CBDT Revising Returns Forms due to COVID 19

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..... CBDT Revising Returns Forms due to COVID 19
By: - CSLalit Rajput
Income Tax
Dated:- 22-4-2020

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 .....

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..... 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 .....

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..... 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 .....

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..... -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 .....

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..... 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 .....

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..... revision is being carried out. Source: https://www.pib.gov.in/PressReleseDetail.aspx?PRID=1616035
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