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  • Jan 10, 2020
  • Income tax calendar for the year 2020

    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.)