The financial yr ends of 31 March, which can be the official deadline for finishing a number of financial tasks corresponding to making tax-saving investments and submitting belated revenue tax returns (ITR). This yr, nevertheless, the deadline was shifted to 30 June after the authorities introduced a nationwide lockdown from 25 March in view of the covid-19 pandemic.
Now as the nation eases the restrictions, listed here are a few of the tasks that you should full by 30 June.
1. Make your tax-saving funding
It’s time to finalize your tax-saving investments for financial yr (FY) 2019-20. The revenue tax division has added a desk in the newly notified tax varieties the place a person may give the particulars of tax-saving investments made throughout April and June and declare tax deduction for FY20.
2. File belated ITR for FY19
Generally, the final date for submitting ITR is 31 July. However, one can file belated ITR (returns filed after due date) until the finish of the evaluation yr or 31 March. For FY19, the final date for submitting belated return was 31 March 2020, which was prolonged until 30 June 2020.
“Those who need to file belated or revised return for FY19 ought to file before 30 June 2020,” stated Sudhir Kaushik, chief financial officer, Taxspanner.com.
If you failed to report one thing or made a mistake by submitting the earlier ITR, you also can file a revised return by 30 June.
3. Invest minimal sum in small financial savings schemes
You need to make investments a minimal sum in small financial savings schemes corresponding to Public Provident Fund (PPF) and Sukanya Samriddhi Yojana (SSY) until the finish of an FY to preserve the accounts energetic. The final date for investing in small financial savings schemes was prolonged until 30 June due to the lockdown.
In PPF, you need to make investments a minimal of ₹500 every year, whereas in case of SSY, you need to make investments a minimal of ₹250.
4. Link Aadhaar with PAN
The finish of this month can be the final date for linking your everlasting account quantity (PAN) with Aadhhar. “In case you don’t hyperlink your PAN with Aadhaar by 30 June 2020, your PAN will turn out to be inoperative, ” stated Archit Gupta, founder and chief govt officer, ClearTax.
“An particular person wants to additionally quote PAN for finishing up financial transactions corresponding to shopping for or promoting immovable property, making investments and opening financial institution or demat accounts. Once your PAN turns into inoperative, you might not be ready to perform additional financial transactions,” he added.
So if you haven’t completed these tasks, rush to do them on time now.