The month of June will see several changes that would affect the general public including the PAN-Aadhaar linking deadline, higher EPS pension deadline and new rules for MF investments. Here is a quick look at important dates that you need to know today:
New SEBI Rules For MF Investments In Minors’ Name
Markets regulator Securities and Exchange Board of India introduced a new set of rules for investments in mutual fund units in the name of minor children through guardians. SEBI has said that investments in mutual funds will be accepted from the bank account of the minor, parent or guardian of the minor, or the joint account of a minor with a parent or legal guardian. The new rule will come into effect from 15 June 2023.
Apply For Higher EPS Pension By 26 June
The Employees’ Provident Fund Organisation (EPFO) extended the deadline for applying for the higher pension option from 3 May to 26 June. Employees, who were members of EPFO and Employees’ Provident Scheme (EPS), before 1 September 2014 and continue to be in service but missed availing the higher pension option earlier, are eligible to apply.
Electric Two-Wheelers Will Cost Higher
If you are planning to buy an electric two-wheeler in India, it may cost you a little higher under the government’s revised FAME India Scheme. The government has reduced the subsidy from Rs 15,000 per kilowatt hour (kWh) to Rs 10,000 kWh. In addition, the maximum limit for incentives has been dropped from 40 per cent to 15 per cent of the vehicle’s ex-factory price. The revised scheme will come into effect from 1 June 2023.
RBI’s 100-Day, 100-Payment Campaign
On May 12, the Reserve Bank of India (RBI) launched a ‘100 Days 100 Pays’ campaign for banks to trace and settle the top 100 unclaimed deposits of every bank in every district of India within 100 days.
The ambitious campaign would boost the ongoing efforts by the central bank to reduce the number of unclaimed deposits in the banking system and return such deposits to their rightful owners.
First Advance Tax Instalment Deadline
Under section 208 of the Income Tax Act 1961, every individual whose estimated tax liability for the financial year is Rs 10,000 or more, after taking into consideration TDS and TCS, is required to pay advance tax.
Taxpayers are required to pay their annual estimated advance tax liability in four instalments. The taxpayer needs to pay 15 per cent of the advance tax on or before 15 June.
Under section 234C, there is a penal interest on the taxes due at the rate of 1 per cent per month/part of the month if you miss advance tax payments or delay them.
PAN-Aadhaar Linking Deadline
After a number of extensions to the PAN-Aadhaar linking deadline, the Income Tax Department has fixed 30 June 2023, as the revised deadline to link the two most important identification proofs.