The country has had a lockdown for more than two months to prevent an outbreak of coronavirus. In view of this, the Central Government had also shifted the deadline of many financial works from 31 March to 30 June. There are many tasks that you have to tackle by June 30.
Highlights
PAN is required to be linked with Aadhaar by June 30, PAN is necessary for financial transactions
The revised ITR of the last financial year will also have to be filed by the end of this month
If you want to avoid a penalty, you have to deposit a minimum amount in tax in PPF account on June 30
Now only a few days are left for investment to save tax
The country has had a lockdown for more than two months to prevent an outbreak of the Coronavirus. This also affected the functioning of government offices. In view of this, the Central Government had also shifted the deadline of many financial works from 31 March to 30 June. Now the lockdown is over and the unlocking process has started, so you have to complete many tasks by June 30, otherwise, it may be difficult for you. The government has given a number of reliefs to support the economy of lockdown. Finance Minister Nirmala Sitharaman had also announced to extend the last date for various financial activities including investment in tax-saving schemes, linking of PAN with Aadhaar. The deadline for some of these schemes is ending this month. Know the things you have to do before June 30, 2020.
It is necessary to link PAN with Aadhaar by June 30
Nowadays PAN is made mandatory for most financial transactions. PAN is also required to file ITR. The government had kept March 31 as the last date for connecting PAN with Aadhaar but extended it till June 30, 2020, in view of the lockdown. If you do not add your PAN to Aadhaar by June 30, it will become illegal. This way you will not be able to do any financial transaction where PAN will be mandatory.
Revised ITR of last financial year
The revised ITR filing deadline for the financial year 2018-19 has also been extended to 30 June. If you have not filed ITR for FY 2018-19, then you can file it as Revised ITR by 30 June.
Deposit in PPF account if you want to avoid penalty
The government has extended the last date of minimum deposit for PPF and Small Saving Schemes till June 30 for the financial year 2019-20. Its deadline was 31 March 2020. If you have opened a minimum annual deposit PPF account or any small savings scheme account, then penalty may be imposed for not depositing the required amount after the last date. Right now PPF and Sukanya Samriddhi Yojana are penalized for not depositing the minimum amount in the account. Similarly, if you have not been able to deposit money in your Recurring Deposit Account in April and May 2020, then you can invest till June 30 without any penalty. The penalty will be levied for depositing money after this date.
If you want to save tax, invest this month
If you have not yet invested in tax saving schemes then you have a chance till June 30. You can invest in tax exemption schemes under 80C and 80D till June 30. The government also extended the period to complete the tax-saving exercise for the financial year 2019-20 from 31 March 2020 to 30 June 2020.
If you want to continue PPF, fill in the forms immediately
If you want to continue the PPF account which was matured on 31 March 2020 and has not been able to get it due to lockdown, then you have till 30 June to do so. The postal department issued a circular in this regard on 11 April. Accordingly, the last date for submission of the PPF account form has been made on June 30.
Investment in Senior Citizen Scheme
The government has extended the last date for employees retiring between February and April 2020 to invest in Senior Citizen Scheme account till 30 June 2020. According to the rules of the scheme, retired persons between the age of 55-60 years can invest in the SCSS scheme for one month after getting retirement benefits.
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