CBDT Revising Returns Forms due to COVID 19

[CSLalit Rajput]

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 19^th 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 30^th 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