Explained: 5 Major Changes Coming Into Effect From Today That Will Directly Impact Your Finances

Check out the top five financial market changes that will occur in July 2023.

For the fiscal year 2022–2023 or the assessment year 2023–2024, the ITR reporting deadline expires on July 31 2023. Therefore, those with incomes who must file their ITR must do so before the deadline. Failure to do so may result in late fees of up to 5,000. According to income tax regulations, if you fail to file your taxes by the deadline, which is December 31, 2023, you will be required to pay a late fee of up to 5000 rupees if your income is greater than 5 lakh rupees. If your yearly income is less than 5 lakh rupees, you will be assessed a 1000 rupee late fee.

On June 30, 2023, the Aadhaar-PAN link's deadline expired. However, those whose PAN and Aadhaar have not yet been seeded may still submit their respective ITRs. However, the income tax division won't process their return unless they link their PAN to their Aadhaar number. Those who neglected to seed their Aadhaar and PAN would need to pay a fine of 1,000 rupees in order to do so because their PAN card is no longer functional. The fine was 500 until June 30, 2023.

The EPFO delayed the high pension application date from June 26 to July 11, 2023. Therefore, EPFO and EPS members who joined before September 1, 2014, but missed the deadline to apply for the increased pension, have one more chance to do so until July 20, 2023. The information must be verified by those who retired prior to September 1, 2014 and chose the higher pension option.

The Indian government had declared that the tax on remittances sent abroad would increase from 5 percent to 20 percent. However, this will now go into effect on October 1st, 2023. You now have an additional three months to travel to far-off lands. Three more months remain for investors to make international investments while paying a 5 percent tax on money sent from India abroad.

For the quarter of July to September 2023, the central government increased the interest rates on a few minor savings programmes by up to 70 basis points. The National Savings Certificate's (NSC) interest rate has increased by the most of any instrument in this revision, at 70 basis points (bps). Interest rates have increased for programmes including the 1- and 2-year post office time deposits and the 5-year recurring deposits.