From ITR filing to KYC in Demat account: 5 money tasks that you must complete this month
The month of September is important as there are five important money tasks that must be completed this month. In case you miss some of these deadlines, you may end up paying a penalty.
Here are some important money tasks which need to be completed this month
30 September 2021 is the last date to file an income tax return (ITR) for FY 2020-21 for individuals. Amid the Covid-19 pandemic, the deadline was extended from its earlier usual deadline of 31 July. If you miss the 30 September deadline of ITR filing then you will be liable to pay late fees of ₹5,000. However, the late fee will not exceed ₹1,000 if the total income does not exceed ₹5 lakh in a financial year.
Auto debit transactions
Starting from next month (1 October 2021), auto-debit payments from your bank account will require two-factor authentication. So, it is important that you have updated your mobile number in the bank’s records. The auto-debit mandate is usually given for mutual fund SIPs. The RBI has made the additional factor of authentication mandatory from 1 October. The bank would need to send you a communication five days in advance and at least 24 hours before the payment date to your mobile number.
Complete KYC in Demat account
Investors with Demat accounts or trading accounts have been advised by depositories to complete their know-your-customer (KYC) details by September 30. Failure to do so would result in the deactivation of their accounts.