4 Things to know e filing ITR in year 2020
income tax

4 Things to know e filing ITR in year 2020

The government extended the deadline for filing the income-tax returns for the financial year 2019-20 from March 31 to June 30. The financial year ends with March 31 and taxpayers are expected to complete their tax-saving activities and filing belated income tax (I-T) returns by the date.

However, this year due to the coronavirus pandemic, the deadline was extended till June 30.   Any delay or shortfall in payment of interest tax results in government levying interest when the tax is paid later. 

You have just last few days to invest in tax-saving financial instruments before filing the I-T return for 2019-20.  

Tax department has added a new table in the newly-notified tax forms where you can mention the details of the tax-saving investments made during April, May and June for the financial year 2020.

  1. Have you not yet file ITR  for FY19?  

Those who haven’t filed the return for FY 2019 or can still do it. Although the last day for filing ITR for a particular year is July 31, you can still file belated ITR till the end of the assessment year.

The assessment year 2019 ended on March 31, however, the deadline for same was extended till June 30, remember? So, you still have time.  

you can also file a revised ITR for FY19.

  • Invest a minimum sum in savings schemes

An investor is required to invest a minimum sum such as Public Provident Fund (PPF).

The last deadline to invest in such schemes was also extended to June 30 due to coronavirus. 

The minimum investment in PPF is Rs 500. 

  • Link Aadhar with PAN card

This should probably be high on your priority list because since Aadhar has been made the unofficial document for all things government.

Your PAN card stands to become deactivated if you dont link it to your Aadhar by June 30, 2020.

IPA offers Income Tax Course in Delhi India