The financial year ends on 31 March and it is the date by which many financial tasks have to be done. These include making tax-saving investments and filling your Income Tax Return (ITR) late but this time the lockdown was implemented across the country on March 25 to prevent the spread of infection of the coronavirus epidemic. Due to this, the last date of many works was extended to 30 June. Today we are going to tell you about some such important works which, if not dealt with by June 30, can cause damage.
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An investor has to invest a minimum amount till the end of the financial year in small savings schemes like Public Provident Fund (PPF) or Sukanya Samriddhi Yojana (SSY), so that the account can remain active. Due to the lockdown, the last date for investment in small savings schemes was extended till June 30. In PPF, an investor has to invest a minimum of 500 rupees a year. The minimum investment of Rs 250 is required in SSY.
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The last date for linking your permanent account number (PAN) with Aadhaar is also June 30. If you have not yet linked your PAN card to Aadhaar, then make sure by 30 June 2020. If you do not do this, your PAN will become inactive. If your PAN is deactivated, then you will not be able to do financial transactions. This is the time to make the tax-saving investment for the financial year 2019-20. The Income Tax Department has added a table in the newly notified tax form, where the person can give information about tax saving investments made during the month of June and April and can claim tax exemption for the financial year 2019-20.