Financial Year not extended: Three of your Income Tax queries answered

The finance ministry on Monday evening cleared the confusion on whether the last day of the financial year would be March 31 or July 30. A number of people assumed that the financial year had extended by three months due to the current lockdown due to the coronavirus outbreak

The confusion arose after the Ministry of Finance via a gazetted notification on Monday informed that the Central Government was making an amendment to a notification published on January 8, 2020. The notice said that the words and figures “the 1st day of April 2020" will now be substituted with the phrase “the 1st day of July 2020”.

However amid speculation as to whether the Financial Year was being postponed, the Centre clarified that the delay in question was only for some income tax clarifications.

Here's all you need to know

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It's good news for taxpayers: Individuals can complete their tax filing data by June 30. Deductions under Section 80C, 80D and other sections under the Income Tax act that include investing in ELSS, LIC policies, Health Insurance, NPS, etc can be claimed by investing till June 30

How does home loan interest work? Housing loan interest is eligible for deduction on accrual basis, so interest accrued till March 31 will be eligible for the deduction in FY 2019-20. However, installments due upto March can 31 be claimed as deduction even if paid till June 30

Industry bodies seek extension: Industry bodies have appealed to the government seeking extension of the current financial year, ending March 31, by at least three months till June-end, citing the present economic situation amid the coronavirus pandemic. Representatives from industry chambers including CII, FICCI and Assocham met officials of the Ministry of Corporate Affairs here last week and apprised the government of the issues being faced by them, and gave various suggestions. CII also called for allowing companies to pass circular resolutions for restricted matters without the requirement of conducting a board meeting for approving such matters for a period up to June 30, 2020.