- Four financial tasks you need to complete by September 30
- You could end up paying a penalty if these tasks are not completed
- Income Tax Return (ITR) filing deadline September 30
The month of September holds high significance from the finance point of view. There are some money related tasks which must be completed this month. Hence, this piece of information will be very handy and also work as 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.
1. Income Tax Return (ITR) filing deadline September 30
All of those who are waiting for the last minute to file their ITR, do it now as only 21 days are left until the deadline. 30th September 2021 is the last date to file an Income Tax Return (ITR) for FY 2020-21 for individuals.
Amidst the COVID-19 pandemic, the deadline was extended from its earlier usual deadline of 31 July.
In case you miss the 30th 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.
Once the deadline ends, all the PAN cards which have not been linked with the Aadhaar would become inoperative. The last date to link your PAN card with Aadhaar is the 30th of 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 its account holders to do the same otherwise they will face difficulty enjoying a seamless banking service.
You can check the Aadhaar-PAN link status here: https://www.pan.utiitsl.com/panaadhaarlink/forms/pan.html/panaadhaar
3. Auto debit transactions
If for any reason you have recently changed your mobile number and have not updated the same with the bank, do it now as it is of paramount importance that your updated mobile number is in the bank’s records.
Starting from next month i.e. 1st October 2021, all auto-debit payments from your bank account will require two-factor authentication.
The RBI has made it mandatory for the bank to add the additional factor of authentication from the 1st of October.
The auto-debit mandate is usually given for mutual fund SIPs.
4. Complete KYC in Demat account
Investors with the Demat accounts or trading accounts have been advised by the depositories to complete their Know-Your-Customer (KYC) details by September 30.
If a user fails to do so, it would result in the deactivation of their accounts.