Simply Save podcast | Paid excess tax due to fewer deductions? Make up for it while filing tax returns
Preeti Kulkarni explains how to go about claiming these tax breaks now.
November 20, 2020 / 02:16 PM IST
The annual income tax return filing season is here. It has arrived later than usual as the due date for filing returns was pushed to December 31 because of COVID-19.
It may be a tedious exercise, but also provides an opportunity to avail of tax deductions that you might have missed claiming while submitting investments declarations to your employer in January or February. This year, the due date for filing tax returns for the financial year 2019-20 was extended from July 31 to December 31, 2020. Despite multiple reminders from employers, many tend to delay submitting proofs of tax-saver investments, resulting in higher tax deduction from their salary during January, February and March. But if you did not submit tax deduction proofs to your employer back then, you can claim the tax breaks that you might have missed out, by providing details at the time of your income tax return filing.
Also read: Why you need to file returns even if your employer deducts full taxes
Due to the COVID-19-induced lockdown that created obstacles for those looking to complete the tax-saving process by March 31, the deadline was extended to June 30 and subsequently, to July 31. So, if you have made tax-saving investments (section 80C) or paid health insurance premiums (section 80D) between April and July 2020, you can furnish the details in your tax return.
Also read: Income tax return filing | Why you should pay your taxes now despite deadline extension
If you had donated to a charity to fight Covid-19, you can claim that tax deduction too. Donations made to certain trusts or charities get you a tax deduction under Section 80G. Many of us would have donated generously to funds like the PM CARES Fund.
All such donations made up to July 31, 2020 would be eligible for Section 80G deduction for the financial year 2019-20,”
To understand how to go about claiming these tax breaks now, host Keerthana Tiwari talks to Preeti Kulkarni from the Moneycontrol personal finance team.Tune in to the Simply Save podcast for more.