Home Contact Us Site Map
 
Click here for paper less mutual fund
INVEST NOW
Home Information Industry News Details
 
 
 Refer this page to a friend   Print preview

Tax-Saving Investments for FY2019-20 Allowed Till July 31

25-Jun-2020

Good news for taxpayers! The Central government today announced that the taxpayers have time till July 31 to complete their tax-saving exercise for FY2019-20. The earlier deadline was June 30, 2020. In the wake of coronavirus outbreak in the country, the Central Board of Direct Taxes today extended time limit for making various investments and claiming deductions.

The investments qualifying for tax deduction include deposits in mutual fund ELSS, PPF, NSC, LIC premium, SSY, NPS subscription, health insurance payments and others.

"The date for making various investment/ payment for claiming deduction under Chapter-VIA-B of the IT Act which includes section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (Donations) etc. has also been further extended to 31st July, 2020. Hence the investment/ payment can be made up to 31st July, 2020 for claiming the deduction under these sections for FY 2019-20," the finance ministry said in a statement.

The extension will provide some relief to taxpayers. The coronavirus pandemic has affected us in more ways than one. The Central government implemented a nationwide lockdown in the last week of March. The economy has come to a standstill in the wake of pandemic. Due to lockdown, many taxpayers have missed the earlier deadlines to invest in tax-saving scheme.

The Centre today extended the deadline for filing income-tax returns (ITR) for the 2018-19 fiscal by a month till July 31, 2020. The time limit to link Aadhaar card with PAN card has been extended till March 31, 2021.

Source : Live Mint

Back Top
Life Insurance
Non-Life Insurance
Mutual Funds
Bonds
Loans
Small Saving
 
Online Counselling
Insurance Portfolio
e-Greetings
Articles
Calculators
Newsletter
 
Child Plans Health Plans Pension Plans