From ITR to higher pension scheme; here are key financial changes you should know

The month of July comes with some important dates and deadlines that could have an impact on your personal finance. Here are some of the key dates that you should keep in mind.

Income Tax Return (ITR) deadline:
The big date to remember in July is 31st, which is the last date to file the Income Tax Returns for the financial year 2022-23. If you miss the deadline you can still file your returns by December 31st, but you will have to pay a penalty of ₹5000.

HDFC and HDFC bank merger:
The mega merger between HDFC and HDFC back will come into effect from July 1st. The combined market cap of the merged entity will be over ₹14.3 lakh crore. Shares of HDFC will get delisted from the stock exchanges on July 13th. "On July 13, HDFC Ltd stock will go off the bourses and shareholders will get their shares converted to HDFC Bank," said HDFC Vice Chairman, Keki Mistry.
HDFC shareholders will get 42 shares of HDFC Bank for every 25 shares of HDFC Ltd that they hold.

EPFO extends deadline for Higher Pension Scheme
The Employees Provident Fund Organisation (EPFO) has now extended the deadline to apply for the higher pension scheme for the third time. Eligible members can now apply for higher pension until July 11. With this, you can opt to direct 8.33 percent of your actual salary towards the pension pool. This would mean a higher pension post-retirement.

PAN-Aadhaar Link
The Government has made linking of Aadhaar Card with PAN card mandatory for all taxpayers in India. Beginning July 1st, if your PAN and Aadhaar are not linked, your PAN will become inoperative. An inoperative PAN will lead to several other ramifications. You will not be able to file your income tax returns, any refunds that you are owed from the tax department won't be issued either. There will also be issues in your investments, be it in stocks or mutual funds, as the capital markets regulator SEBI also required this linkage.