THESE 4 financial works must be complete before 31 December 2021

New Delhi: As the calendar year 2021 is coming to an end on 31 December, there are major financial works that need to be taken care of. While leaving some of them unfinished may make you pay penalty, others may directly impact on your finances. 

Here is a list of 4 major financial works you must complete before end of December 2021.

PF Account Nominee

If you have a Provident Fund account, then you must not ignore this deadline. The Employees' Provident Fund Organisation (EPFO) has made it necessary for all PF account holders to designate a nominee. The deadline for adding the nominee is December 31, 2021. Failure to add a nominee to your PF account by the necessary date can result in a variety of problems, including the loss of benefits such as insurance money and pension. Importantly, PF account holders can add the nominee online, as we describe here.

ITR Filing Deadline

The government had in September extended the deadline till December 31 for filing of income tax returns by individuals for the financial year 2021, amid the coronavirus pandemic and technical glitches in the IT portal. Earlier, the deadline was extended to September 30, 2021. Usually, the last date for filing the ITR (Income Tax Returns) for the individual taxpayers is July 31.

Submission of Life Certificate for pensioners

The Ministry of Personnel, Public Grievances & Pension has extended the deadline of submission of Life Certificate to December 31 from the previous deadline of November 30, 2021. It must be noted that that every Central Government Retired Employee is required to submit life certificate in the month of November for continuation of his/her pension. Hence, in view of the ongoing Covid-19 pandemic in various states and keeping in view of the vulnerability of elderly population to Corona Virus, the ministry 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. Now, all Central Government pensioners may submit Life Certificate till 31st December, 2021.

EPFO's Aadhaar and UAN deadline

The Employees' Provident Fund Organisation (EPFO) has extended deadline for Aadhaar linking of UAN till December 31, 2021 for Establishments in NORTH EAST and certain class of establishments. Issuing a circular, the EPFO said, "...after allowing sufficient time of almost four years for Aadhaar seeding, EPFO issued instructions dated 01.06.2021 cited above mandating that UANs is to be Aadhaar seeded for receipt of contributions through ECR. However, considering the challenges faced by the employers & employees in expeditious seeding of Aadhaar in UANs particularly in view of corrections required in Aadhaar data of employees in aftermath of second wave of Pandemic, the EPFO with prior approval of the Central Government extended the time for mandatory seeding of Aadhaar in UAN for filing ECR up to 01.09.2021 which was communicated vide reference cited 2 above."