Revision of Income Tax Return Forms to Incorporate the Impact of Extension of Timelines Due to COVID-19
April 22, 2020 |
Latest Tax Update, MBG, News
The government has extended various timelines under the Income Tax Act, 1961 (ITA) vide Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 dated 31 March 2020 due to outbreak of COVID-19. Accordingly, the timelines for following has been extended till 30 June 2020 for:
Investment and payments for claiming deduction under Chapter-VI-A (B) of the ITA which includes Section 80C (LIC, PPF, NSC etc.), Section 80D (Mediclaim), 80G (Donations), etc. for Financial Year (FY) 2019-20;
Investment or construction or purchase for claiming roll over benefit in respect of capital gains under Sections 54 to Section 54GB of the ITA.
The Central Board of Direct Taxes (CBDT) has issued a press release on 19 April 2020 intimating the revision of the Income Tax Return Forms and Income Tax Return utility to facilitate taxpayers to avail complete benefits of their investments and transactions made for the period from 1 April 2020 to 30 June 2020 for the FY 2019-20.
The CBDT is planning to notify the Income Tax Return Forms for FY 2019-20 by 30 April 2020 and the consequential changes in the software and return filing utility shall be expected to make available by 31 May 2020.
As the Income Tax Return utilities shall be available by 31 May 2020 and timelines for investment and payments to claim tax savings shall be available by 30 June 2020, the time available with the taxpayer to file Income Tax Return by 31 July 2020 shall be less to comply with the same. Given the same, we may expect an announcement on extension of the due date for filing the Income Tax Returns of the FY 2019-20 in the coming times.
Last Updated: 21st April 2020
This article is contributed by: Janardan Singh
Associate Director, Taxation
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