5 Finance Updates in September 22 That Are Amazing to Help You

Latest 5 Financial updates This September 2002

Reduced time limit to confirm tax returns, increase in issuance costs and yearly charges on debit cards, securing the cards with tokenization (Guaranty), hike in fees for investing in the National Pension System – September has a lot going on. Here’s what you need to watch out for.

Whether you’re an income tax payer, using debit cards for your day- to- day transactions, or investing in the national pension system, there are a number of important changes coming up in September that will impact your financial status.

To the taxpayers now have 30 days to verify returns

By verifying the tax return, you declare that the information given in the return form is correct and complete and is in accordance with the provisions of the Income Tax Act, 1961.

Without verification within the stipulated time, the returns won’t be processed by the I-T department. The more you delay, the more time it’ll take for a refund, if any, to get credited to your bank account. Further, if you don’t verify in time, your return will be treated as not filed and will attract all the consequences of not filing the returns.

Also, if you verify the return after the expiry of the stipulated time, it’ll be considered a late filing and penalties and costs will apply.

You can take the physical offline verification route, bute-verification using Aadhaar and net banking are more convenient.

Guaranty your cards for secure transactions

In September, replace all credit and debit card data used in online, point-of-sale(POS) and in- app deals with unique tokens for secure transactions.

According to the Reserve Bank of India( RBI) accreditation, the tokenisation rule comes into effect from October 1. Under this, all dealer websites will be enjoined from saving your card numbers, CVV or expiry date on their servers for processing online sales. The card users should now save a token if the dealer provides the facility on its payment gateway runner and save that commemorative on the particular website( for coming use).

The verification period for tax returns filed on or after August 1, 2022 has been brought (reduced ) down from 120 days to 30 days.. That means if, say, you have filed your income tax returns on August 8, you need to authenticate the returns before September 7. The 30-day verification window starts after you submit your income tax return.

For tax returns filed on or before July 31, 2022, the time limit to authenticate the returns remains the same, that is, 120 days from the date of filing the tax return.

The token masks the true details of your card, so in case there’s a data leak from the dealer website, the card can not be misused.

Until now, whenever you bought effects from ecommerce websites or reserved train or flight tickets through a travel website, you had to save your card details for ease in coming deals. You would only enter the three-number CVV number and checkout of the payment sale within seconds.

But saving card details in the current form on websites is dangerous. There have been cases of popular websites getting hacked and fraudsters gathering the saved card data.

National Pension System cost hike

When you make contributions to the National Pension Scheme( NPS), a commission is reduced by cancellation of units. Come September 1 and the trail commissions on contributions made through the direct- remit mode under NPS would be increased to 0.20 percent from the being 0.10 percent of the contribution cost. The price hike is applicable only for investing under direct-remit mode in which same day net-asset-value (NAV) is offered if the investment is entered by 9.30 am, as against a pause of two- three days under regular investment into NPS.

As a result, Rs 15 to Rs10,000 would be deducted as trail commission. For case, if on September 1 you invest Rs 50,000 in NPS under direct-remit mode, i.e., before 9.30 am, also a commission of Rs 100 will be deducted rather than Rs 50 earlier. These commissions would be given to the point of presence similar to banks,non-banking investment companies or other investment beings that help you invest in NPS.

Banks are hiking charges on debit card allocation and yearly costs

From September, several banks have announced a hike in the yearly charges and allocation prices on debit cards. This is due to a large increase in the cost of semiconductor chips used in cards and other inputs..

For example, Indian Overseas Bank(IOB) has raised the charges for multiple variants of disbenefit cards effective September 6. The allocation price for a Rupay classic debit card from IOB was Rs 50 and yearly charge from the alternate year onwards was Rs 150. The allocation price and yearly charge from the alternate year will increase to Rs 150 and Rs 250, independently.

Also, Yes Bank has increased the yearly prices on its Rupay debit card (only for Kisan account) and Element debit card to Rs 149 and Rs 299, respectively. Earlier, Yes Bank was charging Rs 99 and Rs 249 annually for these cards, apart.

Other banks that have raised allocation charges and yearly charges include Central Bank of India and Suryoday Small Finance Bank on some variants of the cards.

Last occasion to invest in Atal Pension Yojana 

For those in the age group of 18- 40 ages, September 30, 2022, is the last day to enrol for the Atal Pension Yojana for income tax payers. The pension scheme that’s managed by the Pension Fund Regulatory and Development Administration offers a lowest guaranteed pension of Rs 1,000-5,000  per month for unorganised workers.The scheme was launched in 2015 as a self-reliance scheme for low income earners.

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Invest N Rich LLP is a personal finance Advisor  with 7 years of experience. Based in Pune, we cover financial planning, child Future Planning , Tax planning , wealth Creation service and Business financial planning

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