July 31 is the last day for these 8 works related to money, know that you will not have to bear heavy losses.

Lockdown has been going on in the country since March due to Coronavirus. Due to this, the government has provided many facilities to the common people regarding schemes related to tax and post office. Let us tell you what is the deadline of July 31, 2020.

Lockdown has been going on in the country since March due to Coronavirus. Due to this, the government has provided many facilities to the common people regarding schemes related to tax and post office. So that people can get relief. On July 31, the deadline of many things related to tax and investment is changing. Let us tell you what is the deadline of July 31, 2020.

1. EPF will increase contribution: In order to give relief to companies and employees, the government had announced to give 2 percent interest in EPF for three months on its behalf. Due to this, instead of 12 percent, 10 percent basic salary was being deposited in EPF account. At the same time, from July 31 onwards, the EPF will be cut by 12 percent as before, due to which the salary of the employees will also be reduced.

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2. Last Date of Self Assessment Tax: If the self assessment for the financial year 2019-20 is more than one lakh rupees, then the last date for paying it is 31 July. Otherwise you will have to pay a fine. According to the order issued by CBDT on June 24, this is the last date to submit self assessment tax without penalty. There is no change in it.

3. Extension of time limit for small savings scheme accounts: The government relaxed the rules of various small savings schemes. They will expire on 31 July. Some rules were relaxed for investors of small savings schemes. Post Office Recurring Deposit (RD) account holders can deposit installments in their RD account up to July 31, 2020, up to March, April, May and June 2020 without revival fee or default fee.

4. Deadline to invest tax-saving for FY 2019-20: If you still have not completed the tax-saving investment for FY2019-20, you have until July 31, 2020 to do so. Is the time of The timeframe for investing to save tax for the financial year 2019-20 was extended from 31 March 2020 to 31 July. If you miss this deadline, you will not be able to reduce your tax liability for the financial year.

5. ITR Return for 2018-19: The government had extended the last date for filling the ITR Return for the financial year 2018-19 twice. First, returns could be filed from March 31, 2020 to June 30, 2020 and then to the original deadline of July 31, 2020. If a person does not file the prescribed ITR, if due, by the deadline (ie, 31 July), then he / she will not be able to file income tax returns for the financial year 2018-19.

6. Changing the rules of Sukanya Samriddhi Yojana and Public Provident Fund: In relation to the scheme, if a girl is aged 10 years during the period between March 25, 2020 and June 30, 2020, the lockdown period, So the account of the scheme for such girl child can be opened by 31 July 2020. Public Provident Fund and Senior Citizen Saving Scheme Account holders who wish to extend their account and do so by sending an email from their registered email ID before July 31, 2020, the last date for extension ending during the lockdown period Huh.

7. Last date for filing TDS / TCS details: Through a press release issued on June 24, 2020, the government announced that the last date for filing TDS and TCS statement has been extended till July 31, 2020. As per the declaration, the time for statement of TDS / TCS and issuance of TDS is necessary for the fiscal year 2019-20 to enable taxpayers to return their income to the TCS certificate (TDS Certificate). The date for submission of TDS / TCS details and issue of TDS / TCS certificate related to FY 2019-20 has been extended only till 31 July, 2020 and 15 August, 2020 respectively.

8. Filing of revised ITR for FY 2018-19: The last date for filing a revised ITR for FY2018-19 was also extended from 30 June 2020 to 31 July 2020. If the revised return is not filed by this deadline, an individual taxpayer will lose the opportunity to file the revised ITR. An amended ITR is filed to rectify the mistakes made in the original income tax return filed.

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