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The Income Tax department on Thursday extended the tax-saving investments/payments for FY2019-20 till July 31, 2020. In a tweet, the tax departments announced that due date for tax-saving investments has been extended further by 30 days. The department tweeted, "Understanding & keeping in mind the times that we are in, we have further extended deadlines. Now, Tax Saving Investments/Payments for FY 2019-20 can be made up to 31st July 2020. We do hope this helps you plan things better." Note that the earlier deadline for the same was June 30, 2020.

In the wake of the coronavirus outbreak in the country, the department also extended the time limit for making various investments and claiming deductions. The date for filing TDS return for February and March has been extended to July 31, 2020. Also, the deduction for contribution to PF, PPF, NSC, donations made up to July 31, 2020, can be claimed in the return for 2020-21. Investments in a new house for claiming deduction under section 54 and 54G can be made up to September 30, 2020. The last date for Vivad se Vishwas has been extended to December 31, 2020.

It is worth mentioning that in a major compliance relief for taxpayers impacted by the disruptions due to COVID-19, the Central Board of Direct Taxes (CBDT) further extended time limits under direct tax and Benami laws last month. The time for filing of original as well as revised income-tax returns for the FY 2018-19 (Assessment Year 2019-20) has been extended to 31st July 2020.

The due date for the income tax return for the FY 2019-20 (AY 2020-21) has been extended to 30th November 2020. Hence, the returns of income which are required to be filed by the 31st July 2020 and 31st October 2020 can be filed to 30th November 2020. Consequently, the date for furnishing tax audit report was also been extended to 31st October 2020.