With the coronavirus epidemic bringing the Lockdown Situation in the entire country , many taxpayers, have been left to invest in Tax Saving Instruments in the last few days of the financial year. Fortunately for them, the finance ministry has announced Extension of Tax Saving Instrument Deadline due to COVID-19. The Deadline to make tax-saving investments for the financial year 2019-20 for people has been extended to June 30, 2020 which is a major relief to small taxpayers.
All investments falling under under Chapter-VIA-B of IT Act,1961 which includes Section 80C – Section 80GGC are eligible for the extension. The date for making various investment under Section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (Donations), etc. has been extended to 30th June, 2020. Hence the investment/payment can be made up to 30.06.2020 for claiming the deduction under these sections for FY 2019-20″.
In the similar vein, the date for making investment for claiming roll over benefit or deduction in respect of capital gains under sections 54 to 54GB has also been extended to 30 June 2020. “The investment/ construction/ purchase made up to 30 June 2020 shall be eligible for claiming deduction from capital gains arising during FY 2019-20,”
Extension of Tax Saving Instrument Deadline due to COVID-19, the government will give ample time to such investors to make their tax-saving investments once the lockdown is relaxed.