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.
Image from Pxfuel (Free for commercial use / CC0 Public Domain)
You may also like
Image Reference: https://www.pxfuel.com/en/free-photo-xazgg
Recent Posts
- Glow naturally with rice waterWith regular use of rice water, skin looks brighter, firmer, and more youthful.
- How does the RBI repo rate cut impact FD investors in 2025Lower repo rates often prompt banks to slash FD interest rates, reducing returns for conservative investors.
- PM Modi inaugurates the world’s highest railway arch bridgePrime Minister Narendra Modi proudly waved the Tiranga as he inaugurated the Chenab Bridge in Jammu & Kashmir. Standing as the world's highest railway arch bridge, the engineering marvel symbolises India's progress and connectivity.
- Glow naturally with rice water
What’s new at WeRIndia.com
News from 700+ sources
-
3,668 Applications for 28 Bar Licences in Telangana; Draw on June 13
-
Visitors flock Masula Beach Festival to experience a spectrum of fun
-
Nizamabad Cong Ministerial Hopefuls Keep Fingers Crossed
-
Two girls drown in SPSR Nellore district
-
New Mango Varieties Named Yogandhra 11, PSN-5
-
Tribal University’s convocation postponed
-
WeRIndia – A News Aggregator
Visit werindia.com for all types of National | Business | World | Politics | Entertainment | Health related news and much more..
Leave a Reply