Financial deadlines you need to be aware of in 2020–21

There are some deadlines coming up in the next few months that should influence your tax planning objectives

Financial deadlines you need to be aware of in 2020–21

The government has extended tax and investment deadlines due to the unprecedented situation created by the public health crisis and the lockdown. Here are the financial deadlines that are starting to inch in as we march further into 2020–21.

1. Income Tax Returns (ITR)

Because of the present situation, a four-month income tax extension was announced for the filing of ITR. The deadline was extended from 31 July 2020 to 30 November 2020. The interest on the delay has also been reduced from 12% to 9%. During this extension, the Income Tax department will also allow assessees to file a revised ITR, in case any need for rectification is required.

Related: How to use the new ITR Form? 

2. GST Returns

The Central Board of Direct Taxes (CBDT) announced the extension of the due date of filing the annual GST returns. Form GSTR-9 and the reconciliation statement for FY 2018–19 can now be filed up to 30 June 2020. This has been extended from the previous due date of 31 March 2020

3. Form 15G and 15H

The central government has also extended the validity of Form 15G and 15H till 30 June 2020. This extension is applicable for forms submitted during FY 2019–20. This benefit will be available to depositors of all banks and financial institutions. 

Related: Here’s how to submit form 15G and 15H to avoid TDS on interest income

4. Tax saving investments

The Finance Minister has allowed an additional three-month period to taxpayers to complete their tax planning exercise. Taxpayers looking to lower their income tax percentage had to complete their investments by 31 March 2020. They can now complete their investments for FY 2019–20 by 30 June 2020.

5. Premium for postal life insurance

The Directorate of Postal Life Insurance has extended the deadline for payment of premium of rural postal life insurance and postal life insurance policies. This extension applies to premiums that are due between March and May 2020. The premium can be paid by 30 June 2020 and no penalty or default fee will be charged.

6. PPF, RD, and SSY schemes

Subscribers of Public Provident Fund and Sukanya Samriddhi Yojana can now make their deposits for FY 2019–20 by 30 June 2020. This is also applicable to recurring deposits. Small depositors who had to make their deposits by 31 March 2020 can now avail of this three-month extension. Besides, all PPF investors whose accounts matured on 30 March 2020 can now get them extended to 30 June 2020.

7. Vivaad se Vishwaas

The Vivaad se Vishwaas scheme, which sets out to settle tax disputes, has also been awarded a three-month extension. Tax disputes which had an earlier deadline of 31 March 2020 can now be completed by 30 June 2020. The 10% interest applicable to these disputes has been waived, and no penalty will be applicable.

8. PAN-Aadhaar linking

The mandatory linking of PAN and Aadhaar was due to be completed by 31 March 2020. However, the government has now extended this deadline to 30 June 2020 as many citizens are stuck in home quarantine. To read about th essentials of linking PAN Card with your Aadhar Card, read this article. 

 

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