ITR Filing: From filing ITR to adding a nominee in the PF account, it is important to complete all these tasks this month itself. People filing income tax returns will have to pay penalty if they do not file ITR by this month.
TR Filing: The year 2021 i.e. the last month of December is going on. By the end of this month, you will have to settle many important work at any cost. If you do not complete these tasks before the due date, you may suffer a big loss.
If you have not filed income tax return yet, do it by 31st December. At the same time, EPFO has also given time to PF account holders to add nominees till the end of this month.
File 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 penalty, but will also have many other benefits.
If you do not file ITR before the due date, you may have to pay a heavy penalty. 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
Employees’ 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, you can easily do this work online by visiting the site of EPFO.
Actually, this rule has been made because by enrolling, the benefit of PF money, Employees Pension Scheme (EPS) and Employees Deposit Linked Insurance Scheme (EDLI) is easily available on the 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 audit report along with income tax return.
Professionals like architects, engineers, doctors, film actors, lawyers, technicians are required to submit audit reports only on income above Rs 50 lakh. The last date for filing audit for the financial year 2020-21 is December 31.
Home loan is available at low interest
Bank of Baroda has reduced the home loan interest rate to 6.50% in the festive season. That is, now you can take a home loan at a cheap rate. And the most important thing is that apart from the new loan, the benefit of the new interest rate will also be available on the home loan transferred from another bank.
But let us tell you that you will get the benefit of this offer till December 31. In such a situation, if you are also planning to take a home loan, then you can apply for it till December 31.
