9 personal finance deadlines on Sep 30: Here’s what’s extending and what’s not

Several personal finance deadlines have been extended to September 30. Here are the 9 personal finance deadlines on September 30 and which have been extended:

Demat Nomination: The Securities and Exchange Board of India (SEBI) has announced an extension of the deadline for investors to make nominations in their trading and demat accounts or to opt out of the nomination facility. The revised deadline is now December 31, 2023, offering investors more flexibility in managing their finances.

In a further move aimed at customer ease and convenience, SEBI has also relaxed the rules associated with the addition of nominations for trading accounts.

The regulator has postponed the due date for submission of necessary credentials, including Permanent Account Numbers (PAN), nomination and contact information, and bank account details to December 31.

Mutual Fund Nomination: In a move offering more flexibility, SEBI has granted mutual fund unit holders an additional three months to either add or opt out of nominations. Previously scheduled for October 1, 2023, the deadline to comply with the nomination standards has now been pushed to January 1, 2024.

IDBI Amrit Mahotsav FD: Amrit Mahotsav Fixed Deposit (FD) scheme’s deadline has been extended to October 31, 2023. Lauded for its beneficial rates, the scheme offers a competitive interest rate of 7.10% for a period of 375 days to its general, Non-Residential External (NRE), and Non-Residential Ordinary (NRO) customers. Additionally, for senior citizens, the bank raises the stakes by offering a higher interest rate of 7.60% for the same period. If the investment period is extended to 444 days, the scheme delivers an even higher return of 7.15% for general citizens and a considerable 7.65% for senior citizens.

Rs 2,000 Exchange Deadline: The deadline to deposit or exchange Rs 2,000 currency notes has been extended until October 7, 2023. It was earlier done till September 30, 2023.

Deadlines that have not been extended:

SBI WeCare: The State Bank of India (SBI), in 2022, has unveiled its “SBI WECARE” Fixed Deposit (FD) scheme specifically tailored to benefit senior citizens. Designed with the aim of securing the elderly’s income in the perpetually fluctuating market, this scheme offers an attractively high-interest rate of 7.50 per cent on term deposits which have a tenure of 5 years or more.

Aadhaar submission for small savings schemes: The deadline to submit Aadhaar for small savings schemes has not been extended and it remains until September 30, 2023.

LIC’s Dhan Vriddhi: The Life Insurance Corporation of India (LIC) Dhan Vriddhi, a single premium life insurance plan, will end on September 30, 2023. This non-linked, non-participating, single-premium life insurance scheme has been providing dual benefits of protection and savings to its customers. In the unfortunate event of the sudden demise of the insured during the policy term, the Dhan Vriddhi provides financial support to the family. Additionally, it also grants a guaranteed lump-sum payoff to the living insured upon the maturity of the policy. This fund not only assured the safety of the beneficiaries but also acted as a source of savings for the policyholder.

TCS New Rule: The Ministry of Finance has announced that from October 1, 2023, a higher Tax Collected at Source (TCS) of 5% will be levied on overseas tour packages for amounts up to Rs 7 lakh per individual per annum. This means, that for a trip costing Rs 7 lakh, the TCS will amount to Rs 35,000, significantly impacting the cost of overseas travel for Indians. TCS is a form of tax deducted from the individual who has incurred an expense, rather than from the company providing the service, making this a direct hit on travellers’ budgets.

Income Tax Audit: The Income Tax Department has announced that there will be no extension for the submission deadline of the income tax audit report under section 44AB of The Income Tax Act, 1961. The stipulated deadline continues to remain as September 30, 2023. This implies that taxpayers are mandated to submit their audit reports on or before this date to ensure full compliance with the law. However, for those who fail to meet this deadline, the opportunity to submit the report still exists, but it comes at a cost. The Income Tax Department has instituted a penalty for late submissions.

Also Read: GST collection rises 10% to Rs 1.63 lakh cr in September