Get the 4 things done quickly this month, including filing an ITR return and linking the nominee to the PF account.
EPFO has set December 31, 2021 as the deadline for nominees.
The last month of the year is December, when you have a lot of work to do. If you have not yet filed your income tax return, do so by December 31. Also, EPFO has asked PF account holders to add nominees by the end of this month. Here are 4 things you need to do this month.
File an income tax return
To file Income Tax Return (ITR) by December 31 for the financial year 2020-21. According to a tax expert, timely filing of ITR will save you from penalties, as well as many other benefits. Failure to file ITR by the due date may result in penalty.
PF account holders add nominees
The Employees Provident Fund Organization i.e. EPFO has asked all PF account holders to add nominees. EPFO has set December 31, 2021 as the deadline for nominees. If you do not add a nominee to your PF account by 31st December, you may face many problems. This work can be done online by visiting the EPFO site.
Nomination helps in getting the benefit of PF money, Employee Pension Scheme (EPS) and Employee Deposit Linked Insurance Scheme (EDLI) easily in case of death of EPF member. It also allows the nominee to file a claim online.
Apply for a low interest home loan
Bank of Baroda has slashed home loan interest rates to 6.50% during the festive season. The benefit of the new interest rate will be available not only on new loans but also on home loans transferred from another bank. This offer is valid till 31st December. In this case, if you are planning to take a home loan, you can take advantage of this offer by applying till 31st December.
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File an audit report
Business people with an annual income of over Rs 100 million are required to file an audit report along with their income tax return. Professionals like architects, engineers, doctors, film actors, lawyers, technicians have to file an audit report on an income of more than Rs 50 lakh. The deadline for filing audits for the financial year 2020-21 is December 31.
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