Filing ITR, adding EPF nominee, other tasks to complete before Dec 31

New Year 2022 is just a few days away. In order to usher in a hassle-free New Year, there are a couple of money-related tasks you need to fulfill by December 31. From filing income tax returns for AY2021-22 to linking your Aadhaar and UAN, here’s a lowdown of the tasks you need to fulfill by December 31 in order to avoid any money-related inconvenience in the upcoming year

Filing Income Tax returns for AY2021-22

The last date of filing income tax returns for AY2021-22 is December 31. The Central Board of Direct Taxes (CBDT) had extended the deadline by three months from September 30, 2021 to December 31, 2021. Procedure of filing an income tax return varies according to a taxpayer’s income—salary, business and profit on investment generated in a year.

For filing an ITR, one needs to have income tax login ID and password and submit basic documents like Form 16, Form 16A, PAN card, Aadhaar card, capital gains statement, salary slip, Form 26 AS, PAN card, Aadhaar and bank statement.

EPF account holders must add nominee

All Employees Provident Fund or EPF account holders must add a nominee by December 31, 2021 before new rules come into effect. If employees fail to add a nominee by December 31, they will lose benefits like insurance money and pension.

As per the new rules, only nominated members will be able to withdraw EPF savings in case of the subscriber’s sudden death due to natural causes, accident or illness. Accountholders have to add the nominee online and they must have an active Universal Account Number (UAN) and Aadhaar details.

Pensioners need to submit life certificate

In view of the COVID-19 pandemic, the Ministry of Personnel, Public Grievances and Pensions extended the deadline for submission of life certificates by government pensioners to ensure uninterrupted disbursement of pension till December 31.  Earlier this deadline was November 30.

Pensioners can submit their life certificates either physically or digitally. Once their digital life certificate is generated successfully, pensioners need to pay a fee of Rs 70 including GST and cess. Pensioners need details like Aadhaar card number, current mobile number, type of pension, sanctioning authority, PPO number and bank account where pension has to be credited for the same.

Traders need to make their demat accounts KYC compliant

Securities and Exchange Board of India (SEBI) has said that Registrars to an Issue and Share Transfer Agents (RTAs) shall not process any service requests or complaints received from holders or claimants till PAN, KYC and nomination documents are received beginning January 1. So, traders are advised to make their demat, trading accounts KYC compliant till December 31.

The demat account holder needs to update these six KYC attributes – name, address, PAN, valid mobile number, valid email address and income range. In case, you fail to update these KYC attributes, your trading account shall be deactivated.

Aadhaar-UAN linking

The Employees’ Provident Fund Organisation (EPFO) has extended the date of linking Aadhaar and Universal Account Number (UAN) of EPF members in Assam, Tripura, Manipur, Arunachal Pradesh, Meghalaya and Nagaland till December 31.

The decision was taken “considering the concentration of establishments in remote localities and in areas affected by insurgency, frequent change in work sites of the workers and other attendant constraints in the classes of establishments – beedi making, building and construction and plantation industries (tea, coffee, cardamom, pepper, jute, rubber, cinchona, cashewnuts, etc.),” as per an EPFO notification dated September 11, 2021.

Also read: Tokenisation, GST rules to come into effect from Jan 1; all you need to know

Also read: Income Tax Returns: What happens if you miss the ITR due date?

Also read: ITR filing for FY 2020-21: Documents required; different ITR forms; and how to file income tax return

Also read: EPF account holders must add nominee by Dec 31: check guidelines

Also read: New GST rule to be implemented from Jan 1, 2022: check details