There is no clarification regarding the obvious question that arises in mind - since it falls into the next FY, what prevents one from claiming the same investment for 2 FYs for IT deduction?
16 Replies
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 28 March 2020
Deduction can be claim which is the FY related only...
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 28 March 2020
Are You understand my reply...?!
rama krishnan
(12239 Points)
Replied 28 March 2020
Mr KANNAN, only deadline for certain statutory dates have been extended and not f. y. so f. y. 2019-20 is from 1/4/19 to 31/3/20 only
Kannan J
(8 Points)
Replied 28 March 2020
See this news https://m.economictimes.com/wealth/tax/tax-saving-investments-for-fy-2019-20-allowed-till-june-30-2020/articleshow/74795249.cms
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 28 March 2020
@ Mr Kannan J.,
What is in my reply...?
It's mean.,
You can pay above investment's Payments on or before 30th Jun-2020 which is the due period is 01/04/2019 to 31/03/2020 related payments only...
If a LIC due is Mar-20 but, You not paid it in March month then we can the due on or before 30th Jun-2020...
We can avail the benefit under 80C head in AY 20-21.
Note : if You paid Apr-2020 due then it's not claimable in AY 20-21.
What is in my reply...?
It's mean.,
You can pay above investment's Payments on or before 30th Jun-2020 which is the due period is 01/04/2019 to 31/03/2020 related payments only...
If a LIC due is Mar-20 but, You not paid it in March month then we can the due on or before 30th Jun-2020...
We can avail the benefit under 80C head in AY 20-21.
Note : if You paid Apr-2020 due then it's not claimable in AY 20-21.
rama krishnan
(12239 Points)
Replied 28 March 2020
Mr. kannan, gone through your link. it states that since most of the 80c tax saving investments are made during March of every year and due to lock down in pursuance to corona pandemic,the march due date is extended to June 20 in order to claim the same in a y 2020-21 ITR. since as per the respective provisions of act, no deductions or expenses can be claimed twice, the same cannot be claimed for f. y. 2020-21
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 28 March 2020
Yes... I also agreed to Mr Ramakrishnan view...
Spurto Consultancy Services
(Consultant)
(1891 Points)
Replied 28 March 2020
The investments against which deduction will be claimed in FY 19-20 cannot be claimed again in FY 20-21.
All the tax saving investment made upto June 2020 can be claimed in FY 2019-20.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 28 March 2020
All the Tax saving investment for the period of FY 18-19 can be invest up-to 30th Jun-2020...
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 28 March 2020
FY 19-20...
It's my mistake written...
It's my mistake written...
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