The Income Tax Calendar serves as a guide for taxpayers to stay informed about important dates and deadlines related to income tax obligations. By keeping track of these dates, taxpayers can ensure timely compliance and avoid penalties or interest charges. In this article, we will provide an overview of the Income Tax Calendar for the year 2019-20, highlighting the crucial dates and deadlines that taxpayers should be aware of.
- April 2019:
1.1 April 7, 2019: Last date for filing belated income tax returns (for the financial year 2017-18) for individuals and Hindu Undivided Families (HUFs) who have not filed their returns by the original due date.
1.2 April 15, 2019: Last date for the first installment of advance tax payment for the financial year 2019-20 for all taxpayers, including individuals, HUFs, and businesses.
- July 2019:
2.1 July 31, 2019: Last date for filing income tax returns (ITR) for individuals and HUFs who are not subject to tax audit requirements for the financial year 2018-19.
2.2 July 31, 2019: Last date for employers to issue Form 16 to employees, providing details of salary, deductions, and tax deducted at source (TDS) for the financial year 2018-19.
- September 2019:
3.1 September 30, 2019: Last date for filing income tax returns (ITR) for individuals and HUFs subject to tax audit requirements or those who are required to submit a report under Transfer Pricing provisions for the financial year 2018-19.
- October 2019:
4.1 October 31, 2019: Last date for furnishing tax audit report and transfer pricing report (if applicable) for businesses and professionals for the financial year 2018-19.
- December 2019:
5.1 December 15, 2019: Last date for the third installment of advance tax payment for the financial year 2019-20 for all taxpayers.
- January 2020:
6.1 January 15, 2020: Last date for the fourth installment of advance tax payment for the financial year 2019-20 for all taxpayers.
- March 2020:
7.1 March 15, 2020: Last date for the fifth installment of advance tax payment for the financial year 2019-20 for all taxpayers.
7.2 March 31, 2020: Last date for filing belated income tax returns (for the financial year 2018-19) for individuals and HUFs who have not filed their returns by the original due date.
7.3 March 31, 2020: Last date for linking Aadhaar with PAN (Permanent Account Number) to avoid any future complications.
- Conclusion:
The Income Tax Calendar for the year 2019-20 provides taxpayers with a clear roadmap of important dates and deadlines to ensure timely compliance with their income tax obligations. By adhering to these dates, taxpayers can avoid penalties, interest charges, and unnecessary hassles associated with non-compliance. It is essential for individuals, HUFs, businesses, and professionals to mark these dates on their calendars, gather the necessary documentation, and take necessary steps to meet the prescribed deadlines. By doing so, taxpayers can ensure a smooth and hassle-free income tax filing experience.
