Key personal finance deadlines in June 2023


June 2023 is significant from a personal finance point of view as there are some important tasks to be completed in the month ranging from PAN-Aadhaar linking to applying for higher EPF pension. Missing on these means you would have to pay penalties or face other consequences. Let’s take a look at them:

PAN-Aadhaar linking

The Income Tax department has made it mandatory to link permanent account number (PAN) with Aadhaar by June 30, 2023. While the deadline to link the two without any fine has ended, taxpayers can do the same by paying a fine of Rs 1,000.

This can be done on the National Securities Depository Limited (NSDL) portal by paying the amount under Challan No. ITNS 280 with Major head 0021 (Income Tax Other than Companies) and Minor head 500 (Other Receipts).

Users should note that while income tax returns can be filed even without linking the two, the department does not process the returns until PAN and Aadhaar are linked.

Applying for high EPF pension

The deadline for subscribers to opt for higher pensions will end on June 26, 2023. The EPFO has allowed subscribers to go beyond the pensionable salary capped at Rs 15,000 a month on which employers deduct a sum equal to 8.33 percent of the ‘actual basic salary’ towards pension under EPS. This means that an employee and an employer can sign up together, requesting the EPFO to deduct 8.33 percent of the higher monthly basic salary, thus ensuring larger accumulation towards pension over their work life.

Bank locker agreement

The Reserve Bank of India (RBI) set the deadline for banks to complete the phased renewal of new locker agreements by December 31, 2023. But banks will have to follow the milestones of 50 percent enrollments by June 30, 2023, and 75 per cent by September 30, 2023.

Free Aadhaar update

The Unique Identification Authority of India (UIDAI) has made document update facility for Aadhaar free till June 14, 2023. However, this service is free only on myAadhaar portal and attracts a fee of Rs 50 at physical Aadhaar centres.


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