- CBDT will release revised ITR forms by the end of this month
- Return Filing utility would be available by May 31
CBDT states that ITR forms are being revised to include the benefits of timeline extension due to Coronavirus. Generally, the income tax return forms are notified in the first week of April. The new income tax returns forms for the financial year 2019-20 will be notified by the month-end and return filing utility would be available by May 31.
CBDT said in statement,
“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 month. The necessary modifications in the return forms are being made to allow taxpayers to avail the benefits of their investments/transactions made for the April-to-June2020 period. Hence,the return filing utility after incorporating necessary changes shall be made available by May 31, 2020, to avail benefits for FY 2019-20.”
The dealy in releasing the forms occurred due to extended timelines provided to the taxpayers for claiming deduction under Chapter-VIA-B of IT Act that include Section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim) and 80G (Donations).
It is important to note that Government has extended the due date to June 30, 2020 for making investments to claim deductions under Income Tax Act.
It is also expected that the due date for filing Income Tax Returns, which is July 31, 2020 will be extended.