ITR Filing dates: Remember these important dates to escape income tax filing blues
ITR Filing dates: Advance tax is the income tax payable if your tax liability is more than Rs 10,000 in a financial year; It should be paid in the year in which the income is received
The month of March is that time of the year when there is a lot of activity around tax and other related issues. It is also that time of the year when people are busy meeting their targets. Therefore, it is necessary to keep a tab on your tax payment obligations. T
Tax expert Sunil Garg gives us the full list of ITR filing dates in a timely manner below:
--15 March - The date of filing the fourth installment of your advance tax.
-- 31 March- time to submit your return and investment proofs for the financial year (FY) 2018-19
-- 15 May- Last date for submitting your Q4 2019-20 TCS statement
-- 31 May - is the deadline for quarterly statement of TDS deposited for the previous quarter
-- 15 June - is the deadline to pay the first installment of advance tax
-- 31 July - Last Date for filing ITR
-- 15 September - Is the last date to deposit the second installment of advance tax
-- 30 September - Last date for corporate taxpayers to filer their ITR
-- 15 December - last date for payment of December installment of advance tax
As the name suggests, advance tax refers to paying a part of your taxes before the end of the financial year. Also called 'pay-as-you-earn' scheme, advance tax is the income tax payable if your tax liability is more than Rs 10,000 in a financial year. It should be paid in the year in which the income is received.
The advance tax payments are made in installments as per the specified due dates by the income tax department. The flowing receipt of advance tax helps the Government in managing the expenses.
Check this important advance tax payment dates list to avoid any inconvenience:
-- 31 March 2020 - This is the last opportunity to file returns
-- Last date to submit tax-related proofs for FY 2018-19
-- Last date to link your PAN with your Aadhaar
-- Deposit the advance tax
-- Get possession of the flat otherwise no rebate on interests paid on housing loan.
-- Download 26AS to check the status of your TDS
-- You can revise returns by 31 March
-- Returns can be revised under Section 139(5) of the Income Tax Act
-- No penalty to be paid in this
-- Immediately rectify in case you receive a notice on defective ITR filing
-- Filing Return will be rendered invalid after 31 March
You might have to pay upwards of Rs 10000 as tax liability
You will have to pay interest under Section 234C and Section 234B for not paying your advance tax
Senior citizens exempted of advance tax
If a senior citizen has a business income, he will have to pay advance tax
Four installments of advance tax
15 June- 15%
15 October- 45%
15 December- 75%
15 March- 100%
Salaried employees can deposit their investment proofs. You will not be able to deposit the proofs after 31 March. To save tax on your income in the financial year 2019-20, give details of your income sources.
Deposit documents under Section 80C for investments up to Rs 1.5 lakh.
Theses investments could be the Public Provident Fund (PPF), Life insurance premium and Equity Linked Savings Scheme (ELSS), mediclaim, Pension scheme, interest certificate for a housing loan.
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Revisit your balance sheet and complete it. Verify all your stocks in possession till 31 March. Deposit advance tax as per your profits. Deposit TDS along with interest.
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