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What is Income Tax Calendar?
Income tax is a must for all those who are earning. Are you the one who is paying income tax? If so, then you might receive an email from the income tax department. In that email, you will find the important dates related to Income Tax. The data belongs to the Income Tax calendar, in which you will find the important dates which are necessary for the taxpayer to know. If you keep these Income Tax related dates in your mind, then it will be beneficial for you. It would be best if you marked these days on your calendar, or you can set up a reminder for saving the dates also.
Keeping these days in mind will help you avoid the penalty consequences because of the delay in paying income tax return (ITR). It will help you in Tax deducted at source (TDS). Also, you will be reminded when to collect your TDS, for that Tax collected at source (TCS). To obtain the TCS instantly, you need to buy a car, which is at least worth of more than 10 Lakh rupees. If you want to know about the income tax calendar 2020 significant dates, then we are here to tell you about that. In the forthcoming paragraphs, we will let you know about the significant years, and about what the date is known for in the Income Tax Department.
What’s more to know?
The Income Tax Department says that the individuals who are making payments to the professional contractors need to deduct the Tax. According to the income tax law, the individuals who are paying 50,000 high rent, they need to subtract the Tax. The dates mentioned in the Income-Tax calendar are helpful to let you know whether the TDS deducted from your tax return is deposited against your plan or not. As per the current Income Tax law, the deductor has to issue the TDS Certificate to the individuals. It is also mentioned that if any individual will get money apart from his salary, then he will get TDS Certificate for the same quarterly. If any bank deducts the Tax against the interest paid to you, then the bank has to offer TDS Certificate within 15 days deadline according to the income tax rates for that quarter.
Now it is time to discuss the income tax department calendar essential dates. So, let’s get started:
January
January 15: January 15 is the deadline for filing quarterly for the Tax Collected at Source (TCS), which is for the third quarter of FY 2019-2020.
January 30: it is the final date for the issue of the TCS certificate for tax collected ending December 31.
January 31: The Tax deposited with the government, it is the final date for filing the TDS return for the quarter ending December 31.
February
February 15: it is the final date for the issue of the TDS Certificate quarterly, which is made for payments other than salary for the quarter ended December 31.
March
March and important month in the financial year full staff in the month you have to complete all the necessary activities related to Income Tax. You need to revise the income tax return before March 31.
March 15: till March 15, the taxpayer has to deposit the fourth installment of advance tax to the government for the financial year 2019-20. March 15 is also the deadline for making the payment of advance tax, for those taxpayers having opted for the presumptive taxation scheme under 44AD and 44 ADA.
March 31: it is the final date for filing the revised return for the financial year 2018-19. You won’t be able to amend the return of 2018-19 if the deadline is missed.
April:
The new financial year begins from April 1st.
May
May 15: it is the final date of filing the TCS statement, which is deposited quarterly based on March 31 ending.
May 31: it is the final date for filing the TDS quarterly statement (for January to March 2019 period), which is deposited based on the quarter ending March 31. Plus, it is the due date of furnishing all the financial transactions of the company also.
June
June 15: from June 15, the taxpayer starts to collect their TDS Certificate. There are two certificates the taxpayer used to collect, which are form 16 and form 16A. In form 16, consists the information about your income and other expenses paid to you in 2019-20. In form 16, the details are mentioned about how much Tax deducted by the employer also. In the form 16A, the details are mentioned about whether the bank has deducted the Tax paid to you for interest. June 15 is also the due date to pay your first installment of advance tax.
July
July 15: June 15 is the final date for filing the quarterly TCS statement. It is based on the deposits made in the first quarter of 2020-21 till June 30, 2020.
July 30: it is the final date for the issue of the TCS certificate with regard to tax which is collected by a person for the first quarter.
July 31: July 31 is the last date for filing Income Tax Return, if it is not extended.
August
August 15: August 15 is the issuing date for the TDS certificate. It is the certificate which is made from the income apart from the salary for the quarter ended on June 30
September
September 15: it is the final date for paying for the second installment of advance tax.
September 30: it is the final date for those who are audited to file for ITR.
October
October 15: it is the final date to file for the quarterly TCS statement, which is deposited for the second quarter of the financial year 2020-21. for the period July to September.
October 30: it is the final date to issue for the quarterly TCS statement, which is made for the second quarter.
October 31: it is the final rate to issue for the TDS statement, which is from the September quarter.
November
November 15: it is the last date to issue for the TDS Certificate quarter ending September 30, 2020 for payments except for salary.
November 30: it is the final date to file for the ITR for those taxpayers who are audited with their accounts. The need to have an International or domestic transaction.
December
December 15: The third installment of advance tax payment.
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