Accounting, Business, Finance, Taxes

Clarification on Income Tax issues – Covid-19

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 LIC, 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 LIC, 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 even if paid till 30th June.