Finance-Related Tasks to Complete by December 31: The current year is set to bid adieu to us, making way for the new year 2022 that begins at the end of this week. However, within the three days that is left in this year, there are a lot of things that an Indian citizens have to complete and submit in order to avoid a number of situations. Of these, the tasks related to your personal finance are of extreme importance and you should positively complete them by December 31, which is Friday. From ITR filing to submitting your life certificate, here is a list of four money-related work you need to complete by the end of this year.
i) PF-Aadhaar link mandatory by December 31: From December 31, 2021, the EPFO has made it mandatory to link your PF account’s Universal Account Number (UAN) with Aadhaar. The EPFO had earlier said it will be effective from June this year. There are many consequences you might face if you do not link your UAN with your Aadhaar number by December 31. For one, you will stop getting the employer’s contribution if you do not link the accounts. The employees will also face a delay in remittance till the time he or she links the accounts, and the data is approved by the employers and authorities. Additionally, they will not be able to withdraw the PF money from their accounts.
ii) ITR Filing due date on December 31: The last due to file your income tax returns has been extended by the government to December 31 this year, in the wake of the Covid-19 pandemic. The deadline was also extended after users complained of glitches in the income tax portal. he original deadline was July 31, 2021. If one fails to file their ITR for AY 2021-22, he or she has to pay up to Rs 5,000 penalty and other charges. So it is advisable to file your ITR within the due date. The Income Tax Department has recently revealed that over 4.43 crore income tax returns (ITRs) for the 2020-21 fiscal have been filed.
iii) Last date to submit your Life Certificate or Jeevan Pramaan: The Department of Pension and Pensioners Welfare (DoPPW) has in a memorandum dated December 1 extended the last date to submit life certificate. Following the move, pensioners have to submit their Jeevan Pramaan by December 31 to keep receiving their pension uninterrupted. The decision has been taken in view of the Covid-19 pandemic. Life certificate, also known as the Jeevan Pramaan Patra, is an essential document of existence for pensioners which acts as a proof that he or she is still alive. “In view of the ongoing Covid-19 pandemic in various states and keeping in view of vulnerability of elderly population to Corona Virus, it has now been decided to extend the existing timeline for submission of Life Certificate for all age group of pensioners from 30/11/2021 onwards,” said the DoPPW in the memorandum earlier this year.
iv) KYC of demat and trading account must be done: The Securities and Exchange Board of India (SEBI) had in September extended the deadline to complete the KYC (Know Your Customer) process of trading and demat accounts for all individuals who invest in the stock market. Failure to do this may result in the closure of your demat account.
With regard to all the abovementioned points, eligible individuals should complete these processes immediately to avoid any hostile situation.
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