Even miss Income Tax deadline and regretted later? Many of us have been through the grind and have paid the price. Quite literally. There are heavy penalties if we don't pay our income tax on time. If you are a serial offender and have evaded tax for a long while, the I-T Department can also attach your assets to recover Income Tax. Nobody wants to be in such a soup right? I-T Department has now made things easier for taxpayers. The department has the released Year 2020 calendar that mentions all important dates including Income Tax deadlines.
The calendar is called 'File-It-Yourself Calendar'.
Here are the important dates mentioned by Income Tax Department in its 2020 calendar:
March 15 is the last date to pay fourth and last installment of advanse tax for year 2020-21
March 31 will be the last day when you can file belated or revised income return for assessment year 2019-2020
May 15 is the deadline to submit TCS statement for Q4 of Financial Year 2019-20
May 31 is the last day for quarterly statement of TDS depoisted for the previous quarter
June 15 is deadline to pay first installment of advance tax for assessment year 2021-22
July 31 is the last day to file income tax returns (ITR) for most individuals
September 15 will be the day you will get last reminder to pay second installment of advance tax.
September 30 is the deadline to file ITR for corporate taxpayers and for those whose accounts are liable to be audited
December 15 is the last date for paying third installment of advance tax for assessment year (AY) 2020-21
How to download Income Tax Department's calendar:
The I-T Department has sent e-mails to taxpayers. It also made a tweet on January 4 in this regard. The tweet has a link to download the calendar.
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