In order to enable income taxpayers to avail full benefits of various timeline extensions granted by the government due to coronavirus pandemic, the Central Bureau of Direct Taxes (CBDT) has revised the return forms for FY 2019-20 (Assessment Year 2020-21), which shall be notified by the end of this month.
Giving respite to tax payers, various statutory deadlines related to income tax which were ending on March 31, were extended till June 30 last month.
The CBDT explained that necessary modifications in the return forms are being made to allow taxpayers to avail the benefits of their investments/transactions made from April to June 2020. After incorporating necessary changes, the return filing utility will be made available by May 31, to avail benefits for FY 2019-20, it further said.
“Once the revised forms are notified, it will further necessitate the consequential changes in the software and return filing utility. Hence, the return filing utility after incorporating necessary changes shall be made available by 31st May, 2020 to avail benefits for FY 2019-20,” the CBDT said.
Due to the outbreak of Covid-19 and a nationwide lockdown which began from March 25, the government has extended various timelines including those relating to investments and expenses under Section 80C.
The deadline for making investment or payments for claiming deduction under Section 80C (LIC, PPF, NSC, ELSS mutual funds, etc.), 80D (Mediclaim), 80G (Donations), etc. for FY 2019-20 has been extended till June 30. Besides, the dates for making investment, construction or purchase for claiming roll over benefit for capital gains under has also been extended till June 30.