Complete these 8 important tasks before June 30th to avoid trouble
1. Link PAN with Aadhaar
Due to the lockdown, the government has extended the last date for linking PAN with Aadhaar to 30 June. Earlier it was 31 March. If PAN is not linked with Aadhaar within this deadline then it will not be valid. In this way, you will not be able to do any financial transaction where PAN will be required.
2. Fill in the revised ITR for FY 2018-19
The revised ITR filing deadline for the financial year 2018-19 has also been extended till June 30. If you have not filed ITR for 2018-19, then you can file it as a revised ITR by June 30.
3. Take Form-16 from the company
According to tax experts, the government has extended the period for issuing Form 16 to companies through an ordinance on March 31, from June 15 to June 30. Form 16 is a TDS certificate. The tax deducted at source by the company salary, it has full details.
4. Deposit money in small savings schemes to avoid fines
The government has extended the last date of minimum deposit for PPF and small savings schemes till June 30 for the financial year 2019-20. Earlier, its deadline was 31 March 2020. If you have opened a PPF account with minimum annual deposit or any small savings scheme, then penalty may not be levied for not depositing the required amount after the last date. Right now, there is a penalty for not depositing minimum amount in PPF and Sukanya Samriddhi Yojana account. Similarly, if you have not been able to deposit money in your recurring deposit account in April and May 2020, then you can invest till June 30 without any penalty. Penalty will be levied for depositing money after this date.
5. If you want to save tax, invest this month
If you have not yet invested in tax saving schemes, then you have a chance till June 30. You can invest in tax-free schemes under 80C and 80D till June 30. The government also extended the period to complete the tax saving exercise for the financial year 2019-20 from 31 March 2020 to 30 June 2020.
6. Extension of PPF / SSY account
If you want to continue with the PPF and SSY (Sukanya Samriddhi Yojana) account which was matured on March 31, 2020 and have not been able to get it due to lockdown, then you have time till June 30 to do so. The postal department had issued a circular in this regard on 11 April. According to this, the last date for submitting the form to pursue PPF / SSY account has been June 30.
7. Investment in Senior Citizen Saving Scheme
The government has extended the last date for employees retiring between February and April 2020 to invest in Senior Citizen Saving Scheme account till June 30, 2020. As per the rules of the scheme, retirees aged 55-60 years can invest in SCSS scheme within one month of getting retirement benefits.
8. Submit Form 15G / 15H
To avoid TDS (tax deducted at source) on income, people fill in Form 15G / 15H. In view of the lockdown due to Corona virus epidemic, the government has extended the validity of the Form 15G and Form 15H submitted. It has been increased to 30 June 2020. If there is no tax liability on your total income, then one of the two forms can be filled. After this, your TDS will not be deducted.