Markets will be closely watching the elections and any reaction is bound to have an impact on your investment portfolios.

In addition, there are some more money tasks that you need to keep an eye on. For instance, providing a nominee for your mutual fund investments, filing your income tax returns, and so on.

Let’s look at some of the most important money changes that’ll impact you during the month.

Keep an eye on Lok Sabha elections 2024 results

On June 4, the Lok Sabha election results will be declared, and the new government will be sworn in after the results. Colonel Sanjeev Govila (retd.), CEO of Hum Fauji Initiatives, a financial planning firm advises investors to adopt a cautious but proactive approach around voting results. “Often, whenever such a highly anticipated event takes place, there are corrections in the markets sooner or later, irrespective of the results,” he says. In such situations, you must maintain a balanced portfolio, avoid speculative trades, and focus on long-term goals.

Nomination for existing individual investors

Providing nomination or opting-out confirmation has already been mandated in the case of new mutual fund investors for folios created from October 1, 2022.

Nomination in folios held by investors where folios were created before October 1, 2022, must be complied with on or before June 30, 2024, by either submitting nominee details or by providing an opt-out declaration.

If the details are not registered within the stipulated timelines, transactions like redemptions / systematic withdrawal plan / Switch / systematic transfer plan will not be permitted in such folios from July 1, 2024.

June 15 is the deadline for the first advance tax installment

If you’re a salaried individual and think the ‘Advance Tax’ provision does not apply to you, you’re wrong. Advance tax liability may arise for a person having salary as the primary source of income, but also drawing income from other sources such as interest from deposits, rental income, capital gains, and so on. So, you need to assess your advance tax liability.

According to section 208 of the Income Tax Act 1961, every person whose estimated tax liability for the financial year is Rs 10,000 or more, after taking into consideration tax deducted and collected at source (TDS and TCS), is required to pay advance tax.

Taxpayers are required to pay their annual estimated advance tax liability in four installments. They need to pay 15 percent of the advance tax on or before 15 June,

If you miss advance tax payments or delay them, there is penal interest on the taxes due, under section 234C, at the rate of 1 percent per month/part of the month.

Get ready to file your income tax returns for FY 2023-24

That is, assessment year 2024-25. While you have time till July 31 to file your returns, you will receive forms 16 from your employers and banks by June 15. You can start poring over your bank and capital gains statements, salary slips, and so on in June. This will help prevent the last-minute rush and any resultant mistakes. Once you obtain your Form 16, you can initiate the process instead of waiting till July 31 to ensure that any I-T return filing portal glitches or heavy traffic closer to the due date do not hamper this exercise.

HDFC Bank to stop SMS alerts for low-value UPI transactions

From June 25, HDFC Bank customers will not get SMS alerts for any UPI spend below Rs 100 or receipt of money credit less than Rs 500.

Email alerts for all transactions will continue to be delivered, the bank added, reiterating that customers should update their primary email to receive all notifications. The decision is based on feedback on low-value transactions, the bank said, as the apps through which the UPI transaction is carried out send an alert as well.

BoB's One credit card’s revision in charges

From June 23, Bank of Baroda’s One co-branded credit card issued by BOBCARD Limited (BOBCARD) will have revised charges. In cases of delays in payments or part payments or using the card for payments beyond the set credit limit, the bank has increased the charges levied.

For instance, interest rates will be 3.57 percent a month (i.e., 45 percent per annum), for all BOBCARD One co-branded credit card members. Whenever the cardholder breaches the assigned credit limit, the bank charges an over-limit fee. The revised charges are 2.5 percent of the over-limit amount or Rs 500 (whichever is higher).

If there has been no payment or a payment less than the minimum amount due by the payment due date, the bank levies a late payment charge based on the cardholders' outstanding amount as per the bank’s grid. The revised charges are between Rs 250 and Rs 1,250.

Swiggy HDFC Bank Credit Card revises cashback structure

Effective from June 21, any cashback earned will be reflected in the credit card statement rather than appear as Swiggy Money on the Swiggy app. This means the cashback will reduce the statement balance for the next month.

For instance, if your statement is generated on the 21st of each month, the cashback earned over the previous month will appear in your statement and reduce the amount you have to repay.

No reward points for rent transactions on Amazon Pay ICICI Bank credit card

For Amazon Pay ICICI Bank credit card users, a 1 percent reward point was given on making rent payments. However, from June 18 onwards, no reward points will be credited on rent payment transactions through this card.