To Avoid Penalty, Complete These Financial Responsibilities Before December 31 - Viral Bake
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To Avoid Penalty, Complete These Financial Responsibilities Before December 31

With less than a week before the end of the calendar year 2021, you have less time to accomplish various financial duties, failing which you may incur a financial penalty or lose some benefits. To continue to get some advantages, you must accomplish the following financial responsibilities before December 31.

Fill up your tax return for the fiscal year 2020-21.

Due to the epidemic, the date to submit an income tax return (ITR) for the preceding financial year (2020-21) has been delayed many times, with the most recent deadline being December 31, rather than the regular July 31. Although there have been appeals for an extension of the ITR filing deadline from a variety of sources, it is best to avoid waiting until the last minute and finish the process well ahead of time. Because you will be in big danger if the government does not extend the ITR reporting deadline. As a result, filing an ITR as soon as feasible is recommended.

If you miss the December 31 deadline, you may submit a ‘Belated Return’ on or before March 31, 2022, with a penalty of up to Rs 5,000. Furthermore, losses such as company losses, capital losses, and so on cannot be carried forward.

Pensioners must present a certificate of life.

The deadline for retired government workers and family pension recipients to submit yearly life certificates, also known as Jeevan Pramaan Patra, has been extended till December 31, 2021. If you have not yet filed your life certificate, you must do it immediately or your pension will be delayed for the following month.

Ensure that your demat and trading accounts are KYC compliant.

According to the Securities and Exchange Board of India (Sebi) recommendations, your demat and trading accounts must be KYC compliant by December 31, 2021. Previously, the deadline had been pushed out to September 30, 2021.

According to a circular published by Sebi in April 2021, depositories like NSDL and Central Depository Services Ltd (CDSL) must update six key KYC features in current demat and trading accounts.

The following KYC characteristics must be updated by a demat or trading account holder:

  1. Your name;
  2. Your address;
  3. Your PAN
  4. A valid phone number
  5. A valid email address
  6. A range of income

If you do not update the aforementioned KYC qualities, your demat and trading accounts may become inactive.

Creating a link between Aadhaar and UAN

The labor ministry earlier this year extended the deadline to seed Aadhaar information in the UAN for north-eastern states and some enterprises by four months, till December 31, 2021, due to the second wave of the Covid epidemic. For the next two months, the ministry has abolished the penalty for employers that file reports late under the Employees Provident Fund Organization.

It’s worth noting that tying your EPF account to your Aadhaar number might assist speed up the claim settlement procedure. If you want to make an online claim for your EPF, you must connect your Aadhaar with your UAN, according to EPFO’s unified site.

Varsha

I Varsha Chhirolya having an experience in digital marketing of 5 years, I am an account manager in CREATIVE Ad Agency.

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