Income Tax, Aadhaar Card to DMAT:5 Financial deadlines of September

Heading to the month of September 2021, There are some deadlines that people need to be aware of which relate to the monetary concerts and rules regarding them. With Income tax filing which is indeed a menace created by the new website and the deadline for aadhaar card linking is also appearing close, we take a look at 5 important deadlines that are arriving in this September. 

Income Tax Return filing Extension

For individual taxpayers, the government has extended the deadline for ITR filing. After facing several setbacks and issues with the new website portal for the filing, the action was taken to rectify the issues along with extending the deadline for the e-filing. The new deadline is announced as 30th September 2021. A fine of 5000 rupees is also announced for not adhering to the deadline but it will be reduced to 1000 if the salary of the financial year is less than 500000 rupees. 

Aadhaar-PAN linking Deadline

The last date to link your aadhaar card to your Pan card is also set as 30th September 2021. The pandemic forced the Central Board of Direct Taxes to extend the deadlines of several things. Initially, July 1, 2017, was the final date to link Aadhaar with Pan according to section 139AA of the Income Tax Act. However, it is important to link the two before the deadline or you might have your Pan Card invalid. 

Aadhaar-PF linking Deadline

From September 1, aadhaar linking with the universal account number (UAN)  is mandatory for the contribution of employees and employers to the PF. It became mandatory after the Employee’s Provident Fund Organisation amended section 142 of the Code of Social Security, 2020. Making the liking is necessary for all the services and functions.

KYC Details for Demat Accounts

People with Demat or trading accounts need to fill out their “know-your-customer”(KYC) details. The deadline for this is also set as September 30th. The Demat account will be deactivated if failed to update details before the deadline.

Auto-Debit Transactions Deadline

Effective from October 1st, You need a two-factor authentication process to be completed for any auto-debit payments that are initiated from your bank account. Make sure your phone number is properly updated with your bank account.

In normal cases, the auto-debit mandate is given for Mutual fund SIPs only, but in this case, the Reserve Bank of India (RBI) has made it a mandatory process for everyone starting next month. According to the new change, the bank will be sending its customers a communication at least five days in advance. It will also issue a communication through the aforementioned registered mobile number  24 hours ahead of the payment date.

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