NEW DELHI :
If you have not been able to make income tax saving investment for the last financial year 2019-20, you have time till July 31. Giving further relaxation to taxpayers due to the situation arising out of the coronavirus pandemic, the income tax department has extended the deadline for making various tax saving investments and payments for claiming deduction for FY 2019-20.
The last date for making such investments was March 31 but due to the Covid pandemic, the government extended it till June 30. Now as coronavirus cases keep on increasing, the last date has been further extended by a month till July 31.
The deadline extension applies to investments and expenses made under Chapter-VIA-B of the Income Tax Act like Section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (Donations).
Under the new income tax return (ITR) forms for FY 2019-20 or AY 2020-21, you will be able to claim deductions for investing in PPF, NSC, insurance, etc till July 31.
Besides, the income tax department has also extended the last date for making investment for claiming roll over benefit or deduction for capital gains under sections 54 to 54GB of the IT Act till 30th September, 2020.
Nangia & Co LLP's partner Shailesh Kumar said deferring of the due dates of various compliance requirements will provide relief and additional time to taxpayers from various compliances as business activities are still struggling to get back to normal in light of ongoing COVID-19 spread, even though the government has started the process of unlocking to lockdown.