new Delhi: The Central Board of Direct Taxes (CBDT) has extended the period of investment to save taxes for the financial year 2019-20. Yes! Now taxpayers can invest in Tax Saving Schemes till 31 July. The date for filing tax returns for the financial year 2019-20 has been extended to 30 November 2020. In other words, the returns which had to be filed by 31 July and 31 October 2020 can now be filed by 30 November.
Chapter of IT Act-VIA-B Various investment / payment dates for claiming deduction under Section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (Donation) etc. have also been extended to 31 July 2020.
Can invest in these schemes- Taxpayers Mutual Fund ELSS, PPF, NSC, LIC Premium, LIC Premium, SSY, NPS Subscription, NPS Subscription, Health Insurance Payment and other schemes best for tax deduction Tax saving schemes are included.
How much tax can you save? Under Section 80C of the IT Act, the taxpayer can claim deduction of up to Rs 150,000.
Apart from this, you can also save your tax by purchasing The HUDCO Tax Free Bonds from NSE. On these bonds you get 8.10% interest which is given to you every year in March.
Similarly, you can also save tax under the treatment of your disease.