𝗖𝗢𝗡𝗙𝗨𝗦𝗜𝗡𝗚 𝗬𝗘𝗔𝗥 𝗘𝗡𝗗 𝗠𝗔𝗥𝗖𝗛 2020 𝗩𝗦 𝗝𝗨𝗡𝗘 2020: Detailed Explanation

𝗖𝗢𝗡𝗙𝗨𝗦𝗜𝗡𝗚 𝗬𝗘𝗔𝗥 𝗘𝗡𝗗 𝗠𝗔𝗥𝗖𝗛 2020 

𝗩𝗦 𝗝𝗨𝗡𝗘 2020 Detailed Explanation

This is the biggest confusion in the minds of the taxpayers. Following points clarifies some of the issues: 

1) FY 2019-20 is not at all extended till 30th June, only the date is extended for some compliances.

2) Belated returns or Revised returns for the FY 2018-19 can be filed till 30th June.

3) In the FY 2019-20, income is taxable till 31st March only and not upto 30th June, 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.

5) New life insurance, mediclaim, PPF, NPS, etc. policies taken till 30th June will be eligible for the deduction for the FY 2019-20.

6) Payment of Premium of old policies of Life insurance, mediclaim, PPF, NPS, etc. due upto 31st March can be claimed as deduction even if paid till 30th June.

7) Housing loan interest is eligible for deduction on accrual basis, so interest accrued till 31st March will be eligible for the deduction in FY 2019-20. However Installments due upto 31st March can be claimed as deduction ever if paid till 30th June.

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