2020 has started. It is considered better to make financial plans for the whole year from the beginning. For this, it will be helpful to note down the necessary dates related to financial transactions, savings and tax. With this, you will be able to remember the right deadline at the right time and will also be able to finish the necessary financial work at the time. Let us tell you about some such important dates of the year 2020.
Month of february 1
February – 1 date in February is one of the important dates. This is the most important day in terms of economic front. Budget 2020 is to be presented on 1 February.
February 6 – The first monetary policy review meeting of central bank RBI in 2020 will be held on February 6. CRR, SLR and repo rate, reverse repo rate are determined in the meeting. The results of this meeting have a direct impact on the market and investment-savings.
Month of March
March 15 – Deadline for submission of fourth installment of advance tax for the financial year 2019-20.
March 31 is the deadline for many things
- Last date to add PAN card and Aadhaar.
- The last date for the middle income group to take advantage of the credit subsidy on home loans under the Pradhan Mantri Awas Yojana (PMAY) is 31 March. Middle income group is divided into two parts – MIG-I and MIG-II.
- Investment in the Pradhan Mantri Vaya Vandan Yojana (PMVVY) for the elderly can also be made only till 31 March 2020. PMVVY provides pension benefits for 10 years to senior citizens. Up to Rs 15 lakh can be invested in this and returns are given at the rate of 8-8.3% per annum.
- The last date for filing late Income Tax Return (ITR) for the financial year 2018-19 is 31 March. After this, ITR will not be filled for the mentioned financial year. Late fees of Rs 10000 are also payable for late ITR filling.
- March 31 is also the last date to file revise ITR for the financial year 2018-19.
- If you live in a rented house and pay more than 50000 rupees in a month, then according to income tax law, you have to deposit TDS on rent. Under the rule, the tenant has to deduct tax at the rate of 5 percent of the total rent in a financial year. Tax is deducted either on leaving the house during the financial year or at the end of the financial year i.e. 31 March.
- Last date to invest in tax saving options to save tax.
- Investment proof submission to the employer
June 15 – Employer, Bank begins receiving TDS certificate June 15 – Deadline for first installment of advance tax for FY 2020-21.
31 July – Deadline to fill Income Tax Return (ITR) for the financial year 2019-20. If you miss this, you may have to pay a fine of Rs 5000 by December 31 and up to Rs 10,000 after that.
2020-21 Deadline for submission of the second installment of advance tax.
Last date for submission of third installment of advance tax for the financial year 2020-21.