I-T return forms being revised to allow assessees to avail benefit of timeline extensions: CBDT
The income tax department on Sunday said it is revising the I-T return forms for the financial year 2019-20 to allow assessees to avail benefits of various timeline extension granted by the government following the COVID-19 outbreak.
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.
The government has extended various timelines under the Income Tax Act,1961, through the Taxation and Other Laws (Relaxation of certain provisions) Ordinance, 2020.
Accordingly, the time for making investment or payments for claiming deduction under Chapter-VIA-B of IT Act that include Section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim) and 80G (Donations) for the financial year 2019-20 has also been extended to June30, 2020.
"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