Your budget will be affected in the month of July, from ITR to pension these big financial changes will happen
Financial Changes from July: The month of July is going to start from tomorrow. In such a situation, you need to take care of many things. Every month there is a last date for some work. You should complete this work before the last date. If you do not complete this work before the deadline, then you may have to face problems in the future.
The month of June was the last chance to complete the last tasks of many works. If you haven't completed any of those tasks yet, you still have one day. You can get that job done. From tomorrow the 7th month of the year July is going to start. There is a last date for many works in this month. This month is very important financially. In this month you should complete much of your finance work. Let us know which work related to finance work is necessary this month.
This month you have to file an income tax return. Apart from this, if you have not yet linked your PAN with your Aadhaar, then you still have a chance. If your PAN is not linked to Aadhaar, then your PAN will be implicit. Along with this, the customer of HDFC Bank should also know about the merger of HDFC Bank and HDFC Bank. It is expected that the merger of these two will happen this month.
The last date for filing returns for the financial year 2022-23 has been fixed as 31 July 2023. You shouldn't wait until the last minute. You should get this work done as soon as possible. If you do not file ITR till 31st July then you can do this work till 31st December. For this, you will have to pay a fine of Rs 5,000. If your income is less than 5 lakhs, then you will have to pay a fine of only Rs 1,000.
The deadline of June 26 has been extended to July 11, 2023, for choosing the option of a higher pension in the Employees' Provident Fund Organization (EPFO). This means that if you also want to get a higher pension then you can apply till 11th July. For this, you have to complete the online facility given on the portal of EPFO.
If you have not yet linked your PAN with your Aadhaar, then you have only one day left. If you do not do this work till today i.e. 30 June 2023, then your PAN will become inactive. If this happens then you will be deprived of many facilities. You will not get any pending tax returns. Also, you will have to pay more tax. Apart from this, TDS and TCS will attract higher rates. You will also not be able to file ITR after PAN is deactivated.
HDFC Bank and HDFC may merge this month. It is expected that they will be merged on July 1 or July 13. Post-merger, account holders and borrowers need to focus on home loan rates and deposit rates. You also need to know that HDFC Limited branches near you will be converted into bank branches or will be closed.