Things to do before 30th June 2020 for Tax Saving, ITR filing & Avoiding any Penalty

Things to do before 30^th June 2020 for Tax Saving, ITR filing & Avoiding any Penalty:

I would like to remind you about 3 important things which you should do before 30^th June 2020.

1. Link your Aadhar with PAN:

• You can link your Aadhar Card with your PAN by visiting this website- https://www1.incometaxindiaefiling.gov.in/e-FilingGS/Services/LinkAadhaarHome.html?lang=eng
• For linking Aadhar Number with your Pan, you need to go to the above website & then enter your 12 Digit Aadhar Number, Name as per Aadhar Card & Report weather you have the only year of birth in your Aadhar card.
• Please note that Name, Date of Birth, and Gender as per your PAN will be validated against your Aadhar details.
• 30^th June 2020 is the last date to link your Aadhar Card with PAN. If you fail to link, your PAN may become inactive.
• A penalty of 10,000/- may apply if you failed to link your Aadhar card with PAN.
• If you want to check whether your Aadhar is linked with your PAN or not then you can check through this link https://www1.incometaxindiaefiling.gov.in/e-FilingGS/Services/AadhaarPreloginStatus.html. You need to Enter your PAN & Aadhar Number to check the Status.

2. File your Income Tax Return for FY 2018-19:

• You can file your return for the Financial year 2018-19 (i.e. 1^st April 2018 to 31^st March 2019).
• 30^th June 2020 is the last date for filing your ITR for the Financial year 2018-19.
• If you have already filed your ITR for the Financial year 2018-19 & want to Revise the ITR due to any mistake or any other reason then also you can revise the ITR before 30^th June 2020.
• Belated Return u/s 139(4) & Revised Return u/s 139(5) of Income-tax Act 1961 both can be filed before 30^th June 2020.
  • Income tax return helps you in followings things like:
  • Taking Home Loan/Car Loan
  • Taking Education loan for your Children
  • Taking a VISA for foreign travel
  • ITR is an Income Proof

3. Investment for Tax Saving for Financial Year 2018-19:

For taking tax-saving benefits, you need to invest in ELSS or NPS. Due to COVID 19, the Last date of Investment is extended from 31^st arch 2020 to 30^th June 2020.

If you have not made any Investment for tax saving, you still have time till 3oth June 2020.

You can invest in Mutual Fund (Equity Linked Saving Scheme- ELSS) up to 1,50,00/- u/s 8C of Income Tax Act, 1961 for saving tax. Also, you can also invest in NPS up-to 50,000/- u/s 80CCD(1B) of Income Tax Act, 1961 for saving tax.

You can take benefit of Investment made from 01.04.2020 to 30.06.2020 for the Financial year 2019-20 or Financial Year 2020-21 depending on your case.

If you can doubt or need further detail then you can reach out to me at [email protected] or you can also message me on my WhatsApp Number 88798820205.

If you have already done the above things for yourself, do help others who have not done these things.