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5 Financial Tasks To Be Completed By 31 July
To accommodate any cash crunch caused by the coronavirus pandemic, the government had extended a number of deadlines for the convenience of investors. These relaxations are investment as well as income tax related.
An important extension in deadline is that of filing the income tax returns (ITR) for the financial year 2019-20 (assessment year 2020-21), which has been extended to 30 November 2020.
Another deadline that does not end on 31 July 2020 is the due date for making investment, construction, purchase for claiming rollover benefit, deduction in respect of capital gains under sections 54 to 54GB of the Income Tax Act. It has been extended to 30 September 2020.
Here are the 5 deadlines that end on 31 July 2020:
1. ITR filing for FY 2018-19
For filing of original as well as revised ITR for the financial year 2018-19 (assessment year 2019-20), the deadline ends on 31 July 2020.
Update: The CBDT has extended the deadline to 30 September 2020.
2. Tax saving investments for FY 2019-20
Various investments/payments towards LIC policies, PPF, NSC, other small savings schemes, health insurance, donations, that are eligible for tax benefits under Section 80C, 80D and 80G of the IT Act can still be made for the previous financial year. These contributions made till 31 July will be eligible for claiming tax benefits for the financial year ended 31 March 2020.The Central Board of Direct Taxes (CBDT) has notified new forms which include a provision to make income tax deductions or exemption claims for payments made towards tax-saving investments made between 1 April 2020 and 31 July 2020 under the DI Schedule due to the tax-saving deadline extension.
You can also claim additional tax deduction of Rs 50,000 under Section 80 CCD(1B) by investing in the National Pension System (NPS).
3. Opening of Sukanya Samriddhi accounts
The government provided some relaxation in the eligibility for opening of Sukanya Samriddhi accounts due to the coronavirus lockdown. For a girl child who has attained the age of 10 years between 25 March and 30 June 2020, parents or guardians of the child can open a Sukanya Samriddhi account on or before 31 July 2020.
In usual circumstances, accounts under the scheme for girls can only be opened up to age of 10 years only from the date of birth.
4. Extension of PPF account
PPF subscribers who have missed the deadline to extend their account after maturity, can submit the prescribed form for extension through registered email ID by 31 July 2020.
The original copy of the PPF extension form can be submitted to the concerned operating agency, the postal department had said.
The subscribers of PPF accounts have one year grace period after their 15-year account matures to extend their account by another 5 years.
5. Post office RD account deposit
Account holders of post office recurring deposits (RD) can pay the installments towards such a deposit for the months of March, April, May and June 2020 till 31 July 2020, without any revival fee of default fee.
A RD account holder who used to avail the rebate benefit by depositing advance payments in their account can do so till 31 July 2020, to avail the benefit of rebate. "The rebate admissible as per the scheme provision will be available at the time of deposit of advance instalments".
