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    Income tax calendar for the year 2020

    Synopsis

    The income tax department, via its Twitter handle and emails, has been informing taxpayers about the important tax dates for the year 2020. Being mindful of these dates can help taxpayers avoid penal consequences.

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    According to the income tax department's calendar, here are the major tax-related dates you should be mindful of in 2020.
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    If you are a tax payer, you might have received an email from the income tax department with a calendar containing important income tax-related dates. It would bode well for you if you create an alert for these dates or mark them on your personal calendar. Doing so may help you avoid penal consequences of late filing of income tax returns (ITR) or tax deducted at source (TDS) returns and also help remind you to collect your TDS or tax collected at source (TCS) certificates. For instance, TCS is applicable when you purchase a car worth more than Rs 10 lakh.



    What is more, from September 1, 2019, individuals have to deduct tax on the payments made to professionals, contractors and so on. Further, those paying monthly rent of Rs 50,000 or more are required to deduct tax, as per income tax laws. These dates will also help you keep a check on whether the TDS that has been cut from your income (salary or interest etc.) has been deposited against your PAN with the government. The deductor has to issue a TDS certificate within the specified time period, as per current income tax laws.

    Abhishek Soni, Founder and CEO, Tax2win.in, a tax-filing website says, "Apart from salary, if any other payment received by an individual is subject to TDS, then he/she should get a quarterly TDS certificate for the same. For instance, if your bank has deducted tax on interest paid to you, say in the month of September, then the bank is required to issue TDS certificate within 15 days of deadline for filing TDS returns for that quarter, i.e., November 15."

    According to the income tax department's calendar, here are the major tax-related dates in all the months you should be mindful of in 2020.

    January
    • January 15: Is the deadline to file quarterly statement of TCS for the third quarter of FY 2019-20.
    • January 30: Is the deadline to issue TCS certificate to the person from whom tax has been collected.
    • January 31: Is the deadline of filing TDS returns for the tax deposited with the government in the quarter ending December 31, 2019.
    February
    • February 15: Quarterly TDS certificate has to issued with respect to tax deducted on income other than salaries for the quarter ending December 31, 2019.

    Important tax dates in the year 2020
    Jan-15 Quarterly statement of TCS deposited for quarter ending December 31, 2019
    Jan-30 Issue of Quarterly TCS certificate in respect of tax collected for the quarter ending December 31, 2019
    Jan-31 Quarterly statement of TDS deposited for the quarter ending December 31, 2019
    Feb-15 Issue of Quarterly TDS certificate for payments other than salaries for quarter ending December 31, 2019
    Mar-15 Fourth instalment of advance tax for FY 2019-20
    Mar-31 Last date of filing belated/revised ITR for FY 2018-19
    May-15 Quarterly filing of statement of TCS deposited for quarter ending March 31, 2020
    May-31 Quarterly filing of TDS return for TDS deposits made for quarter ending March 31, 2020
    Jun-15 First instalment of advance tax for FY 2020-21
    Jun-15 Date for issuing of Form 16 to employees by the employer. Quarterly TDS certificates from income other than salaries (Form 16A)
    Jul-15 Quarterly TCS statement filing for quarter ending June 30,2020
    Jul-30 Issue of quarterly TCS certificate in respect of tax collection for quarter ending June 30, 2020
    Jul-31 Filing quarterly statement of TDS deposited for quarter ending June 30, 2020
    Jul-31 ITR filing deadline for individuals, HUFs and other assessees whose account books are not required to be audited
    Aug-15 Issue of quarterly TDS certificate for incomes other than salaries.
    Sep-15 Payment of second instalment of advance tax for FY 2020-21
    Sep-30 ITR filing by those assessees whose account books are required to be audited
    Oct-15 Filing quarterly statement of TCS deposited for quarter ending September 30, 2020
    Oct-30 Issue of quarterly TCS certificate in respect of tax collected
    Oct-31 Filing quarterly statement of TDS deposited for quarter ending September 30, 2020
    Nov-15 TDS certificate to be issued for incomes other than salaries
    Nov-30 ITR filing for assessees with audited books and international transactions
    Dec-15 Third advance tax instalment for FY 2020-21

    March
    March is an important month. Not only does the financial year end in March, but you will also have to complete your tax-saving exercise and file your belated/revised income tax return (ITR) by March 31.

    • March 15: You have to deposit the fourth instalment of advance tax (if you are liable to pay any) for FY 2019-20. It is also 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: Is the last date of filing belated or revised return for FY 2018-19. Remember, if this deadline is missed, you will not be able to file ITR for FY2018-19.
    April
    It is the start of the new financial year.

    May
    • May 15: Is the due date of filing quarterly statement of TCS deposited for the quarter ending March 31, 2020.
    • May 31: Is the due date of filing quarterly statement of TDS deposited for the quarter ending March 31, 2020. It is also the due date for furnishing statement of financial transactions under section 285BA by financial institutions for FY 2019-20.
    June
    The month of June is important for ITR filers.

    • 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: This is also the due date of depositing the first instalment of advance tax for FY 2020-21.
    July
    • July 15: Is the due date to file quarterly statement of TCS deposited during the first quarter of FY 2020-21, i.e., till June 30, 2020.
    • July 30: Is the due date to issue TCS certificate for tax collected during the first quarter.
    • July 31: This is the 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. However, remember that even with the penalty, there is a time limit for filing of belated ITR. This is also the deadline for filing quarterly statement for TDS deposited for the quarter ending June 30, 2020.
    August
    Unless the ITR filing deadline is extended, there is just one major tax-related deadline in August

    • August 15: Is the due date for issuing quarterly TDS certificate for the tax deducted from incomes other than salary for the quarter ending June 30, 2020.
    September
    • September 15: Is the last date to deposit the second instalment of advance tax for FY 2020-21.
    • September 30: Is the last date for filing ITR for those taxpayers whose accounts have to be audited.
    October
    • October 15: Is the due date for filing quarterly statement of TCS deposited for the second quarter of FY 2020-21, i.e., between July 2020 and September 2020.
    • October 30: Is the due date of issuing quarterly TCS certificate for the second quarter of FY 2020-21.
    • October 31: Is the due date of filing quarterly statement of TDS deposited in the September quarter.
    November
    • November 15: Is the 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: Is the deadline to file ITR for FY 2019-20 by those taxpayers whose accounts are audited and have international or specified domestic transactions.
    December
    • December 15: Is the last date to deposit the third instalment of your advance tax (if you are liable to pay) for FY 2020-21.

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