‘Deadline for 2019-20 tax-saving investments extended till July 31’: Income tax dept
As a result, taxpayers will now be able to make investments for claiming deductions under the Income Tax Act for the financial year 2019-20 up to July 31.
The Income Tax department has extended the deadline for tax saving investments/payments for the financial year 2019-20 up to July 31. The move comes in a bid to provide relief to taxpayers amid the ongoing Covid-19 crisis.
In a tweet, the I-T department on Thursday said that, “tax Saving Investments/Payments for FY 2019-20 can be made upto 31st July, 2020”.
The department said that the move has been taken “understanding and keeping in mind the times that we are in”
“Filing of original as well as revised ITRs for FY 2018-19 is extended to 31st July, 2020,” the tweet read.
The department hoped the move will help citizens “plan things better” amid the crisis.
As a result, taxpayers will now be able to make investments for claiming deductions under the Income Tax Act for the financial year 2019-20 up to July 31. Deductions can be claimed under various sections such as 80C (for life insurance (LIC), public provident fund (PPF), national savings certificate (NSC) equity-linked saving scheme (ELSS), among others.
Last week, the Centre announced that the deadline for filing of original as well as revised income-tax returns for the FY 2018-19 (AY 2019-20) has been extended to July 31, 2020.
In a statement, the Central Board of Direct Taxes (CBDT) said that the due date for the income tax return for the FY 2019-20 (AY 2020-21) has been extended to November 30, 2020. ”Hence, the returns of income which are required to be filed by July 31, 2020 and October 31, 2020 can be filed by November 30, 2020. Consequently, the date for furnishing tax audit report has also been extended to October 31, 2020,” it stated.
The government had also allowed individuals to claim I-T exemption on conveyance allowance received from employers under the new lower tax regime .
The CBDT amended Income Tax rules to prescribe certain exemptions which can be availed by the employees.
- Income Tax Department