5 money tasks to finish by Sept 30 | Economic Times

All thanks to Covid-19, the month of September in 2021 has become important from a personal finance standpoint. That is because there are five important money tasks that must be completed in September 2021. Missing some of these deadlines will lead to penal consequences. Here is a look at the five money tasks you must complete in the month of September:ITR filing for FY 2020-21September 30, 2021 is the last date to file income tax return for FY 2020-21 for those individuals whose accounts are not required to be audited. Do keep in mind that if the ITR is filed after the expiry of the deadline, then you will be liable to pay late filing fees of Rs 5,000. However, the late filing fee will not exceed Rs 1,000 if the total income does not exceed Rs 5 lakh in a financial year. This year the government has launched a new portal to file ITR which is marred with glitches. Further, the portal is slow and the process of filing ITR is not the same as last year. Thus, it is important to ensure that you file your ITR well before the deadline to avoid tech related issues which could end up delaying the process. Add/update correct mobile number in your bank accountStarting from October 1, 2021, auto-debit payments from your bank account will require two-factor authentication. Thus, it is important that mobile number in your bank account is the right one, else you should update it to the correct one in the bank's records.If the bank has the wrong mobile number, then your auto-debits will not get validated and will not get debited from your account. The auto-debit mandate is usually given for mutual fund SIPs for general investments and tax-saving purpose, for payment of utility bills, on OTT platforms such as Netflix, loan EMI repayments etc. Missing an auto-debit payment can have penal consequences. For instance, bank can charge bounce fee due to non-validation of payment.As per the Reserve Bank of India (RBI) directive, banks are required to send a notification to customers five days before the payments are scheduled to be debited and allow the debit once it is confirmed.The rule related to two-factor authentication was supposed to come into effect from April 1, 2021. However, big banks like State Bank of India, HDFC Bank etc. were yet to make arrangements to comply with it.Therefore, to avoid inconveniencing the customers, the RBI extended the timeline by six months to September 30, 2021.Link PAN with AadhaarThe deadline for linking PAN with Aadhaar is September 30, 2021. If PAN is not linked with Aadhaar by this date, then PAN will become inoperative. Further, once your PAN becomes inoperative then you will no longer be able to conduct financial transactions wherever quoting of PAN is mandatory such as opening of demat account, savings bank account etc. Even existing accounts where PAN has been furnished will be impacted.If the PAN is linked with Aadhaar after the expiry of deadline, then the individual will be liable to pay a penalty. Though the government is yet to prescribe the exact amount of penalty, however, maximum amount will be Rs 1,000. Thus, ensure that your PAN is linked with Aadhaar by the deadline to avoid penal consequences.Also Read: How to link your PAN with Aadhaar Complete KYC in demat accountThe Securities and Exchange Board of India (Sebi), via a circular dated July 30, 2021, announced that the deadline to update KYC details in investors' demat and trading accounts has been extended to September 30, 2021. The earlier deadline was July 31, 2021.As per Sebi, an individual is required to update the following details with regards to KYC: name, address, PAN, Valid mobile number, email ID and income range. If the KYC details are not updated, then an individual will not be able to trade in the stock market as the individual's demat/trading accounts would be deactivated. Even if shares are bought, then the transfer of such shares will not be completed till the time the demat and trading accounts become KYC compliant.Advance tax payments for FY 2021-22September 15, 2021 is the last date to pay the second instalment of advance tax for FY 2021-22. An individual is required to make advance tax payment if his/her, expected total tax liability less of TDS exceeds Rs 10,000 in a financial year.If advance tax is not paid on time, then penal interest will be applicable on the tax due under section 234B and section 234C of the Income-tax Act, 1961. Penal interest will be charged at 1 per cent per month.