4 financial responsibilities that need to be completed before deadline, 30th June 2020

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4The outbreak of coronavirus and resultant nationwide lockdown starting from 25th March has shifted the deadline to 30th June for completing various financial tasks such as filing belated income tax returns (ITR) and making tax-saving investments. As the government had started unlocking in phases and country eases down the restrictions, here are few tasks that need to be completed by June 30th, 2020.

Linking PAN with Aadhaar

The government has extended the deadline to link PAN with Aadhaar to June 30th 2020, from March 31st, 2020. Your PAN will become invalid if your PAN is not linked with Aadhaar by the deadline. With an invalid PAN, you will not be able to conduct financial transactions wherever quoting of PAN is mandatory. Further, you also have to link your PAN with Aadhaar to file your tax return.

Filing belated/revised ITR for FY 2018-19

The deadline to file belated and/or revised ITRs for FY 2018-19, too, has been extended to June 30th 2020. As per income tax laws, March 31, 2020, was the deadline for filing belated and/or revised ITR for FY 2018-19. If the belated and/or revised ITR was not filed by this deadline, then the individual could not have filed his/her tax return for FY 2018-19 unless the tax department had asked the individual to do so.

Tax saving investment for FY 2019-20

If you are yet to complete your tax-savings investments, make necessary expenditures, i.e. invest under section 80C or in health insurance premiums as they are eligible for deduction under section 80D, etc., you can do the same by June 30. Tax-saving investments and expenditures made between April 1, 2019, and June 30, 2020, will qualify for an income tax deduction for FY 2019-20, as the deadline extended from March 31, 2020, to June 30, 2020.

The latest income tax return (ITR) forms notified for FY 2019-20 contains a ‘Schedule DI’ so that taxpayers can provide information regarding investments and expenditures related to tax-savings made during the extended period, i.e., between April 1, 2020, and June 30, 2020. 

Invest a minimum sum in saving schemes

An investor is required to invest a minimum amount such as Public Provident Fund (PPF) or Sukanya Samriddhi Yojana (SMY) till the end of a financial year to keep the account active. The last deadline to invest in such schemes is also extended to June 30th due to coronavirus pandemic. The minimum investment in PPF is Rs 500 and SSY is Rs 250. 

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