Some confusion still remain even if the cutoff date for tax-saving investments for Financial Year (FY) 2019-20 is increased from March 31, 2020 to June 30, 2020.
For example, Mr X is yet to make his tax-saving investments for FY 2019-20, while Mr Y has completed his investments for the financial year. If both of them invest Rs 1 lakh each after the lockdown gets over, say on June 15, 2020. In that case, will the investments made on same day be treated differently for Mr X and Mr. Y?
For Mr X, the investment made on June 15 , 2020 be treated as investment for FY 2019-20 and for Mr. Y, the investment made on same day be treated as investment for FY 2020-21?