Tax Deadlines Postponed till 30th June 2020
While waiting out the lockdown at home, now is a good time to finish pending tax work due to the postponement of all tax related deadlines. Watch our video to learn all the details.
Finance minister Nirmala Sitharaman’s announcement on 24 March that all tax-related deadlines have been extended from 31 March to 30 June.As the new financial year (FY) 2020-21 begins, you need not worry about some of the paperwork you may have left at the last minute. But as you wait out the covid-19 lockdown at home, it’s a good opportunity to take care of unfinished tasks.Instead of leaving them for later in these uncertain times, when a new day can bring new challenges of various kinds.If you have failed to make investments in tax-savings instruments which qualify for tax deductions, such as Equity-Linked Savings Scheme (ELSS), Public Provident Fund (PPF), National Savings Certificate (NSC) and so on, you can still make investments till 30 June and still claim deduction for FY20.Even the deadline for linking your Permanent Account Number (PAN) with Aadhaar has been extended till 30 June. Remember, you do not link PAN-Aadhar then the PAN will become inoperative and you will be fined Rs 10,000. So make sure you complete all your tax work now that you are at home and free.