Last Updated on March 31, 2020 at 8:51 am
The finance ministry has clarified that FY 2019-2020 will end on March 31st and FY 2020-2021 will start on April 1st clearing some confusion among tax-savers.
Only certain compliances have been extended to 30th June 2020. Those who wish to invest in PPF or invest in NPS or any other 80C instrument for FY 2020-2021 can do so from April 2020.
Compliances for FY 2019-2020 that have been extended include:
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- For AY 2019-20, the last date for ITR filing will be 30.06.2020
- On delayed payment of any direct tax between 20.03.2020 and 30.06.2020, the interest rate will be reduced to 9%.
- No extension for the deposit of TDS. But on delayed payment of TDS, only reduced interest of 9% will be charged on delayed deposit till 30.06.2020.
- Vivad se Vishwas Scheme extended to 30.06.2020 without the additional 10% payment.
- All documents/notice/intimation/approval/order/filling of appeal or any document, including investments in saving instruments, capital gains, Income Tax Act, Wealth Tax Act, Prohibition of Benami Property Transaction Act, Black Money Act, STT Law, CTT Law, Equalization Levy Law, Vivad Se Vishwas Law, where time limit was expiring between 20.03.2020 till 29.06.2020, all are extended to 30.06.2020. Thus, now an investor in tax saving instruments like ELSS can make investments for FY 2019-20 up to 30.06.2020. The investor will have the option to claim the investments made between 01.04.2020 to 30.06.2020 in either FY 2019-20 or FY 2020-21 based on his requirement.
The full list is here: Income Tax relief measures announced due to nation-wide lock-down
The Finance Ministry also clarified amendments to the Indian Stamp Act pertaining to putting in place an efficient mechanism for collection of Stamp Duty on Security Market Instruments transactions through Stock Exchanges or Clearing Corporation authorized by Stock Exchanges Depositories will now be postponed to 1st July 2020.
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