June 30 is the deadline for tax saving investments and linking Aadhaar with PAN

• The deadline for filing income tax returns has been extended to November 30 from July 31, 2020 while the documents for tax saving investments have 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.

In the last two months under lockdown, the government has imposed several relaxations to the tax filing process for the last financial year FY20. This includes income tax return filing (ITR), submission of tax saving documents, linking aadhaar to PAN and others.

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

Form 16 is issued by the employer after the taxpayer files their TDS certificate for the given financial year. The deadline for the same has been extended to June 30.

"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

Given the coronavirus pandemic, the government extended the deadline for filing the ITRs for FY19 and FY20 both. While the last date to file income tax return for the last financial year is November 30, the revised ITRs for FY19 can be submitted by June 30.