10 days left to make tax-saving investments for FY 2019-20

If you still haven't invested to save taxes under Section 80C, you can do it now. You have 10 more days to invest and claim deduction under Section 80C of the Income Tax Act for FY 2019-20. The last date to make income tax saving investment for the financial year 2019-20 is July 31. In general, the last date for making these investments for any financial year is March 31 but this year became an exception due to the Covid19 pandemic.

The government first extended the deadline to June 30 and later, the FM extended the date by one more month given the steep rise in coronavirus cases across the nation.

Here is a list of investments that qualify for tax deduction under Section 80C

-Investments in Provident Funds such as EPF, PPF, etc., payment made towards life insurance premiums, Equity Linked Saving Schemes (ELSS or tax saving mutual funds), payment made towards the principal sum of a home loan, Sukanya Samriddhi Yojana, NSC, Senior Citizen Savings Scheme

-Tax Saving FDs offered by both banks and post offices

-Payment made towards pension plans, as well as mutual funds under Section 80CCC

-Payment made towards certain Government-backed schemes such as National Pension System, Atal Pension Yojana, etc. under Section 80CCD(1)

-Investments of up to Rs.50,000 in NPS is considered for exemption under Section 80CCD(1B)

-Employer’s contribution towards NPS under Section 80CCD(2)