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New Delhi, April 19
The assets tax administration on Sunday said it is alteration the I-T acknowledgment forms for the banking year 2019-20 to acquiesce assessees to account allowances of assorted timeline addendum accepted by the government afterward the COVID-19 outbreak.
The new assets tax allotment forms for the banking year 2019-20 will be notified by the month-end and acknowledgment filing account would be accessible by May 31.
The government has continued assorted timelines beneath the Assets Tax Act, 1961, through the Taxation and Other Laws (Relaxation of assertive provisions) Ordinance, 2020.
Accordingly, the time for authoritative advance or payments for claiming answer beneath Chapter-VIA-B of IT Act that accommodate Section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim) and 80G (Donations) for the banking year 2019-20 has additionally been continued to June 30, 2020.
“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 Central Board of Direct Taxes (CBDT) said in a statement.
CBDT said in adjustment to facilitate aborigine to account abounding allowances with assorted timeline addendum up to June 30, 2020, accepted by the government, it has accomplished all-important changes in the acknowledgment forms so that taxpayers could booty allowances of their affairs agitated out during the aeon from April 1, 2020, to June 30, 2020, in the acknowledgment forms for FY20.
“The all-important modifications in the acknowledgment forms are actuality fabricated to acquiesce taxpayers to account the allowances of their investments/transactions fabricated for the April-to-June 2020 period,” the CBDT said.
Once the revised forms are notified, it will added necessitate the consequential changes in the software and acknowledgment filing utility.
“Hence, the acknowledgment filing account afterwards accumulation all-important changes shall be fabricated accessible by May 31, 2020, to account allowances for FY 2019-20,” it added.
Generally, the assets tax acknowledgment forms are notified in the aboriginal anniversary of April. This year also, the e-filing account for filing of acknowledgment for Assessment Year 2020-21 was fabricated accessible on April 1 2020, and the assets tax acknowledgment (ITR) Forms ITR-1 (Sahaj) and ITR-4 (Sugam) for the FY 2019-20 (Assessment Year 2020-21) were additionally already notified on January 3, 2020.
“However, to ensure that the aborigine is enabled to account all allowances of the timeline addendum due to COVID-19 pandemic, the Acknowledgment Forms afterlight is actuality agitated out,” CBDT said. — PTI
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