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Complete These 4 Financial Works Before 31 December 2021 To Avoid Paying Penalty – Check Details Here

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Complete These 4 Financial Works Before 31 December 2021 To Avoid Paying Penalty – Check Details Here

New Delhi: With just over one week left for the calendar year 2021 to end you have less time to complete some money-related tasks, failing which you may either face a financial penalty or lose some benefit. Here are certain financial tasks you need to complete before December 31 to continue to enjoy certain benefits.

Here is a list of 4 major financial works you must complete before end of December 2021.

PF Account Nominee

If you have a Provident Fund account, then you must not ignore this deadline. The Employees’ Provident Fund Organisation (EPFO) has made it necessary for all PF account holders to designate a nominee. The deadline for adding the nominee is December 31, 2021.

Failure to add a nominee to your PF account by the necessary date can result in a variety of problems, including the loss of benefits such as insurance money and pension. Importantly, PF account holders can add the nominee online, as we describe here.

Pensioners need to submit life Certificate
The deadline for retired government employees and family pension receivers to submit their annual life certificates or Jeevan Pramaan Patra, has been extended until December 31, 2021.

If you have not submitted your life certificate yet then you need to submit it soon or else you may not receive pension for the next
ITR Filing Deadline

The government had in September extended the deadline till December 31 for filing of income tax returns by individuals for the financial year 2021, amid the coronavirus pandemic and technical glitches in the IT portal.

Earlier, the deadline was extended to September 30, 2021. Usually, the last date for filing the ITR (Income Tax Returns) for the individual taxpayers is July 31.

EPFO’s Aadhaar and UAN deadline

The Employees’ Provident Fund Organisation (EPFO) has extended deadline for Aadhaar linking of UAN till December 31, 2021 for Establishments in NORTH EAST and certain class of establishments. Issuing a circular, the EPFO said, “…after allowing sufficient time of almost four years for Aadhaar seeding, EPFO issued instructions dated 01.06.2021 cited above mandating that UANs is to be Aadhaar seeded for receipt of contributions through ECR.

However, considering the challenges faced by the employers & employees in expeditious seeding of Aadhaar in UANs particularly in view of corrections required in Aadhaar data of employees in aftermath of second wave of Pandemic, the EPFO with prior approval of the Central Government extended the time for mandatory seeding of Aadhaar in UAN for filing ECR up to 01.09.2021 which was communicated vide reference cited 2 above.”

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