Greeting To Our Readers! 

September 2021, is an important month of the year from the financial perspective as few important financial tasks must be completed by every individual/investor. If they fail to complete these tasks, before the due date, they may end up paying a penalty!

Let us know in detail about these important financial tasks to be before September 2021 ends.

Link Your Aadhar To Your PAN Asap……….

Have you linked your Aadhar with your Pan? If yes, no worries, but if no, do it asap before September 30, 2021. You must know that if you fail to do the same on time, then your Aadhar will be declared inoperative after the deadline ends.

Ultimately, you won’t be able to make any financial transaction if your PAN is not linked to your Aadhaar.

A PAN card is mandatory for opening a bank account, buying mutual funds or shares, and even making cash transactions of over Rs 50,000. Financial institutions ask for PAN from their existing customers periodically for KYC purposes. If PAN is inactive, then the account could be impacted.

Also, you would have to pay a penalty of Rs 10,000 as per Section 272B of the Income Tax Act if you fail to link the two documents by the deadline.

KYC Updation In Demat Account……….

The Securities and Exchange Board of India (SEBI) has announced September 30, 2021, as the last date for updating the KYC details in Demat accounts of investors.

According to a SEBI circular an investor has to update name, address, income range, mobile number, email id, PAN, etc. in the Demat account before 30^th September 2021. If they fail to do so before the deadline, then their Demat account will be deactivated. The Demat account will be activated only after updating the KYC.

Update Mobile Number In Your Bank Accounts

The RBI has made the additional factor of authentication mandatory after September 30, to ensure better safety for any transactions made.

As per eth RBI mandate, from October 1, 2021, for recurring payments through third-party merchant websites, the bank would need to send you a communication five days in advance and at least 24 hours before the payment date to your mobile number.

This reminder tells you about an upcoming scheduled payment. It would also give you the option to opt-out or pay the amount.

If your bank has an inactive mobile number in its records, your auto-debit transaction will not get authenticated and your bank account will not get debited.

Here you need to learn that auto-debit mandates are given for loan EMI installments, mobile phone bills, broadband, electricity, insurance premium, mutual fund SIPs, OTT subscriptions, and other utility bills.

In case if you don’t have your phone number updated, the two-factor authentication will fail and your transaction will not be done. Simply you would have to look for renewal of subscriptions.

If your subscription renewal amount is more than Rs 5,000, then your amount would not be auto-debited. For transactions below Rs 5,000, the recurring payments through cards will continue as earlier.

Also, if your auto-debit transaction bounces or fails, your bank may charge fees on the auto-pay mandate. Your insurance policy could lapse if the insurance premium is not paid before the due date.

Simply why take the risk when you know about the consequences. Get your mobile updates with your respective bank account before September ends.

File Your Income Tax Return………..

As of now, the last date to file income-tax (IT) returns for individuals is September 30, 2021, for the financial year 2020-21 (the assessment year 2021-22). In the light of the COVID-19 second wave, it got extended from July 31, 2021.

Well, due to changes in the income tax portal, the chartered accountants are expecting the extension current deadline further by at least a month or even till December.

But do not wait for that long and try to file your income taxes soon. If you do not file your income tax before September 30, then you will have to pay interest on the tax due.

Also filing your ITR late will incur a fine of Rs 5,000. However, the amount of late-filing fees will not exceed Rs 1,000 if the total income does not exceed Rs 5 lakh in a financial year.

Keep reading our article and stay updated with the latest news about Mutual Funds!

For any kind of query, you can contact us at Shri Ashutosh Securities Pvt Ltd., we are here to help you in any way possible.

Happy Investing!

(Mutual Fund investments are subject to market risk Illustrations are for example only, there is no guarantee of returns. Past performance is not an indicator/guarantee to future returns).