Big Finance Deadlines to watch out this June 2024; Check Details:

Big Finance Deadlines to watch out this June 2024; Check Details The month of June has begun, and there are several changes affecting finance, personal finance, credit cards, income taxes, the stock market, and other areas. To begin with, the highly anticipated Lok Sabha election results 2024 will be released on June 4. The markets will closely monitor the election results, with any reaction potentially hurting your investment portfolios. For example, following the 2019 elections, the Nifty surged from 11,100 to 11,900 within 10 days of the results. Retail investors should proceed with caution as experienced traders prepare to profit on short options contracts. The following are the lists of finance deadlines to keep an eye out for:

Potential Stock Market Rally on June 4

Brokerages expect that if the BJP-led NDA wins a third term in the Lok Sabha elections on June 4, markets will rise sharply.

June 15: Deadline for First Advance Tax Installment

June 15 is the deadline for the first advance tax installment. It applies when an individual's total income tax liability for the year exceeds Rs 10,000. Different income sources are subject to advance tax, although senior citizens with no business income are exempt. Advance tax is paid in advance rather than as a flat sum at the end of the year. It is the tax paid as income is received, in instalments determined by the tax department's due dates. Taxpayers are required to pay their annual estimated tax in four installment:

• 15 per cent of the advance tax should be paid on or before June 15 of the financial year
• 45 per cent of the advance tax (less tax already paid) should be paid on or before September 15.
• 75 per cent of the advance tax (less tax already paid) should be paid on or before December 15.
• 100 per cent of the advance tax (less tax already paid) should be paid on or before March 15.

If you miss or postpone advance tax payments, you will be penalized with interest at the rate of 1 percent every month/part of the month under section 234C.

Higher Fines for Violations of Traffic Rules

The Center increased the fines for Motor Vehicle Act violations. The speeding fine remains, but minors driving face a Rs.25,000 fine with registration cancellation. Adults who drive without a legal license now face fines ranging from Rs.1,000 to Rs.2,000. Beginning June 1, individuals can take tests at government-approved private testing centers.

Special Fixed Deposits

IDBI Bank is offering a special rate of 7.05% on Utsav fixed deposits (FDs) maturing in 300 days for general citizens and 7.55% for senior citizens. The percentages for Utsav FDs maturing in 375 days are 7.1% and 7.6%, respectively. The percentages for Utsav FDs maturing in 444 days are 7.2% and 7.7%, respectively. Indian Bank offers two exceptional fixed deposits: Ind Supreme 300 Days and Ind Super 400 Days. For the former, general citizens get 7.05% interest, senior citizens get 7.55%, and super senior citizens get 7.80%. For the latter, the rates are 7.25%, 7.75% and 8% respectively. Punjab and Sind Bank provides 7.05% interest on FDs maturing in 222 days, 7.10% in 333 days, and 7.25% in 444 days. The last date to invest in these FDs is June 30, 2024.

Credit Card Changes

Beginning June 26, 2024, Bank of Baroda's BOBCARD One co-branded card will carry higher interest rates and late payment costs. The new monthly rate will be 3.75%, up from the previous 3.49%. Late payment fees have been increased, to a minimum of Rs 1,000. Swiggy HDFC Bank Credit Card cashback will appear on your credit card statement beginning June 21, rather than in the Swiggy Money app. This change will reduce your next month's balance directly. If utility bill payments exceed Rs 20,000 in a billing cycle, an IDFC First Bank credit card will impose a 1% surcharge + GST. FIRST Private, LIC Classic, and LIC Select Credit Cards are excluded from the surcharge. YES Bank has changed the spending restrictions for waiving annual fees, membership fees, and other charges on all credit cards, with the exception of the 'private' card type. SBI Card will no longer provide reward points for government-related transactions on some credit cards beginning in June 2024, affecting popular choices such as AURUM and SBI Card ELITE.\ Starting June 18, Amazon Pay ICICI Credit Card users will no longer be able to earn reward points for rent payments. Nonetheless, the card will offer a 1% fuel surcharge discount without affecting other points.

HDFC Bank's UPI SMS Alerts

Beginning June 25, HDFC Bank will send SMS alerts for Unified Payments Interface (UPI) transactions greater than Rs.100 for outgoing funds and Rs.500 for incoming funds. Email updates will continue to contain transaction information.

Demat and Mutual Fund Nomination Deadline

The deadline for completing the mutual fund nomination process via demat is June 30, 2024. Formerly, the deadline for nominating a beneficiary or opting out of one via a declaration form was December 31, 2023.

Update Aadhaar Details for Free

Aadhaar cardholders can make free updates to their information online until June 14, 2024. Offline upgrades at enrolling centres would cost Rs 50 each update. UIDAI indicated that the free service is limited to the MyAadhaar portal until the stipulated date.

Income Tax Returns for FY 2023-24

Taxpayers should begin gathering documentation to file ITRs for the financial year 2024-25, or FY2024. While taxpayers have until July 31, 2024, to file their ITRs, salaried individuals must wait until June 15, 2024, when they get Form 16 from their employers and banks. In June, you can start evaluating your financial documents, such as bank accounts, capital gains statements, and salary slips. This will prevent last-minute rushes and blunders. To minimize complications caused by portal glitches or heavy traffic, begin the process as soon as you receive Form 16 rather than waiting until July 31.