New Delhi: We’ll be heading into the New Year in a few days, but there are several financial tasks that need to be completed by December 31st. Some of these important tasks include filing income tax or filing RTI, Aadhaar PF bond, submitting life certificate for retirees, etc.
Failure to meet the financial deadlines on December 31, 2021 may also result in a monetary loss.
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Checklist of things to complete by December 31, 2021:
RTI deposit: Due to the Covid-19 pandemic and technical issues on the new income tax portal, the government has repeatedly extended the deadline for filing income tax returns. According to the latest extension, the last date to file the ITRs for YY 2021-22 is December 31. Remember that in case you do not respect this new deadline, a taxpayer will have to pay up to Rs 5000 in penalty.
Aadhaar PF link: Another important task that can impact your financial life is to tie Aadhaar and PF. The Organization of the Employee Provident Fund (EPFO) had made it compulsory to associate the Aadhaar number with its EPF account. You must link the two before December 31, 2021. If this is not done, your employer will not be able to pay monthly contributions to your Caisse de Prévoyance des Salariés (EPF) account. In addition, you will not be able to withdraw from your EPF account either. The provident fund regulator has also asked employers to have the UAN (Universal Account Number) verified of all EPF Aadhaar account holders.
Delivery of the certificate of life for retirees: The most important deadline for retirees is the submission of the life certificate for retirees has been extended from November 30 to December 31. Retirees still have four days to hand in their life certificate, failing which it may stop the monthly payment of the pension.
KYC Demat and trading account: In September 2021, the Securities and Exchange Board of India (SEBI) extended the deadline for bringing Demat and KYC (Know Your Customer) trading accounts into compliance to December 31. Failure to do so may result in said Demat account being closed. .