The financial year ends on 31st March, but due to COVID-19, Government provided relief to the taxpayers and therefore announced 30th June 2020 as the last date to complete some of the financial Tasks which were due by 31st March. This has made it easy for the tax payers as they can complete these tasks after completion of Lock down.
Here are the 4 Financial Tasks that you should complete Before 30th June-
1- Tax Saving Investment
In the new forms of ITR, Income Tax department has provided a new table where the Tax payers can show their Tax saving Investments during April-June 2020. So its a time to invest in the Tax Saving Investments and claim deductions for FY20.
2- File Your ITR
The general date of filing ITR is 31st July, but for belated returns date is 31st March. Due to the lockdown, this date was shifted to June 30th by Income Tax department.
“Those who want to file belated or revised return for FY19 should file before 30 June 2020,” said Sudhir Kaushik, chief financial officer, Taxspanner.com.
If you have belated returns to be filed yet, or have missed something in return and wants to file revised return, do that by 30th June 2020.
3- Investment of Minimum Sum in small saving schemes
To keep the accounts active, you have to invest minimum sum in the Small saving schemes like PPF and Sukanya Samridhi Yojna. The last date was extended till 30th June 2020.
4- Link Aadhaar With PAN
The last date to link your Aadhaar Card with PAN is 30th June, so make sure to do it before the last date.
. “In case you don’t link your PAN with Aadhaar by 30 June 2020, your PAN will become inoperative, ” said Archit Gupta, founder and chief executive officer, ClearTax.
“An individual needs to also quote PAN for carrying out financial transactions such as buying or selling immovable property, making investments and opening bank or demat accounts. Once your PAN becomes inoperative, you may not be able to carry out further financial transactions,” he added.