EPFO Nomination, Annual GST Return Submitting: Govt Extends Deadlines for Key Cash Duties

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Extension of Deadlines Past December 31: The federal government has prolonged the deadlines for a number of sectors in varied bulletins over the previous two days. From EPFO nominee submitting to updating of KYC ( Know Your Buyer) for patrons at Regulated entities, totally different wings of the federal government have been updating deadlines which had been imagined to be on December 31. Thus, residents throughout India now have extra time to chill out and file the updates accordingly, with none strain on them in the intervening time. On this regard, it should be knowledgeable that these deadlines had been largely prolonged as a result of ongoing Covid-19 pandemic that has seen a recent bout of circumstances with the emergence of the brand new Omicron variant.

Here’s a listing of deadlines which have been prolonged by the federal government from December 31 to different dates: 

i) EPFO Nomination Submitting Date Prolonged Past December 31

The Staff Provident Fund Organisation, or EPFO, on Thursday, December 30 mentioned that members can now file nomination of their EPF accounts past December 31, which was the prescribed deadline to do the work. This time, it didn’t specify a deadline. Nevertheless, the government-backed retirement physique inspired account holders to file for e-nomination as quickly as attainable.

The newest transfer comes after many customers complained of glitches within the EPFO portal whereas submitting for e-nomination. As per a number of customers who complained on Twitter, the EPFO portal is just not permitting them to file for a nominee and is exhibiting an error message each time they’re making an attempt to get the job finished.

“It’s vital for subscribers to register nominations to care for his or her partner, kids, and oldsters and to safeguard them by means of on-line PF, pension, and insurance coverage,” the EPFO had mentioned in an announcement. Submitting of nomination is geared toward guaranteeing advantages for the dependents of the PF account holder in occasion of a mishap with her or him. The nominee will be capable of obtain advantages from the insurance coverage and pension schemes if such an incident occurs to an account holder.

ii) Extension of FY21 GST Annual Return Submitting Deadline Until February 28

The federal government has additionally prolonged by two months until February 28 the deadline for companies to file GST annual returns for 2020-21 fiscal ended March 2021. “The due date for furnishing annual return in FORM GSTR-9 & self-certified reconciliation assertion in FORM GSTR-9C for the monetary 12 months 2020-21 has been prolonged from 31.12.2021 to 28.02.2022,” the Central Board of Oblique Taxes & Customs (CBIC) mentioned in a late-night tweet on Wednesday, December 29.

GSTR 9 is an annual return to be filed yearly by taxpayers registered below the Items and Providers Tax (GST). It consists of particulars relating to the outward and inward provides made or acquired below totally different tax heads. GSTR-9C is an announcement of reconciliation between GSTR-9 and the audited annual monetary assertion.

Furnishing of the annual return is obligatory just for taxpayers with mixture annual turnover above Rs 2 crore whereas a reconciliation assertion is to be furnished solely by the registered individuals having mixture turnover above Rs 5 crore.

iii) RBI’s Extension on Periodic Updation of KYC for Restricted Entities

The Reserve Financial institution of India on Thursday prolonged the deadline to mandatorily replace the KYC necessities periodically by three months to March 31, 2022. The central financial institution mentioned that the relief was given in view of the continuing Covid-19 pandemic. “In view of the prevalent uncertainty as a result of new variant of Covid 19, the relief offered within the aforementioned round is hereby prolonged until March 31, 2022,” mentioned the RBI in a notification whereas referring to its earlier round that required financial institution clients to replace their KYC data inside December 31 this 12 months. Financial institution clients had been required to replace their KYC data by this date for unrestricted deposition or withdrawal from their accounts.

(With PTI Inputs)

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