With multiple deadlines and significant financial changes taking place, July becomes a pivotal month to closely monitor. Here, we highlight five key factors that are reshaping the financial landscape. The deadline for filing Income Tax Returns (ITR) for the financial year 2022-23, also known as the assessment year 2023-24, is quickly approaching. Individuals who generate taxable income must file their ITR before the due date. If the ITR is submitted after July 31 but before December 31, there will be a late fee of 5,000 (for income above 5 lakhs) or 1,000 (for income less than 5 lakhs).\ 2) PAN-Aadhaar Linking: Complete PAN-Aadhaar linking for ITR processing The deadline for linking PAN with Aadhaar ended on June 30. However, individuals whose PAN and Aadhaar are still not linked can still file their ITR. The income tax department will process their returns only after the PAN is linked with Aadhaar. If PAN and Aadhaar are not linked, the PAN card becomes inoperative. 3) Extended opportunity for higher EPFO pension EPFO members who joined before September 1, 2014, and missed the chance to apply for a higher pension have an extended deadline until July 11. Retirees who signed up for the higher pension option before September 1, 2014, need to validate their information within this given deadline. 4) Revised Overseas Remittance Taxation beginning October 1 The government has raised the tax on outbound remittances from 5% to 20%. This adjustment, however, will take effect on October 1. Individuals now have an extra three months to enjoy foreign travel with the existing 5% tax rate. Investors who want to invest overseas have three additional months, subject to the 5% tax on outbound remittances from India. 5) Increased interest rates on Small Savings Schemes