Financial Tasks To Finish By The End of June 2020

Thanks to the COVID-19 pandemic, the end of the financial year 2019-2020, 31 March, did not actually seem to be the end. The government had to provide an extension for several things, such as income tax returns filing and GST returns filing. Several due dates are shifted to 30 June 2020. However, you might be confused about what you should do to comply with the due dates.

Here, we have compiled a list of things that you must complete before 30 June 2020:

1. PAN-Aadhaar Linking
The government has made it easier to obtain PAN if you have your Aadhaar card. Even when you newly apply for Aadhaar card, you will automatically get your PAN along. Since the government has reduced the complexity of the process, it is your turn to link your Aadhaar with PAN before 30 June 2020. In case you choose not to link your PAN with Aadhaar, your PAN will become inoperative post this deadline.

If your PAN becomes inoperative, you may find it difficult to perform financial transactions, such as trading immovable properties, making investments, opening a bank/Demat account.

2. Belated ITR Filing
Generally, the last date to file ITR for a financial year is 31 July. However, if you have missed filing within this due date, you can file the returns with a penalty before the end of the assessment year. Similarly, the last date to file ITR for the financial year 2018-19 was extended from 31 March 2020 to 30 June 2020.

If you are one of those who have not yet filed ITR for the financial year 2018-19, it is high time for you to file it now. Also, you have the provision to report something that you had missed or correct the mistake you made while filing it the last time by filing a revised return by 30 June 2020.

Also Read: New ITR forms to enable a claim of tax benefits up to 30 June 2020

3. Small Saving Scheme Investments
If you have invested in one of the small saving schemes, such as Sukanya Samriddhi Yojana (SSY) or Public Provident Fund (PPF), here is a reminder for you to at least deposit the minimum sum acceptable. The last date to make this deposit was extended until 30 June 2020.

The pandemic has not given everyone the opportunity to make an investment as per their desire. However, there is a small sum set as the minimum deposit amount you can make for a year. For your information, the minimum sum you can invest in a PPF account per year is Rs.500 and that of an SSY account is Rs.250.

4. Tax-Saving Investments
In addition to taking care of all the three things mentioned above, it is also crucial to conclude your tax-saving investments for the financial year 2019-2020. You don’t have to worry if the investments made now can be accounted for the previous financial year.

The newly framed ITR forms have a separate table for you to fill up the tax-saving investments you made during the months of April, May, and June 2020. You can still gain tax deductions for these investments as accountable for FY20.

If you have missed any of these four activities, you still have the weekend and another week’s time to complete them. Don’t rush and make mistakes. Similarly, don’t procrastinate things and relax. Get to it so that you don’t miss the extended deadline!

For any clarifications/feedback on the topic, please contact the writer at apoorva.n@cleartax.in.