Several personal finance-related deadlines fall in June, which salaried employees and taxpayers must meet. If one misses out, they may face repercussions, including monetary penalties, account deactivation etc.
Some deadlines are extensions from an earlier date(s). Here are the financial tasks you must complete this month:
PAN-Aadhaar linking: The last date to link the two documents is June 30, which was extended from the earlier deadline of March 31. From July 1, an individual’s PAN will become inoperative if not linked to Aadhaar.
People can, however, link these even after June 30, but will have to pay a fine of ₹1,000. Tax returns will not be processed if PAN and Aadhaar are not linked.
Higher pension under EPS: Subscribers to Employees’ Provident Fund (EPF) can opt for a higher pension on their actual salary (under Employees’ Pension Scheme), with the deadline for this being June 26, instead of the earlier May 3.
Bank locker agreement: To protect the interests of locker holders, the Reserve Bank of India (RBI) has asked banks to complete the phased renewals of new locker agreements by December 30. The central bank has directed banks to complete 50% customer enrolment by June 30, and 75% by September 30.
Free Aadhaar update: The Unique Identification Authority of India (UIDAI) has given time till June 14 for Aadhaar card holders to update their Aadhaar details online, for free. At physical Aadhaar centres, this can be done by paying ₹50 as fee.
Advance tax payment: People with estimated tax liability of more than ₹10,000 during the current financial year must pay advance tax installments during the year. This is to be done in four installments; the first (15%) is to be paid by June 15.