From PAN-Aadhaar linking to EPS higher pension, key financial deadlines in June 2023

As the month of June begins, there are many financial deadlines and changes that will come into effect. From the deadline to link Aadhaar and PAN cards to changes announced by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI), several will come into effect this month. 

PAN- Aadhaar card linking 

In order to provide some more time to the taxpayers, the date for linking PAN and Aadhaar was extended to June 30, 2023. As per the notification by the government, from July 1, 2023, the PAN of taxpayers who have failed to intimate their Aadhaar will become inoperative and the consequences during the period that PAN remains inoperative will be as follows: (i) no refund shall be made against such PANs; (ii) interest shall not be payable on such refund for the period during which PAN remains inoperative; and (iii) TDS and TCS shall be deducted /collected at a higher rate, as provided in the Act.

Free Aadhaar update

People who want to update their details on the Aadhaar card for free should do so before June 14, 2023, as after that one will have to visit physical Aadhar centres and also have to pay a charge of Rs 50 for document upgrades. One can utilise the myAadhaar portal to update Aadhaar papers.

RBI locker agreement

RBI has asked the banks to update their locker agreement with existing locker customers. According to the RBI circular, banks are advised to notify all their customers of the revised requirements by April 30, 2023, and ensure that at least 50 per cent and 75 per cent of their existing customers have executed the revised agreements by June 30 and September 30, 2023, respectively. 

EPFO higher pension 

Eligible people who want to opt for a higher pension under the Employees Provident Scheme (EPS) can do so till June 26, 2023. Earlier, the last date for opting for a higher pension was May 3, 2023. Both the employee and the employer can jointly request the EPFO to deduct 8.33 per cent of the higher monthly basic salary.

Advance tax payment 

Salaried people, self-employed professionals, and corporations whose estimated tax exceeds Rs 10,000 in a fiscal year must pay advance tax in installments. If you are a salaried employee, your company will deduct the necessary taxes, and you will not be obliged to pay advance tax. The advance tax must be paid in four payments, with the first installment of 15 per cent due by June 15.

Mutual Funds in the name of minor 

In order to make mutual funds transactions easy for minors, SEBI has released a circular, according to which payment for investment in mutual funds by any mode shall be accepted from the bank account of the minor, parent or legal guardian of the minor, or from a joint account of the minor with a parent or legal guardian.

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