, bank details are updated.
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Update Your phone number with your bank
You must update your phone number with your bank at the earliest. From 1st October the recurring payment from any third party merchant will need to be authenticated by the customer himself/herself via an OTP. The merchants will not be able to auto-debit any amount from your bank account till you give them approval.
Get ready to embrace these changes as all these steps are aimed at making all your financial transactions safe, secure and transparent.
