Tax return forms to be revised after extension of deadlines1 min read . Updated: 19 Apr 2020, 11:20 PM IST
- CBDT said that dates for making investment for claiming roll over benefit in respect of capital gains in certain cases has also been extended to 30 June
- Generally, income-tax return forms are notified in the first week of April
The Central Board of Direct Taxes (CBDT) said on Sunday it will revise the tax return forms to be filed in 2020-21 so that tax payers are able to make investments and donations till end of June, the benefit of which could be claimed on the taxable income of FY20. The revised returns will be notified by the end of this month.
CBDT said in a statement that the government has extended the due date for various compliance requirements under the Income Tax Act by bringing out the Taxation and Other Laws (Relaxation of certain provisions) Ordinance, 2020. As per this, extra time has been granted till end of June for making investments and making certain payments for claiming deductions from the taxable income. These include the tax relief for making investments in instruments of Life Insurance Corp. of India., Public Provident Fund, National Savings Certificate, Mediclaim policies and donations under 80G of the Act which covers contributions to the Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund’ (PM CARES Fund).
CBDT said that dates for making investment for claiming roll over benefit in respect of capital gains in certain cases has also been extended to 30 June. “Therefore, return forms are being revised to facilitate reporting of the transactions of the relief period," said CBDT.
Generally, income-tax return forms are notified in the first week of April. This year also the e-filing utility for filing of return was made available as on 1 April and return forms ITR-1 (Sahaj) and ITR-4 (Sugam) for FY20 (assessment year 2020-21), were notified in January. To ensure the taxpayer is able to avail of all benefits of the timeline extension due to the Covid -19 pandemic, the return form revision is being carried out," CBDT said.