The Ministry of Finance may give three more months to investors to invest in tax savings instruments to avail benefits under section 80 C, said three people familiar with the development.
The tax savings instrument under 80C include ELSSs and ULIPs.
If this goes through, your clients can invest in ELSSs and ULIPs till June 30, 2020 to save on taxes this fiscal.
A senior MF Official said that they have received informal guidance from tax consultants like EY and Deloitte that investors will be given additional three months to comply with income tax norms.
Another senior official said that AMFI has sought written confirmation from the Ministry of Finance and SEBI in this regard.
Both senior officials admitted that sale of their ELSS schemes were affected due to coronavirus pandemic.
Meanwhile, a CEO of a life insurance company said that they have also sought the government’s view if policyholders can invest in ULIPs and traditional policies till June to get tax benefits this fiscal.
