Important Financial and Tax Deadlines in July 2023

Important Financial and Tax Deadlines in July 2023: July contains several crucial deadlines related to personal finances that you should be aware of. The following is a list of July 2023 financial deadlines.

Important Financial and Tax Deadlines in July 2023

PAN Aadhaar Linking

If the deadline (i.e., June 30, 2023) is not extended, PAN will become inactive on July 1, 2023 if it is not linked to Aadhaar. According to the notification, as of 1 July 2023, the PAN of taxpayers who have failed to provide their Aadhaar as required will become inactive, and the following consequences will apply during the period that the PAN remains inactive:

(i) there shall be no refund on such PANs;

(ii) no interest shall be payable on such refund during the period that PAN remains inactive; and

(iii) TDS and TCS shall be deducted/collected at a higher rate in accordance with the Act. Paid notification of Aadhaar to the prescribed authority and payment of a fee of Rs.1,000 can restore the validity of a PAN card within 30 days.

Important Financial and Tax Deadlines in July 2023: Extended EPS pension end date

The application deadline for a higher EPS pension has been extended to July 11, 2023, from June 26, 2023. This is the final opportunity for employees to submit a combined application form for a higher pension from EPS, according to a press release issued by EPFO on June 26, 2023. In order to receive a pension based on higher salaries, the application must be submitted within 15 days. The EPFO has extended the deadline for Employees’ Pension Scheme (EPS) participants to register for a higher pension for the third time.

HDFC Senior Citizen Bank

Care FD HDFC Bank has extended the maturity date of the senior citizen care fixed deposit to July 7, 2023. The scheme’s maximum interest rate is 7.75% for terms between 5 years 1 day and 10 years. The HDFC Bank website states, “An Additional Premium of 0.25% (over and above the existing premium of 0.50%) shall be given to Senior Citizens who wish to book a Fixed Deposit of less than 5 crores for a term of 5 (five) years One Day to 10 Years, commencing from 18th May’20 to 7th July 2023.”