Income tax for extended FY

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236 Points Posted on 25 March 2020

RBI has extended FY 2019-20 upto  30th June 2020 in view of the situation arising out of Covid-19 in the country,

I am a resident senior citizen whose annual income is from monthly pension and bank interest.

To calculate income tax for FY 2019-20 (corresponding to AY 2020-21), should I take into account pension received from April 2019 to June 2020 and also interest paid by bank during the entire 15-month period?

I request experts to clarify.

 

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On 25 March 2020 at 14:16 Report
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This discussion clarifies that while some statutory payment deadlines were extended due to COVID-19, the financial year (FY) for income tax calculation for 2019-20 remains April 2019 to March 2020. The extension mentioned by the RBI was not related to taxpayer fiscal years or COVID-19. The deadline for investments under Section 80C was extended to 30th June 2020, and the tax return filing deadline is 31st July 2020.

Guest
I think the information about extension of F.Y. by RBI is not true.

Please provide Notification no. extending the F.Y.
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On 25 March 2020 at 15:03
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"Do the Right Thing...!!!"
128162 Points Posted on 25 March 2020
@ Mr Amit Kumar Das.,

The FY not extending to Jun-2020...
Statutory Payments and it's returns / reports dates extend to 30th Jun-2020 from due dates fall in March & April...
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On 25 March 2020 at 15:11
Guest
There was a recommendation by RBI resetting its F.Y. (currently July-June) in alignment with govt. F.Y (which is Apr-Mar). But this has nothing to do with Coronavirus and that recommendation itself made in mid of Feb, 2020.

You can follow this link:
https://twitter.com/PIBFactCheck/status/1242418868246564865?s=19
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On 25 March 2020 at 15:28
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236 Points Posted on 25 March 2020

Thank you for clarification.

I understand that it has nothing to do with tax payers' calendar.

Income period for tax calculation for FY 2019-20 remains the same as April 2019-March 2020.

Deadline to make investment under Sec 80C: 31st March 2020

Last date for filing tax return: 31 July 2020

Please confirm.

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On 25 March 2020 at 16:43
Guest
Yes, last date filling ROI for A.Y. 2020-21 is 31st July and for investment u/s 80C, the FM extended the date of compliances by taxpayer till 30th June. But it will be better, to invest before 31st March, if possible, to avoid future difficulty.
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On 25 March 2020 at 17:00

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