Relief to taxpayers.

Relief to taxpayers.

➠Income Tax Department has announced today that it is going to change the Income Tax Return (ITR) form. So that taxpayers can get the benefit of government-provided relief in the wake of the lockdown caused by the COVID 19.

➠CBDT has revised the return form for the financial year 2019-20. Which will be notified by the end of this month.

➠CBDT said today that by June 30, 2020, the government has initiated the necessary change in the return form along with various deadlines to facilitate taxpayers to get full benefits. So that the taxpayer can take advantage of the transaction made during his transaction in the return form of the financial year 2019-20 from April 1, 2020 to June 30, 2020.

➠Necessary research is being done on the return form to give taxpayers the opportunity to take advantage of investments and transactions made from April to June 2020.

Investment:

➠Deadline under which the investment or payment for claiming deduction under Chapter VIA-B of the Income Tax Act in 2019-20 has been extended to June 30, 2020. 

➠Which includes LIC, PPF, NSCetc under 80-C and health insurance under 80-D and donation under 80-G.

How long will the new form come from?

➠CBDT said that once the modified form is notified, the software and return filing utility will have to be modified. After making the necessary changes, the Return Filing Utility will be made available till 31st, 2020 to take advantage of the financial year 2019-20. It said that due to the outbreak of Corona virus, various deadlines have been raised under the IncomeTax Act 1961.