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NEW DELHI : The assets tax administration is now alteration assets tax acknowledgment (ITR) forms so that taxpayers can account allowances of abatement measures accustomed by the government due to coronavirus lockdown.



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“In adjustment to accredit assets taxpayers to account abounding allowances of assorted timeline extensions accepted by the Government of India due to Covid-19 communicable situations, the CBDT is alteration the acknowledgment forms for FY 2019-20 (Assessment Year 2020-21) which shall be notified by the end of this month,” the accounts admiral said in a absolution today.

The revised ITR forms would acquiesce taxpayers to adore allowances of their affairs agitated out during 1 April 2020 to 30 June 2020. It is additionally acceptable that the assets tax administration would extend the July 31 aftermost date for filing of ITR this year.



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Once the revised forms are notified, the assets tax administration will added necessitate the consequential changes in the software and acknowledgment filing utility. The acknowledgment filing account afterwards accumulation all-important changes shall be fabricated accessible by May 31.



“Given that the government expects to acquaint the new ITR forms/ utilities by end of May 2020 accompanying with the actuality that still taxpayers will accept time to accomplish tax extenuative investments by 30th June, it may leave taxpayers with bottom time to accede with ITR filing by end of July. It would accordingly be not absurd to apprehend an addendum in due date of filing the ITRs as well, which may be appear by the government subsequently,” Shailesh Kumar, Director, Nangia Andersen Consulting, said.

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Due to the beginning of Covid-19 and a civic lockdown which began from March 25, the government has continued assorted timelines including those apropos to investments and costs beneath Section 80C.

The borderline for authoritative advance or payments for claiming answer beneath Section 80C (LIC, PPF, NSC, ELSS alternate funds, etc.), 80D (Mediclaim), 80G (Donations), etc. for FY 2019-20 has been continued till June 30. Besides, the dates for authoritative investment, architecture or acquirement for claiming cycle over account for basic assets beneath has additionally been continued till June 30.

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ITR forms are about notified anon afterwards cease of accordant banking year in March, so that taxpayers can book their ITRs afore the due date of 31 July. Afterwards authoritative some changes accompanying to disclosures, this year the assets tax administration had appear ITR-1 (Sahaj) and ITR-4 (Sugam) forms in January itself.

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Last Updated: May 10th, 2020 by admin
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