ITR filing to investing for claiming deduction: 5 deadlines that end on July 311 min read . Updated: 28 Jul 2020, 04:11 PM IST
- The deadline for filing of original as well as revised income-tax returns or ITR for the FY 2018-19 (AY 2019-20) ends on July 31, 2020
- It should be noted that due date for income tax return for the FY 2019-20 (AY 2020-21) is November 30, 2020
Due to the coronavirus pandemic, the government had extended the date for making income tax savings investments for the financial year 2019-20 as well as making deposits in some popular instruments like PPF for FY 2019-20. The deadline ends on July 31. The government had also extended the deadline for filing of original as well as revised income-tax returns or ITRs for the FY 2018-19 (AY 2019-20).
It should be noted that due date for income tax return for the FY 2019-20 (AY 2020-21) has been extended to November 30, 2020. Also, the date for making investment, construction, purchase for claiming roll over benefit, deduction in respect of capital gains under sections 54 to 54GB of the I-T Act has also been further extended to September 30, 2020.
Here are five relaxations that end on July 31:
The deadline for filing of original as well as revised income-tax returns or ITRs for the FY 2018-19 (AY 2019-20) ends on July 31, 2020.
Also, the deadline for making various investment/payment for claiming income tax deduction for FY 2019-20 under Section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (Donations) is July 31, 2020.
You can also claim extra tax deduction of ₹50,000 under Section 80 CCD(1B) by investing in NPS. The investments can be made up to July 31, 2020 for claiming the deduction under these sections for FY 2019-20.
The government had announced some relaxation in the eligibility norms for opening of Sukanya Samriddhi accounts due to the coronavirus lockdown. Sukanya Samriddhi account can be opened in the name of girl child on or before 31st July, 2020, who have attained the age of 10 years during the period of lockdown from 25th March, 2020, to 30th June, 2020. Otherwise, Sukanya Samriddhi accounts can only be opened up to age of 10 years only from the date of birth.
The subscribers PPF accounts - whose deadline for submitting the extension form is due in lockdown with one-year grace period after maturity - may submit the prescribed form for extension through registered email id by 31st July, the postal department said. The original copy of PPF extension form can be submitted to the concerned operating agency once the lock down is completely lifted, it added.