June Brings Key Financial Changes: What You Need to Know

As June unfolds, various shifts in personal finance, credit card policies, income tax regulations, and more are set to take place. Here’s a rundown:

1. Mutual Fund Nominations: Sebi has set June 30, 2024, as the deadline for existing individual mutual fund investors to nominate or decline nominations. Failure to do so will result in frozen accounts, affecting transactions like redemptions and systematic plans.
2. Advance Tax Instalment: June 15 marks the due date for the first advance tax installment for individuals whose tax liability exceeds Rs 10,000 for the year. Advance tax is paid in four installments throughout the financial year.
3. Increased Fines for Traffic Violations: The Center has raised fines for violations under the Motor Vehicle Act. From June 1, testing at private centers authorized by the government is permitted.
4. Credit Card Changes: Several banks are implementing changes to credit card policies, including adjustments to interest rates, late payment fees, cashback mechanisms, and reward point schemes.
5. HDFC Bank’s UPI SMS Alerts: Starting June 25, HDFC Bank will send SMS alerts for UPI transactions exceeding certain thresholds, while email updates will continue to provide transaction details.
6. Aadhaar Update Deadline: Aadhaar cardholders have until June 14, 2024, to update their information online for free. Offline updates will incur a fee after this date.
7. Income Tax Return Filing: Taxpayers should begin collecting documents to file income tax returns for the assessment year 2024-25. Salaried individuals should especially be prepared as they will receive Form 16 by June 15.

Stay informed and plan accordingly to navigate these financial changes effectively.