I-T department’s tax calendar for 2020: Here are the important dates

I-T department’s tax calendar for 2020: Here are the important dates

NEW DELHI: To ensure that taxpayers do not miss out on important deadlines, the Income Tax (I-T) department has released a tax calendar for the year 2020 highlighting all such dates of tax relevance.

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“This #NewYear, Income Tax Department brings to you, the #ITDCalendar2020 highlighting important dates of tax relevance. And we’re making your filing journey easier too!” the I-T department said in a tweet.

The ‘File-It-Yourself Calendar’ informs taxpayers on services offered by the taxmen with the objective to help them file their income tax returns (ITRs) or tax deducted at source (TDS) returns easily and avoid consequences of late filing.

Here are all the important tax dates in the year 2020 that you need to know:

* January 15: Quarterly statement of TCS (tax collected at source) deposited for quarter ending December 31, 2019

* January 30: Issue of quarterly TCS certificate in respect of tax collected for the quarter ending December 31, 2019

* January 31: Quarterly statement of TDS deposited for the quarter ending December 31, 2019

* February 15: Issue of quarterly TDS certificate for payments other than salaries for the quarter ending December 31, 2019

* March 15: Fourth installment of advance tax for the AY 2020-21 has to be deposited

* March 31: Last date of filing belated or revised return of income for AY 2019-20 where assessment is not completed

* May 15: Quarterly statement of TCS deposited for the quarter ending March 31, 2019

* May 31: Quarterly statement of TDS deposited for the quarter ending March 31, 2019

* June 15: Quarterly TDS certificate in respect of tax deducted for payments other than salary for the quarter ending March 31, 2020 has to be issued. Also, first installment of advance tax for AY 2021-22 to be paid.

* July 15: Quarterly TCS statement filing for quarter ending June 30, 2020

* July 30: Issue of quarterly TCS certificate in respect of tax collection for quarter ending June 30, 2020

* July 31: ITR filing deadline for individuals, HUFs and other assessees whose account books are not required to be audited. Also, filing quarterly statement of TDS deposited for quarter ending June 30, 2020.

* August 15: Issue of quarterly TDS certificate for incomes other than salaries

* September 15: Payment of second instalment of advance tax of FY 2020-21

* September 30: ITR filing by those assessees whose account books are required to be audited

* October 15: Filing quarterly statement of TCS for quarter ending September 30, 2020

* October 30: Issue of quarterly TCS certificate in respect of tax collected

* November 15: TDS certificate to be issued for incomes other than salaries

* November 30: ITR filing for assessees with audited books and international transactions

* December 15: Third advance tax instalment for FY 2020-21

The month of March is very important as taxpayers need to complete their tax-saving exercise and file their belated or revised income tax return (ITR) by March 31.

Source:- timesofindia

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