Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

Income tax for extended FY

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.

Reply
Follow
Share

5 Replies

(Guest)

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

Please provide Notification no. extending the F.Y.

Upgrade to CAclubindia Pro. Subscribe Now!

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 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...

(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

1 Like

Amit Kumar Das (Retd) (236 Points)
Replied 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.

(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.