New Delhi: The Central Board of Direct Taxes (CBDT) is updating the income tax return forms for the 2019-20 financial year (2020-2021 assessment year) to enable the taxpayer to take full advantage of the central government’s extension of various schemes due to the COVID 19 pandemic. It will be notified by the end of this month. The CBDT has announced that the Central Board of Direct Taxes has begun to make necessary changes to the Income Tax Return forms for taxpayers to avail themselves of the benefit of the central government action which has been extended till June 30, 2020.
This action is aimed at providing the taxpayer with its benefits, including transactions between April 1 and June 30, 2020, in return forms for the 2019-20 financial year. The Central Board of Direct Taxes (CBDT) has announced that the facility will be available from May 31, 2020, to facilitate the filing of income tax returns for the 2019-20 financial year. According to the Income Tax Act of 1961, the Central Government has extended the period of filing income tax returns through the Taxation Law Ordinance of 2020.
Accordingly, the date for various deposit/remittances to claim deduction under Section VI AB of the IT Act, which includes Section 80C (LIC, PPF, NSC) and 80D (Mediclaim) and 80G (donations) for the financial year 2019-20, has been extended to 30th June 2020. The date for making investments/constructions/purchases has also been extended to June 30, 2020, to claim a rollover benefit concerning capital gains under sections 54 to 54 GB.
