Clear Your Confusion Regarding Extension of Tax Deadline as Dates of FY Overlap

The Financial Year 2019-20 has not ended well, the last dates of some tax compliance Check out the compliance calendar of Income-tax and GST for Feb to May 2020 with brief details. Also, we attached the latest notification of Income-tax and GST. Read more  have been extended till 30th June but not the Financial year.

The Lockdown in India started from March 22, 2020, and back to back lockdowns are still going on to contain the spread of the COVID 19 pandemic. The previous financial year also ended in between, the government extended the last date of some of the compliance but it actually made people confused about the last dates of most of the compliances. Recently the Financial Minister increased the last date further of some compliance which makes people more confused. So to clear the picture, here we are engraving the last dates of some of the compliances.

• The ITR for Financial Year 2018-19 can be filed on or before June 30, 2020, with the applicable penalty. The initial last date for filing Income Tax Return Get all due dates of income tax return and payment of advance taxes for FY 2018-19 (AY 2019-20). We update the last date as per the IT department notifications. Read more  FY 2018-19 was March 31, 2019
• For the next Financial year which means for FY 2019-20 the last date to file ITR without audit, need has been stretched from July 31, 2020, to November 30, 2020
• FY 2019-20 already ended and only a few compliances get date extension, not the completed FY, so the income of assessees earned before 31/03/2020 is taxable for FY 2019-20 and not up to June 30, 2020
• The Fiscal year 2019-20 ended in between lockdowns so people missed the opportunity to make a tax-saving investment. The government provided relief and now deductions under 80C, 80D Several section-based income tax saving tips are available in the Indian IT act. We have described all acts along with meanings that can give tax saving benefits, etc. can be claimed by doing investment till 30th June 2020
• So now payment due for the premium of old policies of life insurance, health insurance, contributions to Public Provident Fund (PPF), National Pension System (NPS), etc up to March31, can be claimed even if paid till June 30, 2020
• It is even applicable to New life/ health insurance policies taken till June 30, 2020, and accounts opened for PPF, NPS, and others till June 30, 2020, are also eligible for the deduction for the Financial Year 2019-20
• With all the above, Interest accrued till March 31, 2020, on housing loans can be also claimed as a deduction for the Finance Year 2019-20 even if the monthly installments are paid on or before June 30, 2020