The Finance Minister, in her recent announcement, stated that the deadline for completing the tax savings exercise has been extended from 31st March 2020 till June 30. 2020.
What does this mean?
This means that tax-saving investments in Equity Linked Savings Schemes (ELSS), Provident Funds (EPF and PPF), National pension Scheme Contributions (NPS) can be made till 30th June 2020 for the FY 2019-20.
What this doesn't mean?
This announcement does not mean that the financial year has been extended. It just means that the tax-saving actions for the FY 2019-20 which has ended on 31st March 2020 can be undertaken for an extended period as mentioned above.
This does not mean that all your tax-saving investments post 31st March 2020 will automatically be counted for the FY 2019-20. The investor can decide as to which FY a particular investment post 31st March 2020 is to be included in FY 2019-20.
We trust this has eased your concerns on the ability to avail the tax-saving exemption for this financial year.