E-wallets for MFs, LPG price revision, US visa update: Key financial rules/changes that come into effect from May 1

May 2023: The month of May has already begun and there are significant financial deadlines and changes that should be known by all. Here's a rundown of significant deadlines pertaining to higher pensions, E-wallets for mutual funds, advertisement codes for investment advisors, research analysts, and much more:

1. Last date to opt for a higher pension

According to the latest circular by the Ministry of Electronics and Information Technology, people who want to opt for a higher pension should do so before May 3.

The Employees’ Pension Scheme amendment of August 22, 2014, had raised the pensionable salary cap to Rs 15,000 a month from Rs 6,500 a month and allowed members along with their employers to contribute 8.33 per cent of their actual salaries (if it exceeded the cap) towards the EPS.

Employees who are eligible and want to opt for increased pension contributions must submit an application in the required form on the EPFO portal, together with the appropriate paperwork. The UAN Member e-SEWA portal (https://unifiedportal-mem.epfindia.gov.in/memberInterfacePohw/) has the link.

To know more also read: How to opt for higher pension contributions via EPFO website? Read on to find out– https://www.zeebiz.com/personal-finance/epfo/news-epfo-member-portal-che...

2. Advertisement code for investment advisers and research analysts

The Securities and Exchange Board of India (SEBI) through a circular has informed that from May 1, investment advisers and research analysts have to prominently display information, including their name registered with the regulator, logo, registration number, and complete address with telephone numbers, in their advertisements.

This information should also be there in publications, Know Your Client (KYC) forms, client agreements, statements, and in any other form of correspondence with the client.

In another circular, SEBI had also prohibited investment advisers and research analysts from issuing statements that may mislead investors as well as from using superlative terms and complex language in their advertisements.

3. E-wallets for Mutual Funds

The capital markets regulator, SEBI issued a circular on March 23, 2023, which stated that the provisions related to e-wallets for investing in mutual funds will be applicable with effect from May 1, 2023. According to the circular, e-wallets must be fully compliant with KYC norms as prescribed by the Reserve Bank of India (RBI).

4. US visa fee hike

The US Department of State has announced a $25 (Rs 2,045) increase in student visa fees, which will take effect on May 30. The student visa price will rise to $185 (Rs 15,135) from $160 (Rs 13,090) presently. According to the current USD/INR exchange rate, Indian students will have to spend more than Rs 15,000 in student visa fees after being admitted to a US university.

5. New GST rule

Businesses having a turnover of 100 crore or more must now transmit their electronic invoices to the Invoice Registration Portal (IRP) within 7 days of the invoice's issuance, according to GST Network.

6. LPG prices

The price of 14.2 kg domestic liquefied petroleum gas (LPG) — or domestic cooking gas — was increased by Rs 50 per cylinder in New Delhi, with effect from Monday, May 1. Petroleum and oil marketing companies have slashed the price of Commercial LPG cylinders by Rs 171.50 with immediate effect, according to sources on Monday. The latest retail price of a 19 kg LPG cylinder in Delhi now stands at Rs 1,856.50

Further here is a list of important dates for Income Tax Return (ITR)

May 7 2023 -

​Due date for deposit of Tax deducted/collected for the month of April 2023.

May 15 2023 -

​-Due date for issue of TDS Certificate for tax deducted under section 194-IA, 194-IB, 194M, 194S in the month of March, 2023

-​Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of April, 2023 has been paid without the production of a challan.

-​Quarterly statement of TCS deposited for the quarter ending March 31, 2023.

-Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes have been modified after registering in the system for the month of April 2023.

May 30 2023 -

-​Submission of a statement (in Form No. 49C) by a non-resident having a liaison office in India for the financial year 2022-23

-Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of April 2023​

-​Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194M in the month of April 2023​

-Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of April, 2023

-Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194S in the month of April, 2023

​-​Issue of TCS certificates for the 4th Quarter of the Financial Year 2022-23

May 31 2023 

​-Quarterly statement of TDS deposited for the quarter ending March 31, 2023

-​Return of tax deduction from contributions paid by the trustees of an approved superannuation fund​

-​Due date for furnishing of statement of financial transaction (in Form No. 61A) as required to be furnished under sub-section (1) of section 285BA of the Act with respect to financial year 2022-23

-​Due date for e-filing of annual statement of reportable accounts as required to be furnished under section 285BA(1)(k) (in Form No. 61B) for the calendar year 2022 by reporting financial institutions

​-Application for allotment of PAN in case of a non-individual resident person, which enters into a financial transaction of Rs. 2,50,000 or more during FY 2022-23 and hasn't been allotted any PAN

-​Application for allotment of PAN in case of a person being managing director, director, partner, trustee, author, founder, karta, chief executive officer, principal officer or office bearer of the person referred to in Rule 114(3)(v) or any person competent to act on behalf of the person referred to in Rule 114(3)(v) and who hasn't allotted any PAN​

-​Application in Form 9A for exercising the option available under Explanation to section 11(1) to apply the income of the previous year in the next year or in future (if the assessee is required to submit a return of income on or before July 31, 2023)

​-Statement in Form No. 10 to be furnished to accumulate income for future application under section 10(21) or section 11(1) (if the assessee is required to submit a return of income on or before July 31, 2023)​

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