In this order, if you have not yet filed your income tax return, you must do so by 31st December. 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 also has many other 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.
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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.
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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 will also offer 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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