The government on 24 March 2020 announced that deadline of March 31, 2020 for the FY 2019-20 had been extended to 30th June 2020 to complete their tax-saving exercise for FY2019-20.
Tax Saving Time Extension From 31st March 2020 To 30th June 2020 For The FY 2019-20
- The persons will be legible for deduction u/s 80C of Rs. 1.50 Lacs investment in PPF/ Life Insurance, National Pension Scheme (NPS) for claiming an additional deduction of Rs. 50,000/- U/s 80CCD(1B) and Health Insurance (Mediclaim) payment for claiming deduction u/s 80D within 30th June 2020 for the FY 2019-20.
- For Financial Year 2018-19 ( from 1st April 2018 to 31st March 2019), the last date of filing of Belated Income Tax Return was 31st March 2020. Now the date has been extended up to 30th June 2020. For that, those taxpayers who have not filed the income tax return for the FY 2018-19 by31st march 2020, can file the return now till 30th June 2020.
- The Long Term Capital Gain (LTCG) exemption u/s 54EC and a time limit of 6 months period are falling 31st March 2020, that the time limit has been extended to 30th June.
- The last date for linking of Aadhaar with PAN was 31st March. Non-linking was liable for a penalty of Rs. 10,000/-. The date of linking is now extended from 31st March 2020 to 30th June 2020.
- Vivid se Vishwas scheme which was offering waiver from interest and penalty proceeding in respect of all pending appeals is likewise relaxed Now, no additional 10% amount, if payment made by June 30, 2020. It may be noted that the filing date of application for opting for this scheme was 31st March only. The same has also been extended on 30th June 2020.
- All orders/ notices/ appeals/ reports /any other documents or compliance by taxpayers extended up to 30th June 2020.