It is always good to be well-prepared, especially when it comes to matters of money. The deadline for PAN-Aadhaar linking is ending next month. If you fail to link your PAN card with your Aadhaar, your PAN would become inoperative from next month. There are several financial tasks like, higher EPS pension, free Aadhaar update, etc. that needs to be completed in June.
After giving a series of extensions to the Aadhaar-PAN linking deadline, the Income Tax Department set 30 June 2023 as the new deadline for seeding the two important documents. The date for linking PAN and Aadhaar has been extended to 30th June 2023 by the Central Board of Direct Taxes (CBDT), whereby persons can intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking without facing repercussions. Notification to this effect is being issued separately.
If a taxpayer fails to do so by 30 June, his/her PAN will become inoperative, which means you will not be able to file income tax returns, perform several banking services, or carry out stock market transactions. With effect from July 1, 2023, the Central Board of Direct Taxes (CBDT)’s Circular No. 03 of 2023, dated March 28, 2023, details the ramifications of not linking PAN and Aadhar.
Higher EPS pension deadline
The Employees’ Provident Fund Organisation (EPFO) has extended the deadline to apply for a higher pension from the Employees’ Pension Scheme (EPS) to June 26, 2023, from May 3, 2023. The announcement for an extension for the new deadline was made on May 2, 2023.
Update Aadhaar card details online for free
The Unique Identification Authority of India (UIDAI) has made online updation of Aadhar documents free till June 14, 2023. Usually, it costs a fee of ₹50 to update the Aadhaar details. However, till 14 June, updating demographic details online via UIDAI’s official website will be free of cost. The service is free only on the My Aadhaar portal and will continue to attract a fee of ₹50 at physical Aadhaar centres.
Bank locker agreement deadline
The Reserve Bank of India (RBI) extended the deadline for banks to finish the phased renewal of locker agreements by December 31, 2023. The central bank directed banks to notify all customers of the requirements by 30 April and ensure 50% and 75% of existing customers execute the revised agreement by 30 June and 30 September, respectively.
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