Financial tasks to complete before June 30th deadline

In a bid to help you with meeting the deadline, here is a list of 8 tasks you need to complete before June 30, 2020.

June 18, 2020 9:17 IST | India Infoline News Service
March is generally the month when we scurry to complete various financial obligations before the deadline. March 31st was always familiar as the last day to complete various financial tasks. Given that the coronavirus pandemic has pushed us towards a new normal, June 30 is the “new” 31st March. In the wake of coronavirus, Finance Minister Nirmala Sitharaman extended the deadline of the financial tasks such as filing your income tax return to linking your PAN card with Aadhaar to June 30, 2020. In a bid to help you with meeting the deadline, here is a list of 8 tasks you need to complete before 30th June.

1) ITR for FY18-19: The deadline to file belated and/or revised income tax returns for the financial year 2018-19 ends on the last day of June2020. If a taxpayer fails to file the belated and/or revised ITR by the deadline, he/she will not be able to file his/her tax return for FY2018-19 at all, unless asked to do so by the income tax department itself.Therefore, if you have not filed your ITR for FY2018-19, make sure you do it before the deadline of 30th June.

2) Linking your PAN card to Aadhar Card: It is mandatory for all to link PAN card with Aadhar card otherwise PAN will become inoperative and the person can be penalized by the authorities for not quoting, furnishing or intimating PAN.Further, you also have to link your PAN with Aadhaar to file your tax return. The deadline for this activity is 30th June.

3) Tax saving investments for FY2019-20: While the financial year 2019-20 ended on March 31, 2020, some were unable to make timely payments towards various tax saving investments for the year due to the nationwide lockdown. The government has provided extra time to investors facing cash crunch to be able to claim tax benefits under Section 80C, 80D and 80G on payments made towards LIC policies, PPF, NSC, other small savings schemes, health insurance and donations. These could be made till 30thJune to become applicable for the previous financial year. The Central Board of Direct Taxes (CBDT) has also notified of new forms which include a provision to make income tax deductions or exemption claims for payments made towards tax-saving investments made between 1 April 2020 and 30 June 2020 under the DI Schedule due to the tax-saving deadline extension.

4) Submitting Form 15G/Form 15H for FY 2020-21: The Central Board of Direct Taxes (CBDT) has stated that it will allow Form 15G/Form 15H submitted by taxpayers for FY 2019-20 to remain valid till June 30, 2020 for FY 2020-21. So, if you need to submit these forms for lower or nil tax deduction from income, you can submit it by the first week of July 2020 as well for FY 2020-21, i.e. the current financial year. Further, note that starting April 01, 2020, dividend income earned on shares of an Indian company or from a mutual fund scheme is taxable in the hands of the receiver based on the tax rate applicable to their total income.The dividend earned will be part of their total income earned for the financial year 2020-21 and tax as per their respective tax slabs.Therefore, if your dividend income is within exempted limits, you will need to submit Form 15G or Form 15H to the company or a mutual fund you invest in, to avoid tax.

5) Extension of PPF/SSY account: If your Public Provident Fund (PPF) and/or SukanyaSamriddhiYojana (SSY) accounts have matured on 31st March, 2020 and you were hoping to extend them but couldn't due to the lockdown, then you have time till 30th June, 2020. The Department of Posts had issued a notification that subscribers can pay their dues, if any, till June 30, 2020 and no penalty or revival fee would be charged during this period.

6) Vivad se Vishwas Scheme: The last date to avail of the Vivad se Vishwas Scheme been extended to June 30, 2020. Earlier, the deadline was April 01, 2020. In addition to this, no extra 10% payment will be charged.However, do note that these deposits made after March 31, 2020 will not earn any interest for the previous year 2019-20.

7) Investing in small saving schemes: The Department of Post has allowed investors to make the mandatory minimum deposits in such schemes for financial year 2019-20 up to 30th June, 2020, extended from 31st March 2020. Also, if you were unable to make deposits in your recurring deposit account with the post office for April and May 2020 due to the lockdown, you have time the last day of June to do so without any penalty and revival fees.

8) Senior Citizen Saving Schemes (SCSS): A retiree between 55 and 60 years of age is allowed to invest in the SCSS scheme, provided such investment is made within one month of receiving retirement benefits and the amount does not exceed such benefits. To provide relief to such retirees who retired between February and April 2020, the government has relaxed the time limit for investing retirement benefits in the SCSS account to 30th June, 2020.

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