Business

Warning! Do all these things by 31st December, otherwise you will have a big loss.

New Delhi: There are only a few days left till the end of December 2021, the last month of 2021. Towards the end of this month, you will have a lot of important work to do at any cost. Failure to complete these works before the due date can result in huge financial loss.

In that order, if you have not yet filed your income tax return, you must do so by December 31. At the same time, EPFO ​​and PF account holders only have time to add nominees by the end of this month. Tell us what you need to do by the end of this month.

File an income tax return

The last date for filing Income Tax Return (ITR) for the financial year 2020-21 is 31 December. According to tax experts, filing an ITR ahead of time will not only save you from penalties, but will also bring many more benefits. If you do not file the ITR before the due date, you may have to pay heavy fines. If you file your Income Tax Return (ITR) on time, there is no fear of getting notice.

Also read- Not eligible for income tax? Even then the tax return has to be filed, close to the deadline

Nominees are required for PF account holders

The Employees Provident Fund Organization (EPFO) has asked all PF account holders to add a nominee. The EPFO ​​has set 31st December 2021 as the last date for adding nominees. If you do not add a nominee to your PF account by December 31, you may face many problems. Let us tell you that you can easily do this online by visiting EPFO’s site.

In fact, this rule was created because in case of death of the nominated EPF member, PF money, Employee Pension Scheme (EPS) and Employee Deposit Linked Insurance Scheme (EDLI) help to get the benefit.

Read more- Attention of investors in the stock market! The T + 1 settlement cycle will be effective January 1

File audit report

It is also mandatory to submit the audit report by the end of this month. In fact, traders whose annual income is more than Rs 10 crore will have to submit an audit report along with their income tax returns. Professionals like architects, engineers, doctors, film actors, lawyers, technicians are required to submit audit reports on income above Rs 50 lakh only. The last date for filing audit for the financial year 2020-21 is 31st December.

Low interest home loans are available

Significantly, Bank of Baroda has slashed home loan interest rates to 6.50% during the festive season. That means now you can take home loan at affordable rate. And most importantly, in addition to new loans, home loan transfers from other banks can also be availed of new interest rates. However, we tell you that you will get the benefit of this offer till 31st December. In that case, if you also plan to take a home loan, you can apply till 31st December.

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