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Income Tax money saving opportunity! Now,
make 80C, 80D, 80G investments till this date
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Here is some much-needed good news for the lockdown affected country. An
Income Tax money saving opportunity has just arisen!
Here is some much-needed
good news for the lockdown affected country. An Income Tax money saving
opportunity has just arisen! Now, you can make investments or payments for
claiming deduction under Chapter-VIA-B of IT Act that include Section 80C
(LIC, PPF, NSC etc.), 80D (Mediclaim) and 80G (Donations) for the financial
year 2019-20 till June 30, 2020. The development comes as the Central Board
of Direct Taxes (CBDT) notified the Income Tax department notified forms for
filing income tax returns for the financial year 2019-20.
The Central
Board of Direct Taxes (CBDT) has notified Sahaj (ITR-1), Form ITR-2, Form
ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V
for the assessment year 2020-21.
The department
has revised the I-T return forms for the financial year 2019-20 to allow
assessees to avail benefits of various timeline extension granted by the
government following the COVID-19 outbreak.
Now, the new
forms require a separate table to disclose tax saving investment made in the
first quarter of 2020 for availing them in FY 2019-20. Taxpayers must assess
their tax liability for financial year 2019-20 in order to maximise their
Section 80C, 80D, 80G benefits to save more money through investments.
The government
has extended various timelines under the Income Tax Act, 1961, through the
Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020.
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For any further queries, clarifications, and suggestions,
please feel free to contact the undersigned
or write to us at protalkz03@gmail.com.
CA Dhruv Anand
Mobile - 8130782695, 8383824051
Email - dhruvanand02@gmail.com
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