After taking into account all suggestions, Prime Minister Narendra Modi extended the ongoing lockdown for 19 days which will end on May 3. Amid the nationwide lockdown due to the coronavirus pandemic, the central government is going to revise the income tax return forms for assessment year 2020-21.
The Central Bureau of Direct Taxes (CBDT) stated during a press conference on Sunday that the revision will be notified by end of April.
“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 finance ministry said in a release today.
The center’s move came at a time when India is in the midst of a significant economic slowdown due to the COVID-19 outbreak which has claimed over 1.6 lakh lives and more than 24 lakh people have been infected with the deadly virus.
Many decisions were taken during the meeting chaired by Sitharaman. The revised ITR forms would enable taxpayers to avail benefits of their transactions carried out during 1 April 2020 to 30 June 2020. There is a possibility that the income tax department would extend the July 31 last date for filing of ITR this year.
Owing to the coronavirus epidemic and a country-wide shutdown which is likely to end on May 3, the government has extended various timelines including those relating to investments and expenses under Section 80C.
When India is in the crisis due to the COVID-19 outbreak, this move may bring relief all around. 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.
