Financial matters in focus: 5 key deadlines and changes in July to keep an eye on

From the ITR submission, PAN-Aadhaar Linking to deadline extension for opting in higher EPFO pension: Five financial matters you should take care of in July.

Published on: Jul 1, 2023, 17:43:37 IST

By HT News Desk

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With multiple deadlines and significant financial changes taking place, July becomes a pivotal month to closely monitor. Here, we highlight five key factors that are reshaping the financial landscape.

All important financial updates for July month. (PTI image)

1) Income Tax Return (ITR) submission deadline: The deadline is July 31

The deadline for filing Income Tax Returns (ITR) for the financial year 2022-23, also known as the assessment year 2023-24, is quickly approaching. Individuals who generate taxable income must file their ITR before the due date. If the ITR is submitted after July 31 but before December 31, there will be a late fee of 5,000 (for income above 5 lakhs) or 1,000 (for income less than 5 lakhs).

2) PAN-Aadhaar Linking: Complete PAN-Aadhaar linking for ITR processing

The deadline for linking PAN with Aadhaar ended on June 30. However, individuals whose PAN and Aadhaar are still not linked can still file their ITR. The income tax department will process their returns only after the PAN is linked with Aadhaar. If PAN and Aadhaar are not linked, the PAN card becomes inoperative.

3) Extended opportunity for higher EPFO pension

EPFO members who joined before September 1, 2014, and missed the chance to apply for a higher pension have an extended deadline until July 11. Retirees who signed up for the higher pension option before September 1, 2014, need to validate their information within this given deadline.

4) Revised Overseas Remittance Taxation beginning October 1

The government has raised the tax on outbound remittances from 5% to 20%. This adjustment, however, will take effect on October 1. Individuals now have an extra three months to enjoy foreign travel with the existing 5% tax rate. Investors who want to invest overseas have three additional months, subject to the 5% tax on outbound remittances from India.

ALSO READ: Govt excludes overseas credit card spends from LRS

5) Increased interest rates on Small Savings Schemes

The central government has raised the interest rates on selected small savings schemes for the July-September 2023 quarter. The interest rate on the national savings certificate (NSC) has been increased by the highest margin of 70 basis points (bps) in this revision. Other schemes such as the 1- and 2-year post office time deposit and 5-year recurring deposit also witnessed an increase in interest rates.

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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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