Key Changes To Bear In Mind While Planning Finances This June

June 2024 has been till now an eventful month for investors. With the Lok Sabha Election results making the market highly volatile Sensex and Nifty 50 touching new highs multiple times within a week post results, and important IPOs coming in the primary market, investors are busy this June. 

However, it is just the middle of the month, and there are lot more to keep in mind while planning your finances and investments this month. There are key financial and other changes in the system, which can affect your investments and finances and thus you need to be aware of the same. From submitting details of your nominee for your mutual fund account to updating your Aadhaar and a lot more. Here are all the details mentioned below. 

Submission of Nominee for Mutual Funds

The Securities and Exchange Board of India (SEBI) has mandated the nomination for mutual fund accounts. Either the investor needs to nominate someone who will be the legal heir of the mutual fund portfolio after the folio holder or they have to opt out from nomination by writing to the AMC. The last date to file the nomination for the mutual fund accounts has been set at 30 June 2024, which was previously, 31 December 2023. The stock market regulator has made it compulsory to file the choice of mutual fund nomination online by this date. 

If you have already added a nominee in a mutual fund and you want to change the nominee, then also you can opt for the mutual fund nominee update option and change the nominee details by this date. However, the nominee can be changed at any given point in time but whether you want to add a nominee or not is something you need to make sure and let your AMC know by 30 June 2024.  

Advance Tax Payment

People who are liable for advance tax payments should pay the first instalment which is 15% of the advance tax liability by 15 June. The next date for advance tax filing is 15 September 2024, when you have to pay 45% of the advance tax liability minus the amount you have already paid in June (if any). Then by 15 December 2024, you have to pay 75% of the advance tax liability minus advance tax paid already (if any)) and finally, by 15 March 2025, you have to pay the entire amount of the remaining advance tax that is payable. 

You might be wondering who is liable for advance tax payment online then here are the details – 

• Salaried individuals with a tax liability of ₹ 10000 and more after deducting TDS in FY24
• Self-employed professionals with an anticipated tax liability of ₹ 10000 in FY24
• If you have a tax liability, exceeding ₹ 10000 on income generated from capital gains then you have to pay advance tax and this goes for businesses with specified incomes such as lottery, horse racing, and other similar activities.

ITR Filing – Receipt of Form 16 

As the last date for depositing TDS deducted by the employer and other sources was 31 May, then by 15 June, the employer must release the TDS certificate which is form 16 to its employers. If your employer has deducted TDS, you should receive Form 16 by tomorrow. Form 16 is crucial for filing of itr as it has all the details of the tax deducted at source. You can compare the details of tax deductions by checking Form 26AS on the Traces website as well. Make sure you receive Form 16 by 15 June and start filing your ITR as soon as possible as the last date for filing ITR is 31 July 2024. 

Aadhaar Update

Another important change, which is crucial to all financial transactions these days, is the aadhaar update. The free aadhaar update last date has been extended to 14 September 2024 which was earlier set at 14 June, that is today. You can now update your Aadhaar card details for free until 14 September. 

For updating your Aadhaar – 

• You need to open the myaadhaar.uidai.gov.in website and log in using your aadhaar number or enrolment number
• Click on the free aadhaar update option
• Then select the details you want to check such as name, address, date of birth, phone number, gender, etc. 
• Then you will have to upload relevant documents to confirm the changes
• After uploading the document, click on ‘submit’. 
• After submission, you will get a Service Request Number (SRN), note down the number. 
• Once the Aadhaar is updated, you will receive a notification on your email or registered phone number. 

Conclusion

So, whether you are planning your investment, or about to start filing your ITR, check these important dates and changes so you do not miss out on any of them and save your time and effort. 

Source: https://business-standard.com/, https://www.zeebiz.com/, https://www.thequint.com/

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Disclaimer: Investments in the securities market are subject to market risks; read all the related documents carefully before investing.