Four financial tasks you should do before September 30 deadline
The month of September is important from a personal finance point of view. There are some money tasks that must be completed this month. So, this piece of news will be very handy and a reminder for most of us as we tend to keep things for the last minute and end up forgetting them. In case you miss some of these deadlines, you may end up paying a penalty.
Income Tax Return (ITR) filing deadline September 30
For all those of you waiting for the last minute to file your ITR, do it now as only 21 days left for the deadline. 30 September 2021 is the last date to file an income tax return (ITR) for FY 2020-21 for individuals. Amid the Covid-19 pandemic, the deadline was extended from its earlier usual deadline of 31 July. If you miss the 30 September deadline of ITR filing then you will be liable to pay late fees of ₹5,000. However, the late fee will not exceed ₹1,000 if the total income does not exceed ₹5 lakh in a financial year.
Aadhaar-PAN linking deadline September 30
After the deadline ends, all the PAN cards which are not linked to Aadhaar would become inoperative. The last date to link PAN cards with Aadhaar is 30 September 2021. A PAN card is mandatory for opening a bank account and carrying out other financial transactions. The country's top lender State Bank of India (SBI) has been reminding the accountholders to do the same otherwise they will face difficulty enjoying a seamless banking service.
Complete KYC in Demat account
Investors with Demat accounts or trading accounts have been advised by depositories to complete their know-your-customer (KYC) details by September 30. Failure to do so would result in the deactivation of their accounts.
Auto debit transactions
If you have recently changed your mobile number and have not updated the same with the bank, do it now as it is important that your updated mobile number is in the bank's records. Starting from next month (1 October 2021), auto-debit payments from your bank account will require two-factor authentication. The RBI has made the additional factor of authentication mandatory from 1 October. The auto-debit mandate is usually given for mutual fund SIPs.