- CBDT increases deadline for tax saving investment
- From MUTUAL FUND to INSURANCE, you can invest till July 31
- Income tax return will be filed by November
- Tax is to be paid from annual income of 2.5 lakhs
- New Delhi: If you pay tax, then this news is for you. In fact, the Central Board of Direct Taxes (CBDT) has extended the period of investment to save taxes for the financial year 2019-20. Yes! Now taxpayers can invest in Tax Saving Schemes till 31 July. The Central Board of Direct Taxes (CBDT) has taken this decision in view of the outbreak of corona pandemic. The date for filing tax returns for the financial year 2019-20 has been extended to 30 November 2020. In other words, the returns which had to be filed by 31 July and 31 October 2020 can now be filed by 30 November.Can invest in these schemes-Taxpayers mutual funds ELSS, PPF, NSC, LIC Premium, LIC Premium, SSY, NPS Subscription, NPS Subscription, Health Insurance Payment and other schemes best for tax deduction Tax saving schemes are included.
Also Read: Harbhajan Singh shares ‘Ladies Version’ of fellow cricketers, Sourav Ganguly’s funny comment
If you want a monthly income of Rs 5,000, then invest in SBI’s Annuity Deposit, you can start with Rs 1,000
Let us tell you the date of making various investments / payments for claiming deduction under Chapter-VIA-B of IT Act, which includes sections 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G ( Donation) etc. has also been extended to 31 July 2020.
How much can you save? Under Section 80C of the IT Act, the taxpayer can claim deduction of up to Rs 150,000. Similarly, if you have taken health insurance, you can apply for tax saving (TAX SAVING) under 80D (Mediclaim) and 80G (Donation) if you have paid for any kind of charity.
For whom tax is necessary- If you earn 2.5 lakh rupees or more in a financial year from a job or business, then it is necessary for you to file income tax RETURN that year . If you do not file ITR by the deadline stated by the government and you may have to pay a fine of up to Rs 10,000.
