In order to enable income taxpayers to avail full benefits of various timeline extensions granted by the Government of India due to Covid-19 pandemic situations, the CBDT is revising the return forms for FY 2019-20 (Assessment Year 2020-21) which shall be notified by the end of this Apr-2020.
In order to avail full benefits with respect to various timeline extension up to 30th June 2020 granted by the government, CBDT is revising ITR forms for FY 2019-20 to include transaction carried out between 01/04/2020 to 30/06/2020 in the return forms for FY 2019-20. Consequential changes in ITR software and utility will be made and same shall be available by May 31, 2020.
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.
The time for making investment/ payments for claiming deduction under Chapter-VIA-B of IT Act which includes :
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 been extended to 30th June 2020.
Also, 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.
Therefore return forms are being revised to facilitate reporting of the transactions of the relief period to ensure that the taxpayer is enabled to avail all benefits of the timeline extension due to Covid -19 pandemic.
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