Banks FY for 2019 - 20, March 2020 or June 2020 !?
This query is : Resolved
30 March 2020
Dear Sir/Mam,
As u know, FY for 2019 - 20 has been changed due to coronavirus. Thus, please update will this financial year applicable to Bank also ? Will banks close there books on 31st March or 30th June for FY 2019 - 20 ?
If yes, then if I do investment under PPF between April 2020 to June 2020, in this case will bank provide certificate for PPF contribution mentioned that contribution is applicable for deduction under section 80C for FY 2019 - 20 ?
Further, if there is any circular regarding above mentioned case, please share.
Wish to hear you soon.
Regards
Deepak Rawat
As u know, FY for 2019 - 20 has been changed due to coronavirus. Thus, please update will this financial year applicable to Bank also ? Will banks close there books on 31st March or 30th June for FY 2019 - 20 ?
If yes, then if I do investment under PPF between April 2020 to June 2020, in this case will bank provide certificate for PPF contribution mentioned that contribution is applicable for deduction under section 80C for FY 2019 - 20 ?
Further, if there is any circular regarding above mentioned case, please share.
Wish to hear you soon.
Regards
Deepak Rawat
31 March 2020
Financial year not changed including banks.
Bank will not provide such certificate, but you can claim deduction of such investment in ITR of FY 2019-20.
Bank will not provide such certificate, but you can claim deduction of such investment in ITR of FY 2019-20.
31 March 2020
Yes... I agreed with Mr CA R SEETHARAMAN Sir...
FY 19-20 not extended it's also the same period of April to March only. Also "MINISTRY OF FINANCE" give a press release as "It's FAKE NEWS"...
As per my view, The above said PPF Deduction can't be avail in FY 19-20 if it's paid on or after 1st Apr-20...
Bcoz, Deduction can be avail which is due fall on or before 31st Mar-20 and it's paid on or before 30th Jun-2020...
31 March 2020
For ex :
If Your march month's LIC due is 30th Mar-20.
But, in current situation You are not paid it on or before 30th Mar-20. The said due can be pay on or before 30th Jun-2020 and You can claim deduction in FY 19-20 ITR.
For PPF account no more due dates. it can be pay April to March. no more due dates or periodical payments.
31 March 2020
Date for claiming Deduction for Investment in Tax Saving Instruments has been increased from March 31st 2020 to June 30, 2020. Hence if investment in PPF is made upto 30th June 2020, it can be claimed as deduction for FY 2019-20.
31 March 2020
It's applicable to which is fall due in February and March 20 investments. It's not applicable to PPF deposits. PPF deposit don't have due dates...
31 March 2020
The Press release by the Government dt. 31.03.2020 has made it very clear that date for making investments/payments for claiming deductions under chapter VI A-B including Sec 80C (LIC, PPF, NSC) etc. , 80D, 80G has been extended upto 30.06.2020. So PPF clearly covered.
31 March 2020
Refer the press release point no 4 from 1st word as "DUE Dates.... "
01 April 2020
@ Raja P M Sir, kindly note that the Press Release dated 31.03.2020 specifically mentions :
(iii) The date for making various investment/payment for claiming
deduction under Chapter-VIA-B of IT Act which includes
Section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G
(Donations), etc. has been extended to 30th June, 2020. Hence
the investment/payment can be made up to 30.06.2020 for
claiming the deduction under these sections for FY 2019-20.
Hope this makes all clear.
(iii) The date for making various investment/payment for claiming
deduction under Chapter-VIA-B of IT Act which includes
Section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G
(Donations), etc. has been extended to 30th June, 2020. Hence
the investment/payment can be made up to 30.06.2020 for
claiming the deduction under these sections for FY 2019-20.
Hope this makes all clear.
01 April 2020
Government of India
Ministry of Finance
Department of Revenue
New Delhi, the 31st March, 2020
PRESS NOTE
New Delhi: In order to give effect to the announcements made by the
Union Finance Minister vide Press Release dated 24.03.2020, regarding
several relief measures relating to statutory and regulatory compliance
matters across sectors in view of COVID-19 outbreak, the govt has brought
in an Ordinance on 31.03.2020 which provides for extension of various time
limits under the Taxation and Benami Acts. It also provides for extension of
time limits contained in the Rules or Notification which are prescribed/
issued under these Acts.
It may be noted that the outbreak of Novel Corona Virus (COVID-19) across
many countries of the world has caused immense loss to the lives of people,
and accordingly, it has been termed as pandemic by the World Health
Organisation and various Governments including Government of India.
Social distancing has been unequivocally accepted to be the best way to
contain its spread, leading to announcement of complete lockdown in the
country. Keeping in view the challenges faced by taxpayers in meeting the
compliance requirements under such conditions, the Union Finance Minister
had announced several relief measures relating to statutory and regulatory
compliance matters across sectors in view of COVID-19 outbreak on
24.03.2020 vide a press release.
