Many financial deadlines were extended by their respective departments in September. Here is a list of deadlines that have been extended, and a few that have not been extended.
1. Demat nomination
The Securities and Exchange Board of India (SEBI) has extended the time for trading and demat account holders to make nominations or opt out of a nomination. The revised deadline is December 31th, 2023.
Also Sebi has relaxed the rules with regards to adding a nomination for the trading accounts by making it a voluntary requirement.
For those holding physical shares also, the timeline for submission of PAN, nomination, contact details, bank account details etc have been extended to December 31.
2. Mutual Fund nomination
The Securities and Exchange Board of India (SEBI) has extended the time for adding nominations or opt out of a nomination for mutual fund unit holders. The deadline to comply with the nomination standards has been extended by three additional months by Sebi, from October 1, 2023, to January 1, 2024.Also read: Mutual fund nomination deadline extended to this date3. IDBI Amrit Mahotsav FD
Under the Amrit Mahotsav FD scheme of 375 Days, the bank offers interest rate of 7.10% to general, NRE and NRO. For senior citizens, the bank offers 7.60%. The bank offers an interest rate of 7.15% to general citizens and 7.65% to senior citizens under 444 days under the scheme. The scheme is now extended to October 31, 2023.
4. Rs 2000 exchange deadline
The Reserve Bank of India has extended the deadline to exchange, deposit Rs 2000 notes to October 7, 2023 from September 30, 2023. As per an RBI press release dated September 30, 2023: As the period specified for the withdrawal process has come to an end, and based on a review, it has been decided to extend the current arrangement for deposit / exchange of Rs2000 banknotes until October 07, 2023.
Also read: Last date to exchange Rs 2000 bank notes extended
Deadlines which were not extended
5. SBI WeCare
BI launched the “SBI WECARE” special FD scheme in 2022 to secure senior citizens’ income by offering higher interest of 7.50% on term deposits with tenure of 5 years or more. The deadline to invest in this scheme is September 30, 2023.
6. Aadhaar mandatory in small savings scheme
You must link your Aadhaar number to any minor savings accounts you have, such as National Savings Certificates (NSC), Public Provident Fund (PPF), and others before the deadline. These accounts will be frozen if this is not done. The last date to link Aadhaar is September 30, 2023.
7. 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.
The LIC Dhan Vriddhi is a non-linked, non-participating, single premium life insurance plan that offers both protection and savings. This plan gives the family financial support if the life assured dies unexpectedly during the policy term. It also provides a guaranteed lump sum payoff for the living life assured on the maturity date.
8. TCS new rule
The Ministry of Finance has also said that TCS will be levied at 5 per cent on overseas tour packages for amounts of up to Rs 7 lakh per individual per annum. Higher TCS rate to come into effect from October 1, 2023.
9. Income tax audit
The deadline for submission of income tax audit report under section 44AB of the Income Tax Act, 1961, has not been extended by the income tax department. If a taxpayer has not submitted the audit report on or before September 30, 2023, they can still do it, albeit by paying a penalty.
Also read: Income tax audit deadline is over for these taxpayers; will have to pay penalty