Financial tasks to be finished by July 31 | Fusion - WeRIndia

Financial tasks to be finished by July 31

Financial tasks to be finished by July 31

Due to COVID-19, the government extended deadlines for tax-related matters and relaxed several terms and conditions for some investments to July 31, 2020.

As July 31 is approaching, certain financial tasks have to be finished by this date:          

  • Individuals whose self-assessment tax liability exceeds ₹1 lakh, then the last date to pay the tax is July 31, 2020. If your self-assessment tax for the financial years 2019-20 surpasses ₹1 lakh, then you have to pay it before July 31, 2020. Else, you have to pay penal interest at the rate of 1 per cent every month.
  • The last date for filing belated or revised income tax returns for FY 2018-19 is July 31, 2020. The government extended the due date to file belated or revised returns twice. Due to COVID-19 pandemic and nationwide lockdown, the deadline was extended from March 31, 2020, to June 30, 2020, and then to July 31, 2020. If you do not file your belated or revised return by the date, you will not be able to file your return for FY 2018-19.
  • To provide relief to employees, the government reduced Employee’s Provident Fund (EPF) contribution for three months, May, June, and July 2020. This helped several employees get higher take-home pay. But, from August, this reduction will not be applicable. Your employer will deduct the EPF at the normal rate of 12 per cent.
  • The last date to make a tax-saving investment for FY 2019-20 is July 31, 2020. It was extended from March 31, 2020, to July 31, 2020.
  • The government also extended the last date to file TDS and TCS statement till July 31, 2020, for FY 2019-20. While the original date was March 31, 2020, which was initially extended to June 30, 2020, and later to July 31, 2020.
  • To extend PPF account and senior citizen scheme, open Sukanya Samriddhi Yojana for a girl child, and deposit amount in Post Office RD account for March, April, May and June 2020, the last date is July 31, 2020.

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