Taxation

Year end closure points

Few points that I would like to clarify

1) FY 2019-20 closure date if 31st March 2020 only. There is no extension of that date. Please keep it in mind

2) Belated returns or Revised returns for the FY 2018-19 can be filed till 30th June.

3) Deductions under 80C that is insurance, house loan principal repayment, ppf investment, 80D that is mediclaim and health insurance etc. can be claimed by investing till 30th June. Government has extended this date by 3 months.

4) New LIC, mediclaim, PPF, NPS, etc. policies taken till 30th June will be eligible for the deduction for the FY 2019-20.

5) Housing loan interest is eligible for deduction on accrual basis, so interest accrued till 31st March will be eligible for the deduction in FY 2019-20. However Installments due upto 31st March can be claimed as deduction ever if paid till 30th June.

Please call or write in the comments if you have any query.

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About Sweta Makwana

Hello All, I have started this blog with the purpose to share tax tips, Business insights and daily updates. Being a Chartered Accountant, I am always in love with numbers and business. Through my blog, I take up this initiative to bridge the compliance gaps and help business owners and professionals with tax, finance and compliance updates. You can always share in the comment section if you want any topic on which I should write an article. I will try my best to write it for you. Also, being a true entrepreneur at heart, I have added a stories section here wherein I curate some truly inspiring and motivational stories of people. Be it a story of girl, women or a guy who did not quit to follow his passion, the story of a mother, story of anyone who can really light the spark of entrepreneurship, a story that really has a message at the end, a story that motivates you to take step, to take massive action. Guys, the journey is always tough, but always remember the fruits of success would also be amazing. So, do connect with me if you have something to share with the world out there. Also, this blog would be updated every day with new tax updates and of course stories. Reach out to me on the mail id mentioned: caswetamakwana@gmail.com Thankyou all
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