Personal Finance tasks that you must complete this month

September 30 is the last date for taxpayers to file the income tax return (ITR) for FY 2020-21. The deadline was extended from its earlier usual deadline of July 31 due to the ongoing pandemic.

However, if you miss the new deadline of ITR filing, i.e., September 30, you will be liable to pay late fees of Rs 5,000. Notably, the late fee will not exceed Rs 1,000 if your total income is Rs 5 lakh or less in a financial year.

Set to be rolled from October 1, 2021, the auto-debit payments from your bank account will now require two-factor authentication. It, thus, mandates you to update your mobile number in the bank records to avoid payment errors.

The Reserve Bank of India made two-factor authentication compulsory from October 1. Now, the bank will have to send you auto-debit notification, which is usually for mutual fund SIPs, five days prior or at least 24 hours before the payment date on your mobile number.

Demat account and trading account holders have been instructed by depositories to complete their know-your-customer (KYC) formalities by September 30 this year. Failure to do so can result in the deactivation of their accounts.

The last date to link your PAN cards with Aadhaar is also September 30, 2021. Post this deadline, those PAN cards which are not linked to Aadhaar would simply become inoperative. PAN card, as we know, is required to open a bank account and even to execute other financial transactions.

From this month, employers will only be able to credit their contribution to the provident fund (PF) if their Aadhaar is duly linked to the subsequent universal account number (UAN). Without completing this process, neither employee nor employer contribution can be deposited in PF accounts.

The Employees' Provident Fund Organisation (EPFO) has recently amended Section 142 of Code of Social Security, 2020, thus making it mandatory for employers to link their Aadhar with UAN to avail services, seek benefits or to receive payments.

Hence, the month of September is crucial from the view of your personal finances. Make sure to meet the required deadlines and complete the impending paperwork to avoid any penalties or interruption in your financial schedule.