New Delhi: Because of the COVID-19 pandemic, the federal government had prolonged the date a bunch of monetary actions. Protecting a tab on the varied deadlines is not going to solely make you a smart tax payer, it’s going to additionally profit you in locations the place you’ll be able to declare advantages.
Amongst these, claimants of revenue tax advantages below Part 80C for FY 2019-20 (Evaluation 12 months 20-21) should hurry up, because the deadline expires on Friday (July 31).
The favored revenue tax advantages falling below Part 80C tax embody Public Provident Fund, Staff’ Provident Fund, Mounted Deposits, Nation Pension System, Sukanya Samriddhi Yojana and Life Insurance coverage Premium.
Aside from the above, Investments in Unit linked Insurance coverage Plans, Reimbursement of principal of a House Mortgage, Funds in Youngsters’s tution charges are additionally among the funding devices below which you’ll declare revenue tax advantages below Part 80C.
On July 29, bringing respite to the Revenue Tax filers, the Central Board of Direct Taxes (CBDT) prolonged the deadline for submitting revenue tax returns for FY 2018-19 (AY 2019-20) from July 31, 2020 to September 30, 2020 as a consequence of coronavirus COVID-19 pandemic.
“In view of the constraints as a result of Covid pandemic & to additional ease compliances for taxpayers, CBDT extends the due date for submitting of Revenue Tax Returns for FY 2018-19 (AY 2019-20) from 31st July, 2020 to 30th September, 2020,” the Revenue Tax Division mentioned in a tweet.
In view of the constraints as a result of Covid pandemic & to additional ease compliances for taxpayers, CBDT extends the due dt for submitting of Revenue Tax Returns for FY 2018-19(AY 2019-20) from 31st July, 2020 to 30th September, 2020,vide Notification in S.O. 2512(E) dt 29th July, 2020. pic.twitter.com/Wlzvf8S83x
— Revenue Tax India (@IncomeTaxIndia) July 29, 2020
The CBDT has additionally mentioned that a person may file a revised ITR for FY2018-19 inside this deadline. It’s to be famous that that is the third extension given by the Centre to taxpayers to file each unique and revised tax returns for 2018-19 fiscal. In March, the Centre had prolonged the due date from March 31 to June 30 as a consequence of coronavirus COVID-19 pandemic. Later in June, the date was once more prolonged by a month until July 31.