Chartered accountants' body clarifies on extension of March 31 deadline

March 31, 2020 19:01

The finance ministry notification issued on Monday night, on the date of applicability of stamp duty, has led to much speculation as to what other deadline has extended, despite the revenue department clarifying that only the provisions of the amended Indian Stamp Act, which were to come into force from April 1, will now be effective from July 1.

The NICAI, a body of chartered accountants, has now clarified further on the notification:

Belated returns or Revised returns for the FY 2018-19 can be filed till 30th June.
In the FY 2019-20, income is taxable till 31st March only and not upto 30th June, ie, for taxability of income financial year is considered till 31st March only.
Deductions under 80C, 80D, etc, can be claimed by investing till 30th June.
New LIC, Mediclaim, PPF, NPS, etc. policies taken till 30th June will be eligible for the deduction for the FY 2019-20.
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.
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, instalments due upto 31st March can be claimed as deduction ever if paid till 30th June.

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