Income Tax: If you are a salaried employee and taxpayer, there are certain deadlines you need to keep in mind to ensure that you don’t end up paying a hefty penalty. The Income-Tax department has already released a list of important dates which taxpayers should know for 2020. The Income Tax calendar was released recently and includes all the income tax related deadlines for the current year.
Out of those dates, as many as three fall in January itself. This means that your work starts right away. By following these deadlines you can avoid penal consequences of late filing of income tax returns (ITR) or tax deducted at source (TDS) returns. They will also help you collect your TDS certificates.
Three income-tax related deadlines you shouldn’t miss in 2020 –
January 15: Deadline to file quarterly statement of TDS for the third quarter of FY 2019-20.
January 30: Deadline to issue TDCS certificate to the person from whom tax has been collected.
January 31: Deadline of filing TDS returns for the tax deposited with the government in the quarter ending December 31, 2019.
For those not aware of the income tax deadline, the last date to file income tax returns is July 31. The ITR filing deadline applies for individuals, HUFs and other assesses whose account books are not required to be audited.