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CBDT modifies ITR to let people take benefit of extended time limit due to Covid-19

Income tax Expert by Income tax Expert
April 19, 2020 - Updated on April 25, 2020
in Income Tax News
0
Due date for Tax audit for A.Y. 2019-20 extended from 30th September to 31st October
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As we all know CBDT had extended date for filing revised return u/s 139(5) for A.Y. 2019-20 along with extension of due date for investing in instruments mentioned u/s 80C, 54, 54F or donation u/s 80G etc till 30.06.2020 relevant to A.Y. 2020-21.

Thus, now to let people take benefit of such investment while filing their return of income and so that the inputs after 31.03.2020 are also accepted in F.Y. 2019-20 income tax return, CBDT has said that it will modify the Income tax return for FY 2019-20 (relevant to A.Y. 2020-21) and same shall be notified by the end of this month.

CBDT has explained that such modifications have been made so that people can take benefit of transaction done between 01.04.2020 to 30.06.2020 relevant to FY 2019-20.

CBDT has said that generally the Income tax return forms are notified in the first week of April. This year also the e-filing utility for filing of return of income for A.Y. 2020-21 was made available as on 01.04.2020, also the Income tax return forms ITR 1 and 4 were already notified on 03.01.2020. However to ensure that the taxpayer is enabled to avail all benefits of the timeline extension due to Covid -19 pandemic, the return form revision is being carried out.

Now, don’t go to E-filing for checking the utility as the same is not available there may be it was only prepared for internal purpose. Let’s wait for revised Income tax return as we all know not all Income tax returns are available in April.

[pdf-embedder url=”https://www.taxontips.com/wp-content/uploads/2020/04/ITD-changing-ITR-for-corona-virus.pdf” title=”ITD changing ITR for corona virus”]

You can read the original Post HERE.

 

This article is just for information purpose it is always advisable to hire a professional for practical execution. If you need assistance you can ask a question to our expert and get the answer within an hour or post a comment about your views on the post and also subscribe to our newsletter for latest weekly updates.

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Tags: CBDT to issue new income tax returnITR due dateITR for AY 2020-21ITR for FY 2019-20ITR for FY 2019-20 releasedNew ITR released
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