CBDT Revising Returns Forms due to COVID 19
-
CBDT
revising return forms to enable taxpayers avail benefits of timeline
extension due to Covid-19
- shall
be notified by the end of this month
·
Overview
Ministry of
Finance vide Press Release No. 1616035 issued and publish dated 19th
April, 2020, has published notification regarding CBDT revising return forms
to enable taxpayers avail benefits of timeline extension due to Covid-19”
·
Why this required ?
§ To enable income taxpayers to avail full benefits of various
timeline extensions upto 30th June, 2020, granted by the Government
of India due to Covid-19 pandemic situations.
§ Transactions, those are carried out during the period from 1st
April 2020 to 30th June 2020 in the return forms for FY 2019-20
§ And shall be notified by the end of this month (April 2020)
Ø Key Highlights:
§ Return filing utility after incorporating
necessary changes shall be made available by 31st May, 2020 to avail benefits
for FY 2019-20.
§ the time for making investment/ payments for
claiming deduction under Chapter-VIA-B of IT Act which includes Section 80C
(LIC, PPF, NSC etc.), 80D (Mediclaim),80G (Donations), etc. for FY 2019-20 has
also been extended to 30thJune 2020.
§ the dates for making
investment/construction/purchase for claiming roll over benefit in respect of
capital gains under sections 54 to section 54GB has also been extended to 30th
June 2020.
§ e-filing utility for filing of return for
Assessment Year 2020-21 wasmade available as on 1st April, 2020
§ the Income-tax Return (ITR) Forms ITR-1
(Sahaj) and ITR-4 (Sugam) for the FY 2019-20 (Assessment Year 2020-21) were
already notified vide notification dated 3rd January, 2020
Ø Kindly note that:
To ensure that the taxpayer is enabled to avail all benefits of
the timeline extension due to Covid -19 pandemic, the Return Forms revision is
being carried out.
Source:
Disclaimer:
IN NO EVENT THE AUTHOR SHALL BE LIABLE FOR ANY DIRECT, INDIRECT,
SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM OR ARISING OUT OF OR IN CONNECTION
WITH THE USE OF THIS INFORMATION.
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