Union Finance Minister Nirmala Sitharaman has announced the extension of statutory deadlines related to income tax to 30 June 2020. These extended deadlines are expected to provide some relief to the tax payers. The key decisions taken by the finance minister after considering the hardship that people are facing due to coronavirus (COVID-19) are:
Income Tax Return (ITR) deadline:
The Finance Ministry has decided to extend the Income Tax Return (ITR) filing deadline for the Fiscal Year 2019 from 31st March 2020 to 30th June 2020.
Investment for tax savings:
Those Indian citizens who are still waiting to make investments in various instruments which offers tax deductions under section 80 C, can do their investments till 30 June and can also claim deduction for FY 2019-20. These instruments includes Equity liked savings scheme (ELSS), Public Provident Fund (PPF), National Savings Certificate (NSC).
The deadline for the linking of Aadhaar & Pan was supposed to end on 31st March 2020. This deadline has been extended to 30 June 2020. If you are unable to link your Permanent Account Number (PAN) with Aadhar before 30 June 2020, your PAN will be considered as inoperative.