CBDT Revising Returns Forms due to COVID 19

CBDT revising return forms to enable taxpayers avail benefits of timeline extension due to Covid-19 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.

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)       
  • 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
  • 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:

https://www.pib.gov.in/PressReleseDetail.aspx?PRID=1616035

Disclaimer:

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