The last month of the year 2021 i.e. December is going on. By the end of this month, you have to tackle many important tasks at any cost. If you do not complete these tasks before the due date, then you may suffer a big loss. If you have not filed income tax return yet, do so by 31st December. At the same time, EPFO has also given PF account holders only till the end of this month to add a nominee. Let us know what are the tasks that you have to tackle by the end of this month.
File your Income Tax Return
The last date to file Income Tax Return (ITR) for the financial year 2020-21 is December 31. According to tax experts, filing ITR before the deadline will not only save you from penalties, but will also bring many other benefits. If you do not file ITR before the due date, you may have to pay a heavy fine. If you have filed Income Tax Return (ITR) on time, then you do not have the fear of getting a notice.
Nominee required for PF account holders
The Employee Provident Fund Organization (EPFO) has asked all PF account holders to add a nominee. EPFO has fixed 31st December 2021 as the last date for adding nominees. If you do not add a nominee to your PF account by December 31, then you may have to face many difficulties. Let us tell you that you can easily do this work online by visiting EPFO’s site.
Actually, this rule has been made because making 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.
File Audit Report
It is also mandatory to file the audit report by the end of this month. Actually, business men whose annual income is more than Rs 10 crore, they have to file an audit report along with income tax return. Professionals like architects, engineers, doctors, film actors, lawyers, technicians have to give audit report only on income above Rs 50 lakh. The last date for filing audit for the financial year 2020-21 is December 31.
