Owing to the coronavirus pandemic, the govt experienced extended the day for creating cash flow tax cost savings investments for the economical 12 months 2019-20 as perfectly as producing deposits in some well-liked instruments like PPF for FY 2019-20. The deadline finishes on July 31. The governing administration had also extended the deadline for filing of original as nicely as revised revenue-tax returns or ITRs for the FY 2018-19 (AY 2019-20).
It should be famous 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 producing investment, construction, obtain for proclaiming roll about benefit, deduction in respect of capital gains less than sections 54 to 54GB of the I-T Act has also been further prolonged to September 30, 2020.
Right here are five relaxations that end on July 31:
The deadline for filing of initial as effectively as revised revenue-tax returns or ITRs for the FY 2018-19 (AY 2019-20) finishes on July 31, 2020.
Also, the deadline for building several investment/payment for claiming cash flow tax deduction for FY 2019-20 beneath Segment 80C (LIC, PPF, NSC and many others.), 80D (Mediclaim), 80G (Donations) is July 31, 2020.
You can also claim added tax deduction of ₹50,000 less than Segment 80 CCD(1B) by investing in NPS. The investments can be produced up to July 31, 2020 for saying the deduction under these sections for FY 2019-20.
The govt had introduced some leisure in the eligibility norms for opening of Sukanya Samriddhi accounts owing to the coronavirus lockdown. Sukanya Samriddhi account can be opened in the name of female youngster on or before 31st July, 2020, who have attained the age of 10 yrs all through 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 several years only from the day of delivery.
The subscribers PPF accounts – whose deadline for submitting the extension variety is thanks in lockdown with a person-calendar year grace period after maturity – may well post the approved kind for extension by way of registered e mail id by 31st July, the postal department said. The unique copy of PPF extension variety can be submitted to the concerned operating agency after the lock down is absolutely lifted, it added.
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