Highlights
- Keep a list of your personal finance tasks and finish them as soon as possible
- Be sure to not miss the deadlines so that you can avoid penalties
- Keep your priorities and goals in order so that you do not end up missing tasks.
The month of September calls for crucial tasks related to personal finance to be completed. There are usually many deadlines in the month of September, which if not fulfilled, may result in heavy penalties. Completing the important personal finance tasks in September will exempt you from paying unnecessary fines and save you from losses. Here is a list of personal finance tasks you need to complete in the month of September.
Personal Finance Tasks To Be Completed In September
1. ITR Filing Deadline
ITR or Income Tax Return filing was extended from 31 July 2021 to September 30, 2021. A lot of irregularities were seen on the Income Tax portal in the last few days, and the chartered accountants are expecting a further extension in the deadline. However, you must not risk it. Do not wait for further extension and file income tax immediately to complete this personal finance task.
2. PAN And Aadhaar Linking
Getting your PAN and Aadhaar linked is one of the very important steps to undertake. Get them linked immediately as the last date of linking PAN cards with Aadhaar has been extended to 30th September. If your PAN card and Aadhaar aren’t linked till that date, your PAN will be invalid. Financial transactions can’t be conducted if this happens. You may be liable to pay a late fee of up to Rs 1000 if you don’t do this before the given date.
3. EPF And Aadhaar Card Linking
The new rules of the Employees’ Provident Organization have stated that each of their account holders needs to link the PF account with their Aadhaar card. This new rule came to effect on 1st September 2021. This new rule has made it clear that it is mandatory to link your PF with an Aadhaar card. The amount coming into your PF account may be stopped if your account is not linked to your Aadhaar Card. EPFO decided to link the PF to the Aadhaar Card in 2020, under Social Security Code.
4. Update KYC In Demat Account
It has been announced by the Securities and Exchange Board of India (SEBI) that the end date for updating the details of KYC in Demat accounts is 30th September 2021. The date got extended from 31st July 2021. The Demat account holders need to update the details like their name, Email ID, address, PAN, mobile number, etc. Your account is at risk of getting deactivated if you don’t update the details in your trading and Demat account. Your Demat account will only be activated after your KYC details are updated.
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5. Update Mobile Number In Bank Accounts
The Reserve Bank of India or the RBI has decided to introduce an additional authentication factor and it is mandatory after September 30.
Starting from October 1, the bank will be sending you a communication message five days or at least 24 hours prior to the payment date, and this message will be sent to your mobile number. You will get a reminder about your upcoming payment that would be scheduled in the future. You will also be given the option to opt out of paying or to change the payment amount. If you have an inactive mobile number, the bank will not authenticate your transaction and the amount will not get debited from your account.
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Final Words
All the above personal finance tasks should be prioritized in the month of September as any delay might lead to heavy penalties and invalidity of account. Hence, it is better to make sure you have completed all your personal finance tasks before the deadline.
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