The Finance Ministry has clarified that there is no extension of the financial year and put to rest any speculations about the same.
This has been one of the biggest confusion in the minds of the taxpayers. The following points clarify some of the issues:
- FY 2019-20 is not at all extended till 30th June, only the date is extended for some compliances.
- Belated returns or Revised returns for the FY 2018-19 can be filed till 30th June.
- In the FY 2019-20, income is taxable till 31st March only and not up to 30th June, i.e. for taxability of income financial year is considered till 31st March only.
- Deductions under 80C, 80D, etc. can be claimed by investing till 30th June.
- New LIC, mediclaim, PPF, NPS, etc. policies taken till 30th June will be eligible for the deduction for the FY 2019-20.
- Payment of Premium of old policies of LIC, mediclaim, PPF, NPS, etc. due up to 31st March can be claimed as deduction even if paid till 30th June.
- Housing loan interest is eligible for deduction on accrual basis, so interest accrued till 31st March will be eligible for the deduction in FY 2019-20. However, installments due up to 31st March can be claimed as deduction ever if paid till 30th June.
- Below is a comprehensive overview of GST due dates until 30 June 2020.
Also read: Relief measures under Income Tax, GST, Customs and Companies Act
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