Circulars

Cir No. 37/ C-2 /20

TO ALL MEMBERS OF THE ASSOCIATION :

We would like to reiterate that India’s Financial Year has not been changed. The Government of India clarified the same through the Press/Media on Monday 30th March 2020.
The Association would like to clarify the Common Doubts that are being raised by the Members which are as under:-

1. FY 2019-20 is not at all extended till 30th June 2020, only the date is extended for some Compliances.
2. Belated returns or Revised returns for the FY 2018-19 can be filed till 30th June 2020.
3. In the FY 2019-20, Income is taxable till 31st March 2020 only and not upto 30th June 2020, i.e. for taxability of Income Financial Year is considered till 31st March 2020 only.
4. Deductions under 80C, 80D, etc. can be claimed by investing till 30th June 2020.
5. New LIC, Mediclaim, PPF, NPS, etc. Policies taken till 30th June 2020 will be eligible for the deduction for the FY 2019-20.
6. Payment of Premium of old Policies of LIC, Mediclaim, PPF, NPS, etc. due upto 31st March 2020 can be claimed as deduction even if paid till 30th June 2020.
7. Housing loan interest is eligible for deduction on accrual basis, so interest accrued till 31st March 2020 will be eligible for the deduction in FY 2019-20. However Instalments due upto 31st March 2020 can be claimed as deduction even if paid till 30th June 2020.

This is for your kind information.

Thanking you.

Yours truly,