In the last month of the year, ie December, you have to deal with many important tasks.
If you have not filed income tax return yet, do so by 31st December. At the same time, EPFO has asked PF account holders to add nominees by the end of this month. We are telling you 4 such things which you have to do this month.
File
Income Tax Return The Income Tax Return (ITR) has to be filed by 31st December for the financial year 2020-21. According to tax experts, timely filing of ITR not only saves you from penalties but also has many other benefits. You may have to pay a penalty for not filing ITR within the stipulated date. Apart from this, there is no fear of getting notice.
Adding Nominee to 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 deadline 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. This work can be done online by visiting EPFO’s site.
Nomination helps in getting the benefits of PF money, Employee Pension Scheme (EPS) and Employee Deposit Linked Insurance Scheme (EDLI) easily in case of death of an EPF member. It also allows the nominee to file claims online.
Apply for low interest home loan
Bank of Baroda has reduced the home loan interest rate to 6.50% during the festive season. Apart from the new loan, the benefit of the new interest rate will also be available on home loans transferred from other banks. The benefit of this offer will be available till December 31. In such a situation, if you are planning to take a home loan, then you can take advantage of this offer by applying till December 31.
Filing an audit report
Those people associated with the business whose annual income is more than Rs 10 crore, they have to file an audit report along with the income tax return. Professionals like architects, engineers, doctors, film actors, lawyers, technicians have to file audit reports only on income above Rs 50 lakh. The deadline for filing audit for the financial year 2020-21 is also December 31.
