The Central Board of Direct Taxes on 19th April 2020 has decided to revise the income tax return (ITR) forms for the financial year 2019-20 so that the taxpayers can avail benefits of relief measures given by the government due to coronavirus lockdown.
Due to the 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/ 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 30th June 2020. However, 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.
The board has initiated necessary changes in the return forms for FY 2019-20 so that taxpayers could take benefits of their transactions carried out during the period from April 1, 2020, to June 30, 2020.
Hence, the return filing utility after incorporating necessary changes shall be made available by 31st May 2020 to avail benefits for FY 2019-20.
Click here to read the Notification.
