A number of financial tasks need to be completed before the end of June. Failing to do so can result in the stoppage of certain services temporarily until you pay a fine and complete the particular task. Let’s have a look.
New Delhi: The month of June is significant as several financial tasks ranging from PAN-Aadhaar linking to applying for a higher EPF pension need to be completed in June 2023. If you miss the deadlines for submission of these tasks, you may have to pay penalties or face other consequences.
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PAN-Aadhaar linking
Your permanent account number (PAN) should be linked with your Aadhaar card by 30 June 2023, as mandated by the Income Tax department. The deadline for the linkage was extended multiple times by the authorities, and the last extension to June 30 happened on March 31 this year. A fine of Rs 1,000 will be levied on people who do the same before the deadline.
The Income Tax department has made it mandatory to link a permanent account number (PAN) with Aadhaar by June 30, 2023. While the deadline to link the two without any fine has ended, taxpayers can do the same by paying a fine of Rs 1,000.
Apart from other consequences, your income tax return filing will not be processed by the I-T department unless you PAN and Aadhaar cards are linked. However, you will be able to file income tax returns without linking the two.
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Applying for Higher EPF Pension
The Employees Provident Fund Organisation (EPFO) has allowed its subscribers to go beyond the pensionable salary capped at Rs 15,000 per month on which employers deduct a sum equal to 8.33 per cent of the ‘actual basic salary’ towards pension under the Employees Pension Scheme (EPS), thus ensuring larger accumulation towards pension over their work life.
The EPFO has set the deadline for subscribers to opt for higher pensions as 26 June 2023.
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Bank locker agreement
Banks across the nation have been mandated by the Reserve Bank of India (RBI) to complete the phased renewal of new locker agreements by 31 December 2023. However, banks will have to follow the milestones of 50 per cent enrollments by 30 June 2023, and 75 per cent by 30 September 2023.
Free Aadhaar update
The Unique Identification Authority of India (UIDAI) has made document update facility for Aadhaar free till June 14, 2023. However, this service is free only on myAadhaar portal and attracts a fee of Rs 50 at physical Aadhaar centres.
