Attention all taxpayers! The deadline for filing your Income Tax Return (ITR) for the financial year 2022-23 and assessment year 2023-24 is fast approaching.
Deadline Reminder: File your ITR by 31st July 2023 or face penalties
Failure to file your ITR by 31st July will result in a penalty of Rs 5,000. Don’t wait until the last minute, ensure you complete this important financial task before the deadline to avoid any unnecessary fines.
Urgent Action Required: Link your PAN with Aadhaar before it becomes inoperative
If you haven’t yet linked your Permanent Account Number (PAN) with Aadhaar, now is the time to act.
The previous deadline of 30th June 2023 has passed, and failing to link your PAN with Aadhaar means your PAN has become inoperative since 1st July 2023.
To regain its functionality and avoid any service disruptions, link your PAN with Aadhaar before the end of July.
Please note that a penalty of Rs 1,000 will be levied, and the reactivation process may take up to 30 days.
Increase in Interest Rates: Invest in Small Savings Schemes for higher returns
Great news for investors! The Central Government has raised the interest rates on small savings schemes for the July-October quarter.
The revised rates, effective from 1st July, offer an increased interest rate ranging from 0.10% to 0.30% on various schemes.
Don’t miss out on this opportunity to maximize your savings. Consider investing in these schemes and take advantage of the improved returns.
Deadline Approaching: Apply for higher pension from EPFO before 11th July
If you are eligible for a higher pension from the Employees’ Provident Fund Organization (EPFO), ensure that you submit your application by 11th July 2023.
This is the final date to apply for an increased pension amount. Don’t delay any further and secure your enhanced pension benefits by submitting your application before the deadline.
Revised Implementation Date: Changes in credit card payments abroad under LRS
Please note that the implementation date for bringing credit card payments abroad under the Liberalized Remittance Scheme (LRS) has been postponed.
Although it was initially planned for 1st July, the new implementation date is now set for 1st October.
Take note of this change and plan your international credit card payments accordingly, ensuring compliance with the revised regulations.
