ITR filing, higher EPS pension, PAN-Aadhaar linking: Three deadlines to watch out from July 1, 2023
As July unfolds, here are details about these deadlines as it becomes crucial to keep your money-related decisions on track
- Jul 1, 2023,
- Updated Jul 1, 2023 3:10 PM IST
The month of July brings several important deadlines and developments that you need to keep an eye on. Firstly, the income tax return (ITR) filing deadline is approaching, creating a sense of urgency for taxpayers to ensure timely submission. Additionally, the deadline for opting for higher pension contributions under the Employees' Provident Fund Organization (EPFO) is also a key consideration. Moreover, the deadline for linking PAN (Permanent Account Number) with Aadhaar has already passed, with potential penalties for non-compliance.
As July unfolds, here are details about these deadlines as it becomes crucial to keep your money-related decisions on track.
File ITR by July 31
The deadline for submitting your income tax return (ITR) is July 31 and as it approaches it's natural to feel concerned about meeting the deadline. However, you can make the process much smoother by keeping all the paperwork ready from Form 16, 26AS, Annual Information Statement, bank statements, PAN and Aadhaar card, interest and capital gain statements among others and being aware of common mistakes that are often made when filing ITR.
Rushing at the last minute often leads to oversights and errors. Furthermore, filing your income tax return without properly reconciling it with the relevant documents can result in underreporting, which may lead to notices from the income tax department. To avoid any potential income tax notices in the future, do file your ITR in advance to avoid last-minute hassles.
Higher pension by July 11
The Employees' Provident Fund Organisation (EPFO) has extended the deadline to opt for a higher pension to July 11, 2023.
For those who want to opt, EPFO has introduced an online facility for employees to choose higher pension contributions. This can be done through a joint application with the help of the EPFO utility. You can access the application link at https://unifiedportal-mem.epfindia.gov.in/memberinterface/ by clicking here.
To proceed with the application for a higher pension, the employee needs to provide certain details such as UAN, Name, Date of Birth, Aadhaar number, and Aadhaar-linked mobile number. A One-Time Password (OTP) will be sent to the employee's Aadhaar-linked mobile number for validation of the application.
After the validation process, the employee will be required to accept a disclaimer message as part of the application. Following this, the employee will be directed to the next page of the application where they need to provide information about their previous active PF/pension accounts, including details of bank accounts and contribution information. Supporting documents will also be required to be submitted along with this information.
Post submission of the application by the employee on the EPFO portal, an acknowledgement number will be generated, which can be used by the employee for future reference. Further, the EPFO has also provided a link for tracking the application status for Pension applications on higher wages.
No extension of PAN-Aadhaar linking
The last date to link your PAN and Aadhaar card was June 30. From now on, the PAN card will become inoperative for those who have not linked it yet.
It is important to note that the requirement to link Aadhaar and PAN under the Income Tax law came into effect on July 1, 2017. Since then, the income tax department has extended the deadline to link the two multiple times, with the latest deadline being June 30, 2023.
In Budget 2021, the government introduced Section 234H to impose penalties for linking PAN with Aadhaar after the deadline. Until March 31, 2022, no penalty was levied for linking them. However, from April 1, 2022, a two-tier penalty structure was implemented. According to Section 234H, a penalty of Rs 500 would be imposed if the PAN is linked to Aadhaar between April 1, 2022, and June 2022. However, if the PAN is linked on or after July 1, 2022, a penalty of Rs 1,000 will be levied.
The Central Board of Direct Taxes (CBDT) has stated that if both identification cards are not linked, PAN will become inoperative from July 1, 2023. As per the Income Tax Act, 1961, it is mandatory for all PAN holders (excluding those in exempt categories) to link their PAN with Aadhaar. It is worth noting that while income tax returns can be filed without linking the two, the department will not process the returns until PAN and Aadhaar are linked.
Also Read: PAN-Aadhaar linking: CBDT issues clarification on downloading, status of challan payment
The month of July brings several important deadlines and developments that you need to keep an eye on. Firstly, the income tax return (ITR) filing deadline is approaching, creating a sense of urgency for taxpayers to ensure timely submission. Additionally, the deadline for opting for higher pension contributions under the Employees' Provident Fund Organization (EPFO) is also a key consideration. Moreover, the deadline for linking PAN (Permanent Account Number) with Aadhaar has already passed, with potential penalties for non-compliance.
As July unfolds, here are details about these deadlines as it becomes crucial to keep your money-related decisions on track.
File ITR by July 31
The deadline for submitting your income tax return (ITR) is July 31 and as it approaches it's natural to feel concerned about meeting the deadline. However, you can make the process much smoother by keeping all the paperwork ready from Form 16, 26AS, Annual Information Statement, bank statements, PAN and Aadhaar card, interest and capital gain statements among others and being aware of common mistakes that are often made when filing ITR.
Rushing at the last minute often leads to oversights and errors. Furthermore, filing your income tax return without properly reconciling it with the relevant documents can result in underreporting, which may lead to notices from the income tax department. To avoid any potential income tax notices in the future, do file your ITR in advance to avoid last-minute hassles.
Higher pension by July 11
The Employees' Provident Fund Organisation (EPFO) has extended the deadline to opt for a higher pension to July 11, 2023.
For those who want to opt, EPFO has introduced an online facility for employees to choose higher pension contributions. This can be done through a joint application with the help of the EPFO utility. You can access the application link at https://unifiedportal-mem.epfindia.gov.in/memberinterface/ by clicking here.
To proceed with the application for a higher pension, the employee needs to provide certain details such as UAN, Name, Date of Birth, Aadhaar number, and Aadhaar-linked mobile number. A One-Time Password (OTP) will be sent to the employee's Aadhaar-linked mobile number for validation of the application.
After the validation process, the employee will be required to accept a disclaimer message as part of the application. Following this, the employee will be directed to the next page of the application where they need to provide information about their previous active PF/pension accounts, including details of bank accounts and contribution information. Supporting documents will also be required to be submitted along with this information.
Post submission of the application by the employee on the EPFO portal, an acknowledgement number will be generated, which can be used by the employee for future reference. Further, the EPFO has also provided a link for tracking the application status for Pension applications on higher wages.
No extension of PAN-Aadhaar linking
The last date to link your PAN and Aadhaar card was June 30. From now on, the PAN card will become inoperative for those who have not linked it yet.
It is important to note that the requirement to link Aadhaar and PAN under the Income Tax law came into effect on July 1, 2017. Since then, the income tax department has extended the deadline to link the two multiple times, with the latest deadline being June 30, 2023.
In Budget 2021, the government introduced Section 234H to impose penalties for linking PAN with Aadhaar after the deadline. Until March 31, 2022, no penalty was levied for linking them. However, from April 1, 2022, a two-tier penalty structure was implemented. According to Section 234H, a penalty of Rs 500 would be imposed if the PAN is linked to Aadhaar between April 1, 2022, and June 2022. However, if the PAN is linked on or after July 1, 2022, a penalty of Rs 1,000 will be levied.
The Central Board of Direct Taxes (CBDT) has stated that if both identification cards are not linked, PAN will become inoperative from July 1, 2023. As per the Income Tax Act, 1961, it is mandatory for all PAN holders (excluding those in exempt categories) to link their PAN with Aadhaar. It is worth noting that while income tax returns can be filed without linking the two, the department will not process the returns until PAN and Aadhaar are linked.
Also Read: PAN-Aadhaar linking: CBDT issues clarification on downloading, status of challan payment