New Delhi, Business Desk. Due to the coronavirus epidemic, the government had extended the investment deadline in the tax saving scheme to avail the benefit of tax exemption for the financial year 2019-20. This period expires on 31 July. The government had also extended the deadline for filing the original as well as revised ITR for the financial year 2018-19 (AY 2019-20).
It may be noted that the due date for income tax returns for the financial year 2019-20 (AY 2020-21) has been extended till November 30, 2020. Apart from this, the date of purchase for claiming investment, construction, profit, deduction has also been extended to September 30, 2020 in respect of capital gains under sections 54 to 54 GB of the IT Act.
Deadline expires 31 July
The deadline for filing the original as well as revised income tax returns for the financial year 2018-19 (AY 2019-20) expires on July 31, 2020. Also July 31, the deadline for making various investments / payments for claiming income tax deduction for FY 2019-20 under Section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (Donation) 2020 is.
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You can also claim an additional tax deduction of 50,000 under Section 80 CCD (1B) by investing in NPS. Investments can be made till July 31, 2020 to claim deduction under these sections for FY 2019-20.
The government had announced some relaxation of the eligibility criteria for opening Sukanya Samriddhi accounts due to the lockdown implemented due to Corona. Sukanya Samriddhi account can be opened on or before July 31, 2020 in the name of girls who have completed 10 years of age during the lockdown period from March 25, 2020 to June 30, 2020.
