Deal with these seven things related to your investment by July 31, otherwise losses may occur

New Delhi Ever since the Coronavirus epidemic in the country has been under lockdown since the month of March, the government has provided relief related to investment schemes related to tax and post office. This has brought relief to most people. However, many of these deadlines are also those, whose deadline ends on 31 July 2020. We are going to tell you about these deadlines.

Last Date of Self Assessment Tax
If the self assessment for the financial year 2019-20 is more than one lakh rupees, then the last date for paying it is 31 July. Otherwise you will have to pay a fine. According to the order issued by CBDT on June 24, this is the last date to submit self assessment tax without penalty. There is no change in it.

EPF will increase contribution
In order to provide relief to companies and employees, the government had announced to give 2 percent interest in EPF for three months on its behalf. Due to this, instead of 12 percent, 10 percent basic salary was being deposited in EPF account. At the same time, from July 31 onwards, the EPF will be cut by 12 percent as before, due to which the salary of the employees will also be reduced.

ITR Returns for 2018-19
The government had extended the last date for filling the ITR Return for the financial year 2018-19 twice. First, returns could be filed from March 31, 2020 to June 30, 2020 and then to the original deadline of July 31, 2020. If a person does not file the prescribed ITR, if due, by the deadline (ie, 31 July), then he / she will not be able to file income tax returns for the financial year 2018-19.

Filing of revised ITR for FY 2018-19
The deadline for filing a revised ITR for FY2018-19 was also extended from 30 June 2020 to 31 July 2020. If the revised return is not filed by this deadline, an individual taxpayer will lose the opportunity to file the revised ITR. An amended ITR is filed to rectify the mistakes made in the original income tax return filed.

Last date for making tax-saving investments for the financial year 2019-20
If you still have not completed the investment to save tax for FY2019-20, you have until July 31, 2020 to do so. The timeframe for investing to save tax for the financial year 2019-20 was extended from 31 March 2020 to 31 July. If you miss this deadline, you will not be able to reduce your tax liability for the financial year.

Deadline extension for small savings plan accounts
The government relaxed the rules of various small savings schemes. They will expire on 31 July. Some rules were relaxed for investors of small savings schemes.

  • Post Office Recurring Deposit (RD) account holders can deposit installments in their RD account up to July 31, 2020 till March, April, May and June 2020 without revival fee or default fee.
  • In relation to Sukanya Samriddhi Yojana scheme, if a girl is aged 10 years during the period between March 25, 2020 and June 30, 2020, the period of lockdown, then the account of the scheme for such girl child is July 31, Can be opened by 2020.
  • Public Provident Fund and Senior Citizen Saving Scheme Account holders who wish to extend their account and do so by sending an email from their registered email ID before July 31, 2020, the last date of extension ending during the lockdown period Huh.

Last date for filing TDS / TCS details
Through a press release issued on June 24, 2020, the government announced that the last date for filing TDS and TCS statements has been extended till July 31, 2020. As per the declaration, the time for statement of TDS / TCS and issuance of TDS is necessary for the fiscal year 2019-20 to enable taxpayers to return their income to the TCS certificate (TDS Certificate). The date for submission of TDS / TCS details and issue of TDS / TCS certificate related to FY 2019-20 has been extended only till 31 July, 2020 and 15 August, 2020 respectively.

Also read: These 6 major changes are going to take place from August 1, here is how to affect your life

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