Things to do before 30th 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 30th 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.
  • 30th 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. 1st April 2018 to 31st March 2019).
  • 30th 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 30th June 2020.
  • Belated Return u/s 139(4) & Revised Return u/s 139(5) of Income-tax Act 1961 both can be filed before 30th 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 31st arch 2020 to 30th 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 brijlavaniya@yahoo.com 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.

Author Bio

Qualification: CA in Job / Business
Company: N/A
Location: Kalyan, Maharashtra, IN
Member Since: 07 May 2020 | Total Posts: 14
I am a Chartered Accountant. You can reach out to me on 8879882025. View Full Profile

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3 Comments

  1. pushpa says:

    I would like to ask u .I have calculated my tax. Some balance tax of Rs 5136 has to be paid by me.Do I have to pay it before 30th June 2020 to avoid penalty. This is for the assessment year 20-21 n financial year 19-20

    1. Brij4044 says:

      Hi Mam, Yes you can pay it before 30th June 2020. Right now Income tax department’s utility is calculating Interest u/s 234B & C as per Old Rates only.

  2. Brij4044 says:

    There is one mistake, The amount is 1,50,000/- in the line “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.” Thanks

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