New Delhi: Due to the COVID-19 pandemic, the government had extended the date a host of financial activities. Keeping a tab on the various deadlines will not only make you a wise tax payer, it will also benefit you in places where you can claim benefits.
Among those, claimants of income tax benefits under Section 80C for FY 2019-20 (Assessment Year 20-21) will have to hurry up, as the deadline expires on Friday (July 31).
The popular income tax benefits falling under Section 80C tax include Public Provident Fund, Employees’ Provident Fund, Fixed Deposits, Nation Pension System, Sukanya Samriddhi Yojana and Life Insurance Premium.
Other than the above, Investments in Unit linked Insurance Plans, Repayment of principal of a Home Loan, Payments in Children’s tution fees are also some of the investment instruments under which you can claim income tax benefits under Section 80C.
On July 29, bringing respite to the Income Tax filers, the Central Board of Direct Taxes (CBDT) extended the deadline for filing income tax returns for FY 2018-19 (AY 2019-20) from July 31, 2020 to September 30, 2020 due to coronavirus COVID-19 pandemic.
“In view of the constraints due to the Covid pandemic & to further ease compliances for taxpayers, CBDT extends the due date for filing of Income Tax Returns for FY 2018-19 (AY 2019-20) from 31st July, 2020 to 30th September, 2020,” the Income Tax Department said in a tweet.
The CBDT has also said that an individual can also file a revised ITR for FY2018-19 within this deadline. It is to be noted that this is the third extension given by the Centre to taxpayers to file both original and revised tax returns for 2018-19 fiscal. In March, the Centre had extended the due date from March 31 to June 30 due to coronavirus COVID-19 pandemic. Later in June, the date was again extended by a month till July 31.
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