We are in the middle of a crisis – both health and financial. Several businesses have come to a halt, people have been forced to work from home but even in these difficult times, government officials have been working consistently to provide some relief to investors.
We are in the middle of a crisis – both health and financial. Several businesses have come to a halt, people have been forced to work from home but even in these difficult times, government officials have been working consistently to provide some relief to investors. Several rules have been changed over the last three months to provide much-needed relief to people amid the coronavirus-induced lockdown. Some of these measures include extensions of financial deadlines such as the tax-savings deadline, ITR filing deadline, deadline for linking of PAN with Aadhaar etc.
However, the deadlines were pushed only by a few months, in most cases till June 30, 2020. So, you have only a weeks left to complete these tasks. Here are some financial tasks you must complete before June 30, 2020:
PAN-Aadhaar Linking
The government had extended the deadline to link Aadhaar card with your PAN card from March 31 to June 30. If you fail to link your PAN with Aadhaar by June 30, your PAN will become inoperative.
Income Tax Returns
The government had extended the deadline to file belated and revised ITRs for FY 2018-19 has been extended as well to June 30, 2020. Earlier, March 31 was the deadline. Those who miss the deadline, will end up paying a penalty for the same.
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Tax Saving Investments
If you want to save money on tax paid, June 30 is the deadline for making tax saving investments for financial year 2019-20. So, if you have extra money, you can invest them in various tools and schemes to get tax benefits.
Also Read: What you should know about the debt component in hybrid funds
Small Savings Scheme Deposits
If you have opened any small saving scheme account such as PPF, SSY, SCSS etc. which mandates minimum annual deposits/investment in the account, then you will be penalised if do not invest the minimum amount required. The penalty fee on the same was waived till June 30, 2020. But, you need to make the investment before that.
PPF, SSY account extension
The government had given relief to those who were not able to extend their Public Provident Fund and SSY accounts due to the lockdown. They have time till June 30, 2020 to complete the process.
