Personal Finance Tasks: From ITR Filing To Aadhaar PF Link, Four Things To Complete By December 31
Remember that in case you fail to meet this new deadline for ITR filing, a taxpayer will have to pay up to Rs 5,000 in penalty
New Delhi: We will be stepping into the new year in a few days, but there are several financial tasks that need to be completed by 31st December. Some of these important tasks include income tax return or ITR filing, Aadhaar PF link, submission of life certificate for pensioners, and others.
In failure to complete the financial deadlines by 31st December 2021, it may lead to monetary loss as well.
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Checklist of things to complete by 31st December 2021:
ITR filing: As a result of the Covid-19 pandemic and technical issues on the new income tax portal, the government had extended the income tax returns deadline several times. According to the latest extension, the last date to file ITR for AY 2021-22 is December 31. Remember that in case you fail to meet this new deadline, a taxpayer will have to pay up to Rs5000 in penalty.
Aadhaar PF link: Another important task that may impact your financial life is linking Aadhaar and PF. Employees' Provident Fund Organisation (EPFO) had made it mandatory to link the Aadhaar number with one's EPF account. You need to link the two before 31st December 2021. In case it is not done then your employer won't be able to make monthly contributions to your Employees' Provident Fund (EPF) account. Further, you will not be able to make a withdrawal from your EPF account either. The provident fund regulator has also directed employers to get the UAN (Universal Account Number) of all EPF account holders Aadhaar verified.
Submission of life certificate for pensioners: Most important deadline for pensioners is the submission of life certificate for pensioners has been extended from 30th November to 31st December. There are still four days left for pensioners to submit their life certificate failing to which may cause discontinuation of monthly pension disbursal.
KYC Demat and trading account: In September 2021, the Securities and Exchange Board of India (SEBI) extended the last date for making Demat and trading accounts KYC (Know Your Customer)-compliant to December 31. Failing to do this may lead to the closure of the said Demat account.
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