The government on Sunday said that it has decided to revise the Income Tax Return (ITR) forms for the Financial year 2019-20 (The assessment year 2020-21) so that taxpayers are able to avail full benefits of various timeline extensions that have been granted due to the coronavirus crisis.
In a statement, the Central Bureau of Direct Taxes (CBDT) said that the revision will be notified by the end of this month.
Last month the various statutory deadlines related to income tax were extended till June 30, which were earlier ending on March 31.
The revisions in the return forms are being made so that taxpayers can avail the benefits of their investments made between April to June 2020.
"The necessary modifications in the return forms are being made to allow taxpayers to avail the benefits of their investments/transactions made for the Apr-to-Jun 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 31st May, 2020 to avail benefits for FY 2019-20," read the statement.
The e-filing utility for filing of return for Assessment Year 2020-21 was made available as on 1st April 2020, and the Income-tax Return (ITR) Forms ITR-1 (Sahaj) and ITR-4 (Sugam) for the FY 2019-20 (The assessment Year 2020-21), too, were already notified vide notification dated January 3, 2020.
As per the income tax laws, the due date for filing ITR for a financial year typically ends on July 31 of the relevant assessment year. However, if someone fails to file it before my due date, a belated return can be filed till March 31. This deadline was extended till June 30 due to the COVID-19 pandemic, so now you can file your return for FY’19 till that date.