The deadline for taxation-related tasks is today and a
whole host of new rules including RBI's new Credit & debit card rules as
well as IRDAI's rules for health insurance policies will be effective from
tomorrow i.e. October 1. Here's the list of tasks you need to complete by today
and the rules you must know :
I. TAX DEADLINES:
1. File your Income Tax
Return for FY2018-19 :
If you have not filed your income tax return for FY19 or
have filed it but want to revise it, today is the last date to do so. This
has already been extended from the earlier date of 31st March, 2020. The
consequence of not filing your returns is a notice from the IT authority
regarding concealment of income or missing out receiving a tax refund that you
may be due to receive.
2. Verify the income tax
returns of the previous years :
E-verification of returns for previous years can be done
easily by logging on to the income tax website. Individuals must make use of
this relaxation the department has accorded and e-verify all past returns as, a
return filed but not verified is treated as an invalid return by the income tax
department. An invalid return would mean that you have not filed the ITR for a
particular assessment year.
3. Making investments to
ease the tax on LTCG burden :
If you have enjoyed long term capital gains on sale of
property, you must make an investment in another property to get an exemption
on paying tax on the gains.
II. OTHER TASKS TO
COMPLETE :
1. Link Aadhar Card with
Ration card
Individuals who depend on the food grains distributed
under the Public Distribution System must link their Aadhar to their ration
card by today to continue availing the cheap food grains.
2. Last date for free LPG
connection under PM Ujjwala Yojana
Under Prime Minister Ujjwala Yojana (PMUY), the process
of getting a gas connection for free is ending on September 30, 2020. So if you
want to take advantage of this plan then log on to pmujjwalayojana.com right
away.
III. NEW RULES THAT COME
INTO EFFECT ON 1 OCT
1. 5% tax on foreign fund
transfer
Any amount sent abroad, whether to your child who may be
studying abroad or to buy a foreign tour pkg will be subject to 5% tax. For
remittances made for other than tour packages, the tax will kick in only if the
amt spent is above Rs. 7 lk whereas a blanket 5% tax will be imposed on any
foreign tour related remittances, regardless of the amount.
2. Customer-friendly, but
more expensive health insurance
The IRDAI has introduced new rules for health insurance
companies which will make policies more customer-friendly, will cover more
illnesses, but may also make health insurance premiums a little more expensive.
3. New TVs my get expensive
The govt will resume charging customs duty of 5% on
import of open cells used in making TVs which means television sets may become
more expensive.
4. New RBI rules wrt Debit
cards and Credit cards
The new guidelines issued by RBI to make debit and credit
cards more secure will be implemented from tomorrow. If you have not conducted
an online or contactless transaction both in India and internationally online
svcs of the card may be disabled. Further, now you can register your
preferences for international, online and contactless card transactions.
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