Now Claim Income Tax Deductions Till June 30
New Delhi: To ease the burden on taxpayers amidst the coronavirus crisis, the date for making investments or payments for claiming IT deductions for the assessment year 2020-21 has been extended from March 31 to June 30, 2020.
This was notified by the Central Board of Direct Taxes (CBDT) in the new income-tax forms issued on Saturday. This is in line with an earlier announcement made by the Union Finance Ministry in March.
CBDT has added a new schedule (column) in the IT return form to report investments made between April 1 up to June 30, 2020 for which deductions can be claimed under Section 80C (contributions to LIC, PPF, NDC, etc.), 80D (mediclaim) and 80G (donations).
According to experts, this notification will mitigate any anxiety taxpayers may have had on how to claim deductions for investments during the extended three-month period due to the COVID-19 crisis.