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Non Life Insurance - Four Financial Tasks You Need to Finish Before the 30 June Deadline
19-Jun-2020

The financial year ends of 31 March, which is also the official deadline for completing several financial tasks such as making tax-saving investments and filing belated income tax returns (ITR). This year, however, the deadline was shifted to 30 June after the government announced a nationwide lockdown from 25 March in view of the covid-19 pandemic.

Now as the country eases the restrictions, here are some of the tasks that you must complete by 30 June.

1. Make your tax-saving investment

It’s time to finalize your tax-saving investments for financial year (FY) 2019-20. The income tax department has added a table in the newly notified tax forms where an individual can give the details of tax-saving investments made during April and June and claim tax deduction for FY20.

Generally, the last date for filing ITR is 31 July. However, one 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, chief financial officer, Taxspanner.com.

If you failed to report something or made a mistake by filing the previous ITR, you can also file a revised return by 30 June.

3. Invest minimum sum in small savings schemes

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. The last date for investing in small savings schemes was extended till 30 June due to the lockdown.

4. Link Aadhaar with PAN

The end of this month is also the last date for linking your permanent account number (PAN) with Aadhhar. “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. 

So if you haven’t finished these tasks, rush to do them on time now.

Source : Live Mint back