Some of the important features and time limits which get extended by this
Ordinance are as under: -
Direct Taxes & Benami:
(i) Extension of last date of filing of original as well as revised
income-tax returns for the FY 2018-19 (AY 2019-20) to 30th
June, 2020.
(ii) Extension of Aadhaar-PAN linking date to 30th June, 2020.
(iii) The date for making various investment/payment for claiming
deduction under Chapter-VIA-B of IT Act which includes
Section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G
(Donations), etc. has been extended to 30th June, 2020. Hence
the investment/payment can be made up to 30.06.2020 for
claiming the deduction under these sections for FY 2019-20.
(iv) The date for making investment/construction/purchase for
claiming roll over benefit/deduction in respect of capital gains
under sections 54 to 54GB of the IT Act has also been extended
to 30th June 2020. Therefore, the investment/ construction/
purchase made up to 30.06.2020 shall be eligible for claiming
deduction from capital gains arising during FY 2019-20.
(v) The date for commencement of operation for the SEZ units for
claiming deduction under deduction 10AA of the IT Act has also
extended to 30.06.2020 for the units which received necessary
approval by 31.03.2020.
(vi) The date for passing of order or issuance of notice by the
authorities under various direct taxes& Benami Law has also
been extended to 30.06.2020.
(vii) It has provided that reduced rate of interest of 9% shall be charged for
non-payment of Income-tax (e.g. advance tax, TDS, TCS)
Equalization Levy, Securities Transaction Tax (STT), Commodities
Transaction Tax (CTT) which are due for payment from 20.03.2020 to
29.06.2020 if they are paid by 30.06.2020. Further, no penalty/
prosecution shall be initiated for these non-payments.
(viii) Under Vivad se Vishwas Scheme, the date has also been
extended up to 30.06.2020. Hence, declaration and payment
under the Scheme can be made up to 30.06.2020 without
additional payment.
Indirect Taxes:
(i) Last date of furnishing of the Central Excise returns due in
March, April and May 2020 has been extended to 30th
June,2020.
(ii) Wherever the last date for filing of appeal, refund applications
etc., under the Central Excise Act, 1944 and rules made
thereunder is from 20th March 2020 to 29th June 2020, the same
has been extended to30th June 2020.
(iii) Wherever the last date for filing of appeal, refund applications
etc., under the Customs Act, 1962 and rules made thereunder is
from 20th March 2020 to 29th June 2020, the same has been
extended to30th June 2020.
(iv) Wherever the last date for filing of appeal etc., relating to
Service Tax is from 20th March 2020 to 29th June 2020, the same
has been extended to30th June 2020
(v) The date for making payment to avail of the benefit under Sabka
Vishwas Legal Dispute Resolution Scheme 2019 has been
extended to 30th June 2020 thus giving more time to taxpayers to
get their disputes resolved.
In addition to the extension of time limits under the Taxation and Benami
Acts as above, an enabling section has got inserted in the CGST Act,
2017 empowering the Government to extend due dates for various
compliances inter-alia including statement of outward supplies, filing
refund claims, filing appeals, etc. specified, prescribed or notified under
the Act, on recommendations of the GST Council.
PM CARES FUND
4. A special fund “Prime Minister’s Citizen Assistance and Relief in
Emergency Situations Fund (PM CARES FUND)” has been set up for
providing relief to the persons affected from the outbreak of Corona virus.
The Ordinance also amended the provisions of the Income-tax Act to
provide the same tax treatment to PM CARES Fund as available to Prime
Minister National Relief Fund. Therefore, the donation made to the PM
CARES Fund shall be eligible for 100% deduction under section 80G of
the IT Act. Further, the limit on deduction of 10% of gross income shall
also not be applicable for donation made to PM CARES Fund.
As the date for claiming deduction u/s 80G under IT Act has been extended
up to 30.06.2020, the donation made up to 30.06.2020 shall also be eligible
for deduction from income of FY 2019-20. Hence, any person including
corporate paying concessional tax on income of FY 2020-21 under new
regime can make donation to PM CARES Fund up to 30.06.2020 and can
claim deduction u/s 80G against income of FY 2019-20 and shall also not
lose his eligibility to pay tax in concessional taxation regime for income of
FY 2020-21.
Ministry of Finance
Department of Revenue
New Delhi, the 31st March, 2020
PRESS NOTE
New Delhi: In order to give effect to the announcements made by the
Union Finance Minister vide Press Release dated 24.03.2020, regarding
several relief measures relating to statutory and regulatory compliance
matters across sectors in view of COVID-19 outbreak, the govt has brought
in an Ordinance on 31.03.2020 which provides for extension of various time
limits under the Taxation and Benami Acts. It also provides for extension of
time limits contained in the Rules or Notification which are prescribed/
issued under these Acts.
It may be noted that the outbreak of Novel Corona Virus (COVID-19) across
many countries of the world has caused immense loss to the lives of people,
and accordingly, it has been termed as pandemic by the World Health
Organisation and various Governments including Government of India.
