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Extension period for saving

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215 Points Posted on 22 September 2020

savings made upto which month can be counted in the last financial year?

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Quick Summary

For the financial year 2019-20, the deadline for making investments to claim deductions under Chapter VI-A (sections 80C to 80U) has been extended to 21st July 2020. This means any investments made between 1st April 2020 and 31st July 2020 can be claimed for either FY 2019-20 or FY 2020-21, offering you flexibility in choosing the most beneficial financial year for the tax benefit.

Sagar Patel

Tax and Business Consultant

11616 Points Posted on 22 September 2020

For F.Y 2019-20 Compliance of any provisions of Chapter VI-A under the heading “B.- Deductions in respect of certain payments” i.e for investment to claim Deduction u/s 80C to 80U is extended to 21st July, 2020..

So, investment made under section 80C to 80U from 01/04/20 to 31/07/2020 you can take benifit of same in F.Y 2019-20 or F.Y 2020-21 (in any one year) as per your choice.