Depositing ITR to KYC into demat account: 5 money tasks to accomplish in September
ITR Deposit To KYC Into Demat Account: 5 Money Tasks To Do In September | Photo credit: BCCL
New Delhi: September is an important month from a personal finance perspective as there are five important financial tasks that need to be completed this month. If you miss any of these deadlines, you may have to pay a penalty.
RTI filing for fiscal year 2020-21
September 30, 2021 is the last date to file an income tax return (ITR) for the 2020-2021 fiscal year for people whose accounts do not need to be audited. Remember that if the RTI is filed after the deadline has expired then you will be required to pay a late filing fee of Rs 5,000. However, the late filing fee will not exceed Rs 1,000 if the total income does not exceed Rs 5 lakh during an exercise.
This year the government launched a new portal to file the problematic RTI. Also, the portal is slow and the RTI filing process is not the same as last year. Thus, it is important to make sure that you file your RTI well in advance of the deadline to avoid technical issues that could end up delaying the process.
Automatic debit transactions
Starting next month (October 1, 2021), direct debit payments from your bank account will require two-factor authentication. It is therefore important that you have updated your mobile number in the bank’s archives. The automatic debit mandate is generally given for UCITS SIPs. The RBI made the additional authentication factor mandatory from October 1. The bank must send you a communication five days in advance and at least 24 hours before the payment date to your mobile number.
Complete the KYC in the Demat account
Investors with Demat accounts or trading accounts have been asked by custodians to complete their Know Your Customer (KYC) information by September 30. Failure to do so would result in their accounts being deactivated.
Aadhaar-PAN liaison deadline
The deadline for linking PAN cards to Aadhaar is September 30, 2021. After the deadline, all PAN cards that are not linked to Aadhaar would become inoperative. A PAN card is required to open a bank account and perform other financial transactions.
Mandatory Aadhaar-PF link
From September, employers will be able to credit their contribution to your provident account (PF) only if you have linked your Aadhaar to your universal account number (UAN). The Employee Welfare Organization (EPFO) has amended article 142 of the Social Security Code, 2020, making this link mandatory to benefit from services, apply for benefits, receive payments, etc.
PF account holders will only be able to enjoy the full range of benefits if they have linked their Aadhaar to their UAN. Without completing this linkage process, neither the employee’s nor the employer’s contribution could be deposited into the PF accounts.