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Income for FY 2019-20

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chhaya jain

student

29 Points Posted on 27 March 2020

Hi..

Since FY 19-20 has been extended from 31 March to 30 June, wanted to understand if we also need to consider income for the period 01 April to 30 June for the computation of income tax liability of current FY?

Replies (6)

Quick Summary

This discussion clarifies that the Financial Year (FY) 2019-20 officially ends on March 31st, 2020, and is not extended to June 30th. However, there's ambiguity regarding whether investments for tax deductions under sections 80C and 80G can be made up to June 30th, as government relief measures suggest an extension for 'compliance' and 'investment in saving instruments'. While some believe this includes 80C/80G investments, official clarification from the CBDT is pending, making it advisable to complete such investments by March 31st to avoid potential issues.

Guest

No Mam, F.Y 19-20 is not extended.

F.Y. 19-20 will remain same from Apr'19 to Mar'20

chhaya jain

student

29 Points Posted on 27 March 2020

Thankyou karan,
should we invest or donate upto 31st March to get benefit of section 80C or 80G or we can do the same upto 30th June 2020 ?

Guest

There are certain doubts regarding that

because as per relief measure announced by FM, it says due date of "any compliance by the taxpayer including investment in saving instruments" is extended to 30th June . So according to me investment u/s 80C and donation u/s sec 80G both should be covered.

But CBDT has not come with any further clarification yet.

So its better if you can invest up to 31st Mar to avoid future difficulty.

chhaya jain

student

29 Points Posted on 27 March 2020

Okay, thankyou

RAJA P M

"Do the Right Thing...!!!"

128162 Points Posted on 27 March 2020

Firstly I say Sorry for attending this query after giving thanks by Querist...

Now,

Yes... I agreed to Mr Karan Singh replies...

@ Mr Chhaya Jain.,

As per Your query.,

No... FY not extending to Jun-2020. But, The recent press releases says due dates are extended.

It's mean the deduction related investment can be invest up-to 30th Jun-2020. But, The dues will be on or before 31st March dues only. We can't avail exemption if FY 19-20 return if we paid April dues...

Finally we want to wait exact clarification by departments...