New ITR forms to be given by Income Tax department
Posted on: 21/Apr/2020 10:47:50 AM
People have been facing extreme distress in this Corona virus lock down in India. At this tough situation, an important piece of news has come out now.
The taxpayers would be able to avail the benefits of relief measures given by the government due to lock down and IT department would be revising ITS or income tax forms.
The release from the finance ministry stated that, in order to enable IT payers to avail full benefits of various timeline extensions granted by GOI because of Corona virus pandemic situations, CBDT or Central Board for Direct Taxes is revising the returns forms for FY 2019-20 and it would be notified by the end of April.
The taxpayers would be able to enjoy the benefits of their transactions done during 1st April 2020 to 30th June 2020. It is said that the IT department might extend the 31st July deadline for ITR filing in 2020. Information gathered is once the revised forms are notified then IT department would further necessitate consequential changes in the software and return filing utility. After incorporating necessary changes, the return filing utility would be made available by 31st May 2020.
Point is it might leave the taxpayers with lesser time to comply with ITR filing by the end of July month. This could be due to the fact that the government expects to notify the new ITR forms /utilities by the end of May 2020 and taxpayers still would have time to make tax saving investments by the 30th of June 2020.
