Taxation

Clarification on Income tax related issues #Coronavirus

Published

6 years ago

April 1, 2020

HDFC Life Filed Your Returns HereТs How You Can Check to Be Sure Sept19

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1) Financial Year 01.04.2019 to 31.03.2020 is not at all extended till 30th June, only the date is extended for some compliances.

2) Belated returns or Revised returns for the Financial Year 01.04.2018 to 31.03.2019 can be filed till 30th June 2020.

3) In the Financial Year 01.04.2019 to 31.03.2020, income is taxable till 31st March 2020 only and not up to 30th June 2020, i.e. for taxability of income financial year is considered till 31st March only.

4) Deductions under 80C, 80D, etc. can be claimed by investing till 30th June 2020.

5) New LIC, Mediclaim, PPF, NPS, etc. policies taken till 30th June 2020 will be eligible for the deduction for the Financial Year 01.04.2019 to 31.03.2020.

6) Payment of Premium of old policies of LIC, Mediclaim, PPF, NPS, etc. due up to 31st March 2020 can be claimed as deduction even if paid till 30th June 2020.

7) Housing loan interest is eligible for deduction on an accrual basis, so interest accrued till 31st March 2020 will be eligible for the deduction in Financial Year 01.04.2019 to 31.03.2020. However, installments due up to 31st March 2020 can be claimed as deduction even if paid till 30th June 2020.