The Income Tax Department has released its calendar of important dates for the year 2020 to remember as tax payees. Keeping these dates in mind or marking them on your calendars will help you to avoid penal consequences of late filing of income tax returns (ITR) or tax deducted at source (TDS) returns. The calendar will also help you remember the dates to collect your TDS or tax collected at source (TCS) certificates.
According to the calendar, here are the important tax-related dates for the year 2020:
January 15: Last day to file the quarterly statement of TCS for the third quarter of FY 2019-20.
January 30: Last day to issue TCS certificate to the person from whom the tax has been collected.
January 31: Last day for filing TDS returns for the tax deposited with the government in the quarter ending December 31, 2019.
February 15: Quarterly TDS certificate has to be filed with respect to tax deducted on income other than salaries for the quarter ending December 31, 2019.
March 15: Deposit the fourth instalment of advance tax (if you are liable to pay any) for FY 2019-20. The due date for making payment of advance tax by those individuals who are covered under the presumptive taxation scheme under sections 44AD and 44ADA.
March 31: Last date of filing a belated or revised return for FY 2018-19. On missing this deadline, you cannot file ITR for FY2018-19.
May 15: Last date of filing the quarterly statement of TCS deposited for the quarter ending March 31, 2020.
May 31: Last date of filing the quarterly statement of TDS deposited for the quarter ending March 31, 2020. The due date for furnishing statement of financial transactions under section 285BA for by financial institutions FY 2019-20.
From June 15: Salaried and other taxpayers start collecting their TDS certificates - Form 16 and Form 16A. Form 16 contains details of the total salary and other allowances paid to you during the FY 2019-20. It also contains details of tax deducted by your employer. Similarly, Form 16A is to be collected from your bank if the bank has deducted tax on the interest paid to you.
June 15: Due date of depositing the first instalment of advance tax for FY 2020-21.
July 15: Last date to file the quarterly statement of TCS deposited during the first quarter of FY 2020-21, i.e., till June 30, 2020.
July 30: Last date to issue TCS certificate for tax collected during the first quarter.
July 31: Last date to file your ITR. If the ITR is filed after this date, then an individual will have to pay a penalty of up to Rs 10,000.
August 15: Last date for issuing quarterly TDS certificate for the tax deducted from incomes other than salary for the quarter ending June 15, 2020.
The ITR filing deadline may be extended to August.
September 15: Last date to deposit the second instalment of advance tax for FY 2020-21.
September 30: Last date for filing ITR for those taxpayers whose accounts have to be audited.
October 15: Last date for filing the quarterly statement of TCS deposited for the second quarter of FY 2020-21, i.e., between July 2020 and September 2020.
October 30: Last date of issuing quarterly TCS certificate for the second quarter of FY 2020-21.
October 31: Last date of filing the quarterly statement of TDS deposited in the September quarter.
November 15: Deadline to issue quarterly TDS certificate for the tax deducted on incomes other than salaries for the second quarter of FY 2020-21.
November 30: Deadline to file ITR for FY 2019-20 by those taxpayers whose accounts are audited and have international or specified domestic transactions.
December 15: Last date to deposit the third instalment of your advance tax (if you are liable to pay) for FY 2020-21.