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In order to enable taxpayers to avail full benefits of various timeline extensions granted by the Government of India due to COVID19 pandemic situations, the Central Board of Direct Taxes (CBDT) is revising the return forms for the Fiscal Year 2019-20 (Assessment Year 2020-21) which will be notified by the end of this month."In order to facilitate taxpayers to avail full benefits with various timeline extensions up to June 30, 2020, granted by the government, CBDT has initiated necessary changes in the return forms so that taxpayers could take benefits of their transactions carried out during the period from April 1, 2020, to June 30, 2020, in the return forms for FY 2019-20," Surabhi Ahluwalia, Official Spokespersons of CBDT said in a release."The necessary modifications in the return forms are being made to allow taxpayers to avail of the benefits of their investments/transactions made for the April-to-June, 2020 period. 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 May 31, 2020, to avail benefits for FY 2019-20," Ahluwalia added.CBDT further said that due to the outbreak of COVID-19, the government has extended various timelines under the Income-tax Act, 1961 through Taxation and Other Laws (Relaxation of certain provisions) Ordinance, 2020.The time for making investment/ payments for claiming deduction under Chapter-VI A-B of the I-T Act 1961 which includes Section 80C (LIC, PPF, NSC, etc), 80D (Mediclaim), 80G (Donations), etc. for FY 2019-20 has also been extended to June 30, 2020.Also, the dates for making investment/construction/purchase for claiming rollover benefit in respect of capital gains under sections 54 to section 54GB has also been extended to June 30, 2020. Therefore, return forms are being revised to facilitate reporting of the transactions of the relief period, CBDT contended.( With inputs from ANI )

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Surabhi ahluwalia, Latest News

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