Tax saving deadline extended till July 31

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Tax saving deadline extended till July 31

The CBDT has extended the Tax Saving Investments/Payments for FY 2019-20 till July 31st, 2020. This is to help the Indian citizens in the uncertain times of COVID-19. Below tweet from income, the income tax handle confirms the same.

Earlier the Tax Saving Investments/Payments for FY 2019-20 was extended till June 30th considering the impact of COVID-19.

Tax saving deadline extended – what does this mean for you?

With the extension of the Tax Saving Investments/Payments for FY 2019-20; Tax payers can invest in tax saving instruments like ELSS mutual funds, PF, NPS, Insurance etc which gives them tax exemption as part of various tax saving options.

Please read Income tax exemptions for salaried employees to understand various tax savings option available.

Tax filing dates extended till Nov 30

The CBDT also extended the Tax filling dates till Nov 30 as per the tweet below:-

What does this mean for tax payers? As per the notification, tax payers can now file their tax returns for FY 2019-20 till Nov 30.

FAQ

Is tax saving date extended?

Yes the tax saving date for FY19-20 has been extended till July 30.

Is 80c investment date extended?

Yes the tax saving date for FY19-20 has been extended till July 30. That means you can invest in any 80C tax saving instrument to get tax benefits for earning in FY19-20.

What is the latest 80c investment date extended notification?

As per the latest CBDT notification, the tax saving date for FY19-20 has been extended till July 30.

Is the tax filing date extended?

Yes the tax filing date for FY19-20 has been extended till Nov 30 2020.

Can I get tax benefits both in both the financial year in FY19-20 and FY20-21 for tax saving investment till July 30, 2020?

No. You can get tax benefits only in 1 year either FY19-20 or FY20-21 for the tax-saving investment done between March 31st 2020 and July July 30 2020.


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