New Delhi, April 19 The Finance Ministry on Sunday said that the Central Board of Direct Taxes (CBDT) is revising the income tax return (ITR) forms for FY 2019-20 (Assessment Year 2020-21) which will be notified by the end of this month, in order to enable income taxpayers to avail full benefits of various timeline extensions granted due to coronavirus crisis.
"CBDT today said that in order to facilitate taxpayer to avail full benefits with various timeline extensions up to 30th June 2020 granted by the government, it has initiated necessary changes in the return forms so that taxpayers could take benefits of their transactions carried out during the period from 1st April 2020 to 30th June 2020 in the return forms for FY 2019-20," an official statement said.
The necessary modifications in the return forms are being made to allow taxpayers to avail the benefits of their investments and transactions made for the April-June 2020 period. Once the revised forms are notified, it will further necessitate the consequential changes in the software and return filing utility.
Thereby, the return filing utility after incorporating necessary changes shall be made available by May 31, 2020 to avail benefits for FY 2019-20.
Due to outbreak of Covid-19, the government has extended various timelines under the Income-tax Act, 1961 vide Taxation and Other Laws (Relaxation of certain provisions) Ordinance, 2020.
Accordingly, the time for making investment and payments for claiming deduction under Chapter-VIA-B of IT Act which includes Section 80C (LIC, PPF, NSC and so on), 80D (mediclaim), 80G (donations), and others for FY 2019-20 has also been extended to June 30 2020.
Further, the dates for making investment, construction or purchase for claiming roll over benefit in respect of capital gains under sections 54 to section 54GB has also been extended to June 30, 2020. So, return forms are being revised to facilitate reporting of the transactions of the relief period, said the statement.
Generally the income-tax return forms are notified in the first week of April. This year also the e-filing utility for filing of return for Assessment Year 2020-21 was made available as on April 1, 2020, and the Income-tax Return (ITR) Forms ITR-1 (Sahaj) and ITR-4 (Sugam) for the FY 2019-20 (Assessment Year 2020-21), too, were already notified vide notification dated January 3, 2020.
"However, to ensure that the taxpayer is enabled to avail all benefits of the timeline extensions due to Covid-19 pandemic, the Return Forms revision is being carried out," it said.
( With inputs from IANS )