Four financial tasks you need to finish before the 30 June deadline1 min read . Updated: 22 Jun 2020, 02:12 AM IST
It’s time to finalize your tax-saving investments, which are eligible for tax deduction under various sections, for FY20
This year, the deadline for completing certain financial tasks such as making tax-saving investments and filing belated income tax returns (ITR) was shifted from 31 March to 30 June due to the nationwide lockdown in the wake of covid-19. Now as the country eases the restrictions, here are four tasks that you must complete by 30 June.
1. Tax investments
It’s time to finalize your tax-saving investments that are eligible for tax deduction under various sections of the Income-tax Act, 1961, for financial year (FY) 2019-20. The last date to do so is 30 June.
The income tax department has added a table in the newly notified tax forms where an individual can give the details of investments made during April and June and claim tax deduction for FY20.
2.Belated ITR for FY19
Generally, the last date for filing ITR is 31 July. However, you can file belated ITR (returns filed after due date) till the end of the assessment year or 31 March. For FY19, the last date for filing belated return was 31 March 2020, which was extended till 30 June 2020.
“Those who want to file belated or revised return for FY19 should file before 30 June 2020," said Sudhir Kaushik, CEO, Taxspanner.com, an income tax return filing portal.
If you failed to report a particular incomes or made a mistake while filing the previous ITR, you can also file a revised return by 30 June.
3. Link Aadhaar, PAN
It’s also the last date for linking your permanent account number (PAN) with Aadhaar. “If you don’t do so by 30 June, your PAN will become inoperative," said Archit Gupta, founder and chief executive officer, ClearTax, a tax portal.
“An individual needs to quote PAN for financial transactions such as buying or selling immovable property, making investments and opening bank or demat accounts," he added.
4. Other savings
You need to invest a minimum sum in small savings schemes such as Public Provident Fund (PPF) and Sukanya Samriddhi Yojana (SSY) till the end of an FY to keep the accounts active. This deadline, too, was extended till 30 June.
In PPF, you need to invest a minimum of ₹500 per annum, while in case of SSY, you need to invest a minimum of ₹250.
So if you haven’t done these tasks already, rush to finish them on time now.