Due to COVID-19, various financial deadlines have been extended till 2021 by the government. Here are the key financial deadlines that you should not miss
With less than five days left before the calendar year 2021 comes to an end, here are five key personal finance deadlines one must complete before December 31.
1. EPF benefits to stop if customers fail to add nominee
Employees Provident Fund (EPF) account holders must add a nominee by December 31. If this is not done, the employees will lose on several benefits.
Only, nominated members can withdraw the EPF savings in the event of subscribers' sudden demise.
Subscribers can nominate more than one nominee and also fix the percentage of sharing among all such nominees.
2. ITR filing deadline ends on December 31
The government has extended the income tax return (ITR) filing deadline for the fiscal year 2020-21 to December 31, 2021, failing to do which may result in penalty.
3. Last date to submit Jeevan Pramaan Certificate ends on December 31
The deadline for government retirees to submit their annual life certificate, also known as Jeevan Pramaan Patra, will also end on December 31, 2021. It is critical for retirees to submit their life certificates on time in order to continue receiving their pension.
4. Link EPF account with Aadhaar
Employees' Provident Fund Organisation (EPFO) has made it mandatory to link Aadhaar number with EPF account. Deadline to complete this important task is December 31, 2021. So, subscribers who still have not linked their Aadhaar with the PF account should do the needful.
The EPFO also said that it is the responsibility of the employer to ensure that their employees link their provident fund account to their Aadhar number.
It’s important to note here that the retirement fund body, allows subscribers to update the Aadhaar details in the Employees' Provident Fund (EPF) account through its online portal — epfindia.gov.in.
5. KYC of demat and trading account
The demat and trading accounts lacking an updated KYC (know-your-customer) will be deactivated if not done by December 31, 2021.
To avoid deactivation of their accounts, investors have been asked to provide their name, address, Permanent Account Number (PAN), valid mobile number, valid email ID, and income range.