The month of June brings a set of crucial tasks that must be completed by the 30th of this month.
Neglecting these tasks can lead to significant problems, including potential financial losses. It is vital to handle these responsibilities promptly and avoid delays.
The tasks include linking your Aadhaar card with PAN card (Aadhaar-PAN Link), updating your Aadhaar card for free (Free Aadhaar Card Update), and selecting a higher pension option.
Don’t Wait until the Last Date
Don’t wait until the deadline of 30th June to address your Aadhaar-related matters. Failing to link your Aadhaar with PAN and failing to pay advance tax can have adverse effects on your financial situation.
Furthermore, the deadline to choose a higher pension option has been extended multiple times by the Employees’ Provident Fund Organization, and it is unlikely to be extended again.
Therefore, it is advisable to complete these important tasks without delay, rather than waiting until the last date.
Aadhaar-PAN Link
The last date to link your Aadhaar card with PAN card (Aadhaar-PAN Linking) is 30th June 2023.
This is a mandatory requirement imposed by the Income Tax Department. Failure to comply will render your PAN card useless, essentially becoming invalid.
Additionally, using an invalid PAN card for any purpose may result in a fine of Rs 10,000.
Aadhaar Update
The Unique Identification Authority of India (UIDAI) has allowed users to update their Aadhaar cards free of charge until June 14th.
If you haven’t updated your Aadhaar card yet, you still have the opportunity to do so for free by visiting the My Aadhaar Portal.
However, please note that updating information at an Aadhaar center may incur charges.
Higher Pension Option
Among the important tasks for this month, EPF subscribers should pay close attention to a critical responsibility.
The EPFO has set the deadline for applying for a higher pension as June 26th, 2023. Initially, the deadline was May 3rd but was subsequently extended.
Advance Tax Payment
If your business or job profession incurs a tax liability exceeding Rs 10,000, June is an essential month for you.
It is crucial to make Advance Tax Payments as required. Failure to do so will result in an interest charge of 3% on the first three installments and 1% on the final installment, calculated on the total advance tax amount.
These penalties are enforced under sections 23B and 24C of the Income Tax Act. Advance tax payment should be made in four installments,
with the last date for the payment of the first installment being June 15th, 2023.
