Quick Answer: What Is The Last Date For 80c Investment?

Is investment date extended?

Currently, the last date for income tax saving investments is set on July 31, for the Financial Year 2019-20, from the earlier deadline March 31, 2020, and June 30, 2020.

This extension gave taxpayers extra time to complete their tax-saving investments for the Financial Year 2019-20..

Is 80c investment date extended?

The date for making various investment/ payment for claiming deduction under Chapter-VIA-B of the Income-tax Act which includes section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (Donations) etc. has also been further extended to 31st July, 2020. … This deadline was earlier extended only till June 30, 2020.

What is the last date for investment for FY 2019 20?

July 31As a result, taxpayers will now be able to make investments for claiming deductions under the Income Tax Act for the financial year 2019-20 up to July 31. The Income Tax department has extended the deadline for tax saving investments/payments for the financial year 2019-20 up to July 31.

What is the 80c limit for 2020 21?

The maximum deductions available under a few sections are as follows: Section 80C to 80CCC: ₹ 1,50,000. Section 80CCD: ₹ 50,000. Section 80D: ₹ 30,000 for self, spouse and children, ₹30,000 for parents, ₹50,000 for senior citizens.

Why is form 16 delayed?

The extension has been done in view of the ongoing coronavirus crisis. Therefore, some of the employers who haven’t filed the TDS (Tax deduction at source) return yet may have delayed the issuance of Form 16. The due date for filing of return for this year has been extended to November 30, 2020.

Which financial year is going?

Financial Year 2020 or FY 2020-21 started from the 1st April 2020 and will end on 31st March 2021.

Are you filing return of income under seventh?

The income tax forms for the AY2021 has been amended to take a declaration from the taxpayer to state that if he or she is filing the return under the seventh proviso to section 139(1) declaring his or her gross total income is below the threshold limit of ₹2.5 lakh in case of individual below 60 years of age, ₹3 lakh …

Is 80c removed in 2020?

[Budget 2020] Tax Rates Lowered But HRA, 80C, and INR 50,000 Standard Deduction Gone. In the Union Budget 2020, finance minister Nirmala Sitharaman proposed a new tax regime with lower tax rates for different income groups. … However, all without deductions.

Can I get Form 16 if TDS is not deducted?

The employer or the entity that deducts your Tax Deducted at Source (TDS) is legally bound to issue Form 16 by May 31. … 2,50,000 for the Financial Year, are exempted from income tax. Hence, if no tax has been deducted, Form 16 will not be issued to them.

Is PPF deposit date extended?

Due to the coronavirus pandemic, the government had allowed Public Provident Fund (PPF) and Sukanya Samriddhi Account (SSA) holders a three-month extension to make deposits for FY 2019-20 till June 30, 2020. … PPF account holders can make the deposit till June 30 and no penalty/revival fee will be charged.

What is the last date for TDS payment for March 2020?

TDS payment due date every quarterMonth of DeductionQuarter endingDue Date for filing of Return from the financial year 2020-21 for All DeductorsDecember31st December31st JanJanuary31st March31st May (31st July for Q4 of FY 2019-20 ending March 2020)FebruaryMarch9 more rows•Sep 29, 2020

What is the tax slab for 2020 21?

INCOME SLAB AND TAX RATES FOR F.Y. 2020-21/A.Y 2021-22Taxable incomeTax Rate (Existing Scheme)Tax Rate (New Scheme)Rs. 5,00,001 to Rs. 7,50,00020%10%Rs. 7,50,001 to Rs. 10,00,00020%15%Rs. 10,00,001 to Rs. 12,50,00030%20%Rs. 12,50,001 to Rs. 15,00,00030%25%3 more rows

How can I save my tax in 2020 21?

Tips for Saving Tax in FY 2020-21Invest in Equity-Linked Saving Scheme (ELSS)Invest in the National Pension Scheme.Invest in Sukanya Samriddhi Yojna.Know When to Opt for the New Tax Regime.

Is TDS return due date extended?

In a statement, the Central Board of Direct Taxes (CBDT) said, “The due date for furnishing of Income Tax Returns for the taxpayers [for whom the due date (i.e. before the extension by the said notification) as per the Act was July 31, 2020] has been extended to December 31, 2020.”

Is TDS payment date extended for March 2020?

In case of non payment of tax by June 30, 2020, the normal interest and penal provisions will apply from March 20, 2020. The date for filing TDS return for February and March have been extended to July 31, 2020.

What is the last date of ITR 2020 21?

November 30, 2020The government in a press conference dated May 13, 2020 announced that the income tax return (ITR) filing deadline for all the entities for the financial year 2019-20 has been extended to November 30, 2020 from the usual deadline of July 31, 2020.

How can I get form 16 of last year?

Steps to generate TRACES Form 16 Part-A.Step 1: Login to TRACES website(www.tdscpc.gov.in) by entering the “User ID, Password,TAN of the Deductor and the Verification Code”.Step 2: First check the status of your return 24Q4 for the Financial Year of which you want to generate the Form 16 Part-A.More items…•

What can I do after Form 16 from employer?

Using this form you can check if your company or bank has indeed paid the tax and correctly reported to the I-T department. Form 26AS is available on the I-T department’s website. In case you have changed your job during the year, you have to get Form 16 from both employers and then file your ITR.