Income tax Calendar 2020

Income Tax Calendar 2020 for ITR filing

Overview:- 

Income Tax Calendar is merely a reminder to recall the Taxpayer for filing the ITR filing or other form compliance within the time as per due dates of Income Tax.

income tax calender

If compliance doesn’t make then Taxpayer has to face severe penalties in each different case which are not condonable by the Income Tax department.

So in the busy season or in the Other period, the Income Tax Department is always there to assist the Taxpayer in Filing all the Compliances by providing Help desk and Toll-free number or demo videos and grievances Portal. All these make the Income Tax Department’s system User-friendly and consequently lead to better Compliances and Better systems.

Let’s have a Glimpse on the Income Tax Department Initiatives:-

That is Income Tax Calendar 2020 for ITR filing. Let’s have a brief discussion on the Due dates:-

Due Dates for selected month and year

It is to be important that the date you should remember is July 31.


1.July 31: Due date for filing income tax returns

There is a slab limit within which one has to determine whether he has to pay tax. So, If your total income, before deductions, is more than Rs. 2.5 lakh (Rs. 3 lakh for senior citizens above 60 years of age and Rs. 5 lakh for senior citizens above 80 years). In all these cases Income Tax return is required to be filed by paying applicable taxes.

2. March 31 (of AY): Due date for filing late income tax returns or revised returns

Sec 139(4)  of the Income Tax return enable the Assessee to file Income Tax Return beyond due date i.e up to the date of Relevant Assessment Year or the 31 march of the relevant year (whichever is later). Whereas sec 139(5) allow the Taxpayer to revise their Income Tax Return if subsequently found any error and omissions.

3. March 31 (of FY): Due date for making tax-saving investments
For the purpose of making an investment, the due date will be the 31 march of the relevant Financial Year. Because the deduction is allowed to be claimed if it is invested up to 31 march of the relevant Financial year.

NRI Tax Compliance

4. Property transaction — Last date for filing Form 26QB: 

If you are buying immovable property, you must deduct 1% TDS from the amount payable and deposit it with the IT department. You must file Form 26QB, furnishing all the details about the buyer and sellers like name, address, and PAN. This must be done within thirty days from the month you deducted the TDS.

buying immovable property, you must deduct 1% TDS from the amount payable and deposit it with the IT department. You must file Form 26QB, furnishing all the details about the buyer and sellers like name, address, and PAN. This must be done within thirty days from the month you deducted the TDS.

5. TDS/ TCS 

Due dates for TDS or TCS will be the below mentioned and accordingly, the taxpayer must comply within the due time that is:-

Due Dates for E-Filing TDS Returns of Fy 2019-20

Quarter Quarter Period Last Date of Filing
1st Quarter 1st April to 30th June 31st July 2019
2nd Quarter 1st July to 30th September 31st Oct 2019
3rd Quarter 1st October to 31st December 31st Jan 2020
4th Quarter 1st January to 31st March 31st May 2020

Last Date to Filing TCS Returns for FY 2019-20

Quarter Quarter Period Last Date of Filing
1st Quarter 1st April to 30th June 15th July 2019
2nd Quarter 1st July to 30th September 15th Oct 2019
3rd Quarter 1st October to 31st December 15th Jan 2020
4th Quarter 1st January to 31st March 15th May 2020

Due dates for furnishing SFT 

SFT( Statement of Financial Transaction shall be submitted in form 61 A on or before 31 May of the immediately following the FY in which the transaction is recorded or registered.

Statement of Financial Transaction is to be income Tax Authority or such other specified authority or agency

Last dates for submission of Form 15G and 15H: July/ October/ January 15 and April 30

You can file Form 15G and 15H and request your bank to not deduct TDS on the interest income if total income is below the basic exemption limit. While Form 15H is for senior citizens, Form 15G is for persons other than senior citizens.

Note:- There are other due dates as well. For better Understanding Taxpayer must log in into the Government site that is, www.E filing.gov.in

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