June 30 is the deadline for tax saving investments and linking Aadhaar with PAN
- The deadline for filing
income tax returnshas been extended to November 30 from July 31, 2020 while the documents for tax saving investmentshave to be submitted by June 30, 2020.
- Those who are planning to get their PAN Card (Permanent Account Number) linked to Aadhaar will have to do it by June 30 — failing which, they will be required to pay a penalty of ₹10,000.
- The last date to file the income tax returns for the financial year 2018-19 is also June 30.
The ITR filing and tax saving exercise
The deadline for filing income tax returns has been extended to November 30 from July 31, 2020 — giving the taxpayers more time to prepare and file their tax saving investments.
That means, the taxpayers will have to file their TDS (tax Deduction at Source) certificate before June 30 to proceed with the income tax filing process. Usually, the TDS returns are to be filed by May 31 as per the income tax laws — after which the Form 16 is issued. However, this time the government had extended the deadlines for tax saving submissions due to the COVID crisis, adding that this should not be taken as an extension to the financial year.
Form 16 is issued by the employer after the taxpayer files their
"The government has extended the date for filing TDS returns by the employer from May 31, 2020 to June 30, 2020 for the FY 2019-20. Similarly, the last date to issue Form 16 by the employer to employee has also been extended to June 30, 2020,” Saraswathi Kasturirangan, Partner, Deloitte India told ET.
Linking Aadhaar to PAN
Meanwhile, those who are planning to get their PAN Card (Permanent Account Number) linked to Aadhaar will have to do it by June 30 — failing which, they will be required to pay a penalty of ₹10,000, according to the Income Tax Act. The PAN Card will be considered inoperative, if it is not linked to the Aadhaar Card. Earlier, the deadline to link the two documents was March 31.
Revised ITR for FY 2018-19
- While COVID-19 is making millions gasp for breath in India, state administrations are trying to hoard oxygen
- On Earth Day, companies commit to adopt more sustainable practices in an attempt to safeguard our tomorrow
- Tiger Global makes its first crypto investment in India making Coinswitch Kuber worth half a billion dollars
- Best pulse oximeters to keep a check on your SpO2 readings
- Poaching doubled during the lockdown in India due to the 'three F's', and these are the animals most under threat