Amidst the chaos, the nation not just tackles the extremities of a health crisis but also battles the consistently affected economy. With a negative impact over businesses, down sliding market and a state of lockdown across the country, there have been major amendments made by the jurisdiction to provide economic relief to the public. As the Government continues to lend hands to fight the battle the pandemic, there was a decision made to extend the deadline for belated Income Tax Return (ITR) as well as revised tax return for the FY 2018-19, from 31st March 2020 to 30th June 2020. This extension would allow income taxpayers to avail the complete benefits of various timeline extensions provided by the Government, in light of the current pandemic.
This extension brings much relief to individuals as they can revisit their tax saving plan and get another chance to plan their taxes. This comes as an opportunity for taxpayers to pick the right investment plan and avail tax benefits on the tax-saving investments made between 31st March 2020 till 30th June 2020.
It is also very important to note that while it’s a relief that we are getting extra time to file our ITRs, there is no extension in the dates to pay the taxes that you might owe on that return. The payments remain due by April 15, 2020 for tax year 2019. However, the extension helps you reduce your penalties if you can't manage to pay in full by that deadline.
One ideal tax-saving tool that tax-payers can pick during this time is health insurance. It not just comes with tax benefits under section 80C, but also helps cushion the blow of additional medical expenses, especially the ones incurred during times like these. Bajaj Allianz Health Insurance plans available on Finserv MARKETS are an ideal pick when looking for an extensive health coverage. With plans starting at just Rs. 198 per month, health coverage of up to Rs. 50 Lakhs, and cashless claims at over 6500 network hospitals in India, these plans give you complete financial protection from medical exigencies.
Along with the ITR date extended update, the Government shared other crucial details too. For a bigger picture, the Finance Minister, Nirmala Sitharaman confirmed that the due dates for issue of intimation, notice, sanction order, notification, filing of appeal, approval order, reports, statements, furnishing of return, any other documents, time limit for completion of proceedings by the authority, applications, any compliance by the taxpaying individual including investment in saving instruments or investment for roll over benefit of capital gains under Income Tax Act, Prohibition of Benami Property Transaction Act, STT law, Wealth Tax Act, Black Money Act, Equalization Levy law, CTT Law, Vivad Se Vishwas law, where the deadline lies between 20th March 2020 to 29th June 2020 also shall be extended to 30th June 2020.
With the extension in ITR filing date, the Government is doing its part to lessen the financial burden on individuals and offer all possible assistance through such reliefs. It is also very crucial that individuals follow the health advisory and remain safe during such tough times. So, be safe, stay indoors and maintain social distancing!
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