Quick Summary
In the view of the outbreak of COVID-19 the FM had announced various relief measures regarding statutory compliance related to Income Tax and GST. The FM passed an ordinance to give effect to these measures on the 31st of March 2020. Previously, taxpayers had confusion if the date to make various investmentsfor claiming deduction under Chapter-VIA-B of IT Act has been extended or not as the FM did not address the same in her press release. However, the Ordinance gives clarity on the same. Here i
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FAQ :
The deadline for making investments and payments to claim deductions under Chapter-VIA-B of the Income Tax Act, including sections 80C, 80D, and 80G, has been extended to 30th June 2020.
The extension covers deductions under Chapter-VIA-B, such as Section 80C (LIC, PPF, NSC), Section 80D (Mediclaim), and Section 80G (Donations). It also includes roll-over benefits for capital gains under sections 54 to 54GB.
Yes, investments and payments made up to 30th June 2020 are eligible for claiming deductions for the financial year 2019-20.
Yes, donations made to the PM CARES Fund are eligible for 100% deduction under section 80G, with no limit on the 10% of gross income rule. Donations made up to 30th June 2020 can be claimed against income for FY 2019-20.
No, individuals and corporates paying concessional tax under the new regime for FY 2020-21 can still make donations to the PM CARES Fund up to 30th June 2020 and claim deductions under section 80G against their FY 2019-20 income without losing their eligibility for the new tax regime.
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