Financial tasks to complete before this month-end | Fusion - WeRIndia

Financial tasks to complete before this month-end

Know about neobanks

The government provided several relaxations on various investments this year due to the COVID-19 outbreak.

You have to complete certain financial tasks before the end of this month, i.e. by 30 June 2020.

Here is a list:

  • Due to the nationwide lockdown, some people could not make timely payments for tax-saving investments before 30 March for the financial year 2019-20. In this context, the government provided extra time to make payments towards tax-benefit schemes under 80C, 80D and 80G. These include payments for LIC policies, health insurance policies, NSC, PPF, other small savings schemes, and donations.
  • The CBDT also notified new forms for payments made towards tax-saving investments during 1 April 2020 and 30 June 2020 under the DI Schedule.
  • Submission of Form 15G or 15H can be done until June 30 for the financial year 2020-21. Normally, these forms will have to be submitted by the first week of April; this time, the government has given extra time. You can submit these forms by the first week of July 2020.
  • The dividend income earned on shares is taxable starting from 1 April 2020, and it is included in your total income. If your dividend income is within exempted limits, you will have to submit Form 15G or Form 15H to the company of your investments.
  • The deadline to file belated or revised returns for the FY 2018-19 was March 31, 2020. But, it has been extended to June 30, 2020.
  • Due payments or delayed payments towards post office savings schemes and other small savings schemes can be paid till June 30 without any penalty. However, all deposits made after March 30 will not earn any interest for the previous year 2019-20.
  • The deadline for linking PAN with Aadhaar card has been extended to June 30, 2020.

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Image Reference: https://pixabay.com/illustrations/kalender-calendar-year-annual-4290432/

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