Government will issue new forms for income tax return

Government will issue new forms for income tax return

The Income Tax Department has said that it is revising the income tax return form for the financial year 2019-20. This will enable taxpayers to take advantage of the relief given by the government due to the Corona epidemic.

The new ITR form for the financial year 2019-20 will be notified by the end of this month. The facility of filing returns will be available till 31 May. The government has put forward various deadlines under the Income Tax Act, 1961 through the Taxation and Other Laws (Exemption in certain provisions) Ordinance, 2020.

Under this, in 2019-20, the time limit for investment or payment for claiming deduction under Chapter VI A-B of Income Tax Act has been increased to 30 June 2020.

This includes LIC, PPF, NSC etc. under 80C and health insurance under 80D and donations under 80G. The Central Board of Direct Taxes (CBDT) said in a statement, “CBDT returns for FY 2019-20 (assessment year 2020-21) for taxpayers to take full advantage of the deadline the government has extended due to the corona epidemic. Reviewing the form. It will be notified by the end of this month. ”

The CBDT said that it has initiated necessary changes in the return form so that taxpayers can avail their transactions in their return form for the financial year 2019-20 from April 1 to June 30, 2020.

According to the board, the revised software and return filing facility will need to be changed accordingly after the revised form is notified. CBDT said, “That is why the system of filing returns to take advantage of the financial year 2019-20 will be available by 31 May 2020 after necessary changes”.

Normally the Income Tax Return Form is notified in the first week of April. This year too, e-filing facility for filing returns for the assessment year 2020-21 was available from April 1, 2020 and ITR-1 (Sahaj) and ITR-4, Income Tax Return (ITR) for FY 2019-20 (Sugam) was also notified on 3 January 2020. However, due to the corona virus epidemic, the deadline was extended for the convenience of taxpayers. Accordingly, amendments are being made in the return form.

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