Team AckoSept 25, 2023
The new year brings with it a new hope, lots of positivity, and a plethora of opportunities. The start of a new year is an exciting phase. Employees often look forward to the new year calendar for Public Holidays falling on Fridays or Mondays so that they can have extended weekends. Along with managing holidays, one also needs to ensure proper financial management, and paying taxes is an important aspect related to it. To help you with your taxes, the authorities have come up with a calendar. The calendar is called a File-it-Yourself Calendar.
In the new year, some look forward to more travelling, some have rather personal milestones to achieve, while the rest take things as they come. However, some tasks need to be completed within the given deadline. Declaring the investments made by you during the financial year is one such task. For example, if you are an employee, your office administration might have asked you to submit your investment details before a certain date, most likely falling in January. Make sure to meet such deadlines to ensure a smooth tax-paying journey.
Read ahead to know more about:
Income Tax Due Dates
Income Tax Calendar for FY 2019-20
Detailed Income Tax 2020 Calendar
Last Date to File ITR
Listed below are month-wise dates that need to be adhered to by different types of taxpayers in the year 2020. Note that some months might have more dates while some might have none. Look at the Income Tax Calendar from a personal lens and identify the dates that adhere to you and make sure to meet the deadlines.
Income Tax Calendar 2020/Income Tax Due Date Calendar/Income Tax Payment Calendar:
|15th January||Tax Collected at Source (TCS) statement ending December 31, 2019. This is a quarterly document.|
|30th January||TCS certificate for tax collected ending December 31, 2019. This is a quarterly document.|
|31th January||Tax Deducted at Source (TDS) deposited ending December 31, 2019.|
|15th February||TDS certificate. This is a quarterly document.|
|15th March||Advance Tax (fourth instalment)|
|15th March||Whole amount of Advance Tax (44AD/44ADA)|
|31st March||Ultimate date for filing revised return of income for the financial year 2019-20 where assessment is not completed.|
|15th May||TCS deposited ending March 31, 2020. This is a quarterly statement.|
|31st May||TDS deposited ending March 31, 2020. This is a quarterly statement.|
|31st May||Statement of financial transactions (u/s 285BA for the financial year 2019/20)|
|15th June||TDS certificate ending March 31, 2020. This is for tax deducted apart from salary and is a quarterly statement.|
|15th June||TDS certificate to employees for salary paid and tax deductions during the financial year 2019-20.|
|15th June||Installment number 1 for Advance Tax for the financial year 2021-22.|
|15th July||TCS deposited for June 30, 2020. This is a quarterly statement.|
|30th July||TCS certificate ending June 30, 2020. This is a quarterly statement.|
|31st July||TDS deposited ending June 30, 2020. This is a quarterly statement.|
|31st July||ITR for the accounting year 2020-21 for all assessees other than corporate assessee, non-corporate assessee who is liable to get accounts audited, or assessee who has engaged into foreign or regional (within India) transaction.|
|31st July||Income Tax Returns Filing Deadline unless the ITR Last Date is extended.|
|15th August||TDS certificate, quarter ending June 15, 2020.|
|15th September||Instalment number 2 of Advance Tax for the accounting year 2021-22.|
|30th September||Audit Report for the accounting year 2020-21 for those who have not entered into an international or domestic transaction.|
|30th September||ITR for the accounting year 2020-21 for assessee (not having an international or specified domestic transaction) who is corporate assessee or a non-corporate assessee whose books of account are yet to undergo the audit process.|
|15th October||TCS deposited for September 30, 2020. This is a quarterly statement.|
|30th October||TCS certificate ending September 30, 2020. This is a quarterly statement.|
|31st October||TDS deposited ending September 30, 2020. This is a quarterly statement.|
|15th November||TDS certificate quarter ending September 30, 2020.|
|30th November||Audit report and ITR for the assessment year 2020-21 for an assessee having an international or specified domestic transaction.|
|15th December||Instalment number 3 of Advance Tax for the accounting year 2020-21.|
Here’s a list of documents that you might need to file your annual income tax or income tax returns.
Listed below are the documents which show the interest you have earned based on your income.
Your Bank Statement will specify the amount you have earned as an ‘interest on income’ from the money in your savings account. You can also get this amount after updating your Pass Book.
If you have invested money in Fixed Deposits, you will earn some amount on it. The amount you earn is taxable even if it is a Tax Saver Fixed Deposit.
Banks and other deductors will issue a Tax Deducted at Source (TDS) certificate for the tax that they have already accounted for.
TDS by different deductors
Tax deposited by taxpayers
To encourage people to invest their money, the authorities have come up with Section 80C in The Income Tax Act. As per this section, you can invest up to Rs. 1.5 lakhs to save tax. One can invest in the following popular options to benefit from Section 80C of the Income Tax Act. You will need the receipts/acknowledgements of your investments to declare them.
Public Provident Fund (PPF)
National Savings Certificate (NSC)
Unit Link Insurance Plan (ULIP)
Equity Linked Savings Scheme (ELSS)
Life Insurance Certificate
National Pension Scheme (NPS)
Tax Saver Fixed Deposit
Contribution to Provident Fund
Insurance paid as Premium for Life and Health policies
Principal repayment on Home Loan
Equity Linked Savings Scheme/ Mutual Fund Investments (As per Section 80C)
If you have a housing loan, you will have to pay interest on it. Furnish the document for it.
If you have an education loan, you will have to pay interest on it. Furnish the document for it.
If you invest in shares, you will receive a DEMAT statement for the Dividends received, if any. Furnish the document for it.
Documents pertaining to Rental agreement and receipts.
Tax receipts related to Property tax.
Every citizen of India must pay tax on the income earned as per the provisions of the Income Tax Act, 1961. In simple words, Income Tax is a portion of your income that you pay to the government.
The government collects income tax via voluntary payments, Tax Deducted at Source (TDS), and Tax Collected at Source (TCS)
The tax rates are slabs prescribed by the government. These are stated on a yearly basis.
Income that is exempted by the Income Tax Act for calculating the tax is termed as Exempted Income.
The income for which you need to pay tax is termed as Taxable Income.For more details about taxation and tax filing, you can visit Income Tax India’s official website
– April 22, 2020
The Income Tax (IT) department said that it is revising the IT Returns form due to several relief measures announced by the government of India. The Finance Ministry said that revised IT Forms will be issued to enable taxpayers to take advantage of the benefits of several deadlines granted by the Indian government due to the novel coronavirus pandemic situation in the country. The revised ITR Forms for FY 2019-20 (AY 2020-21) will be notified by the end of April 2020. Taxpayers can enjoy the benefits of their transactions done between 1 April to 30 June 2020.
– March 25, 2020
Finance Minister Nirmala Sitharaman has announced that the filing of Income Tax Returns (ITR) for the financial year ended 2019 has been extended to the end of June 2020. Also, the interest rate for delayed payment has been reduced to 9% from the earlier 12%. The last date to file ITR for FY 2018-19 without fine was extended from 31 July 2019 to 31 August 2019. And for those who missed the extension period, the due date was 31 March 2020, which is now changed to 30 June 2020. Taxpayers were in for serious consequences if they failed to file the ITR by 31 March 2020; however, with the impact of Coronavirus in India, this last date has been further extended.
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