Economy

I-T return forms to be modified

Our Bureau New Delhi | Updated on April 19, 2020 Published on April 19, 2020

The Finance Ministry on Sunday announced that the Income Tax return forms for Assessement Year 2020-21 (fiscal year 2019-20) will be revised. New forms will be made public by the end of this month.

“In order to facilitate the taxpayer to avail full benefits with various timeline extension up to June 30 granted by the government, it has initiated necessary changes in the return forms so that taxpayers could take benefits of their transactions carried out during the period from April 1 to June 30, in the return forms for FY 2019-20,” the Ministry said in a statement.

Every income tax assessee needs to give details about income earned and expenditure made for tax saving in Income Tax Return Forms. There are seven such forms (ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7) for different types of assessees. For example, a salaried person, with annual income up to ₹50 lakh, needs to file ITR 1, better known as SAHAJ. For individual or Hindu Undivided Family (HUF), with income exceeding ₹50 lakh, there is ITR 4 or SUGAM. There is specified date for filing return. For example, ITR 1/ITR4 needs to be filed by July 31 during every assessement year for the previous fiscal.

Though forms for AY2020-21 (FY 2019-20) have already been notified, the need for modifications was felt after Government extended the last date for investment/transactions related with FY2020-21 to June 30, from March 31. Due to the outbreak of Covid-19, the Government extended various timelines under the Income-tax Act, 1961 vide Taxation and Other Laws (Relaxation of certain provisions) Ordinance, 2020.

Accordingly, the time for making investment/ payments for claiming deduction under Chapter-VI A-B of IT Act which includes Section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (Donations), etc. for FY 2019-20 has also been extended to June 30. Also, the dates for making investment/construction/purchase for claiming roll over benefit in respect of capital gains under Sections 54 to Section 54GB has also been extended to June 30.

“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 May 31.,” Ministry said while adding that return forms are being revised to facilitate reporting of the transactions for the relief period.

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on April 19, 2020
This article is closed for comments.
Please Email the Editor