Social distancing has been unequivocally accepted to be the best way to
contain its spread, leading to announcement of complete lockdown in the
country. Keeping in view the challenges faced by taxpayers in meeting the
compliance requirements under such conditions, the Union Finance Minister
had announced several relief measures relating to statutory and regulatory
compliance matters across sectors in view of COVID-19 outbreak on
24.03.2020 vide a press release.
Some of the important features and time limits which get extended by this
Ordinance are as under: -
Direct Taxes & Benami:
(i) Extension of last date of filing of original as well as revised
income-tax returns for the FY 2018-19 (AY 2019-20) to 30th
June, 2020.
(ii) Extension of Aadhaar-PAN linking date to 30th June, 2020.
(iii) The date for making various investment/payment for claiming
deduction under Chapter-VIA-B of IT Act which includes
Section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G
(Donations), etc. has been extended to 30th June, 2020. Hence
the investment/payment can be made up to 30.06.2020 for
claiming the deduction under these sections for FY 2019-20.
(iv) The date for making investment/construction/purchase for
claiming roll over benefit/deduction in respect of capital gains
under sections 54 to 54GB of the IT Act has also been extended
to 30th June 2020. Therefore, the investment/ construction/
purchase made up to 30.06.2020 shall be eligible for claiming
deduction from capital gains arising during FY 2019-20.
(v) The date for commencement of operation for the SEZ units for
claiming deduction under deduction 10AA of the IT Act has also
extended to 30.06.2020 for the units which received necessary
approval by 31.03.2020.
(vi) The date for passing of order or issuance of notice by the
authorities under various direct taxes& Benami Law has also
been extended to 30.06.2020.
(vii) It has provided that reduced rate of interest of 9% shall be charged for
non-payment of Income-tax (e.g. advance tax, TDS, TCS)
Equalization Levy, Securities Transaction Tax (STT), Commodities
Transaction Tax (CTT) which are due for payment from 20.03.2020 to
29.06.2020 if they are paid by 30.06.2020. Further, no penalty/
prosecution shall be initiated for these non-payments.
(viii) Under Vivad se Vishwas Scheme, the date has also been
extended up to 30.06.2020. Hence, declaration and payment
under the Scheme can be made up to 30.06.2020 without
additional payment.
Indirect Taxes:
(i) Last date of furnishing of the Central Excise returns due in
March, April and May 2020 has been extended to 30th
June,2020.
(ii) Wherever the last date for filing of appeal, refund applications
etc., under the Central Excise Act, 1944 and rules made
thereunder is from 20th March 2020 to 29th June 2020, the same
has been extended to30th June 2020.
(iii) Wherever the last date for filing of appeal, refund applications
etc., under the Customs Act, 1962 and rules made thereunder is
from 20th March 2020 to 29th June 2020, the same has been
extended to30th June 2020.
(iv) Wherever the last date for filing of appeal etc., relating to
Service Tax is from 20th March 2020 to 29th June 2020, the same
has been extended to30th June 2020
(v) The date for making payment to avail of the benefit under Sabka
Vishwas Legal Dispute Resolution Scheme 2019 has been
extended to 30th June 2020 thus giving more time to taxpayers to
get their disputes resolved.
In addition to the extension of time limits under the Taxation and Benami
Acts as above, an enabling section has got inserted in the CGST Act,
2017 empowering the Government to extend due dates for various
compliances inter-alia including statement of outward supplies, filing
refund claims, filing appeals, etc. specified, prescribed or notified under
the Act, on recommendations of the GST Council.
PM CARES FUND
4. A special fund “Prime Minister’s Citizen Assistance and Relief in
Emergency Situations Fund (PM CARES FUND)” has been set up for
providing relief to the persons affected from the outbreak of Corona virus.
The Ordinance also amended the provisions of the Income-tax Act to
provide the same tax treatment to PM CARES Fund as available to Prime
Minister National Relief Fund. Therefore, the donation made to the PM
CARES Fund shall be eligible for 100% deduction under section 80G of
the IT Act. Further, the limit on deduction of 10% of gross income shall
also not be applicable for donation made to PM CARES Fund.
As the date for claiming deduction u/s 80G under IT Act has been extended
up to 30.06.2020, the donation made up to 30.06.2020 shall also be eligible
for deduction from income of FY 2019-20. Hence, any person including
corporate paying concessional tax on income of FY 2020-21 under new
regime can make donation to PM CARES Fund up to 30.06.2020 and can
claim deduction u/s 80G against income of FY 2019-20 and shall also not
lose his eligibility to pay tax in concessional taxation regime for income of
FY 2020-21.
01 April 2020
Thank You Mr Swasti.,
I saw the press release after that...
Thank You for the details...
01 April 2020
I will also agree with the view Swasti.
The press release states "date" and not "due date"
The press release states "date" and not "due date"
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