CBDT Revised ITR Forms due to COVID 19

CBDT Revised ITR Forms due to COVID 19 - CBDT revising return forms to enable taxpayers avail benefits of timeline extension due to Covid-19

CS Lalit Rajput

Apr 19, 2020

Last update on Apr 19, 2020

CBDT Revised ITR Forms due to COVID 19 - CBDT revising return forms to enable taxpayers avail benefits of timeline extension due to Covid-19 - shall be notified by the end of this month

• OVERVIEW

Ministry of Finance vide, has published regarding CBDT revising return forms. This is done to enable taxpayers avail benefits of timeline extension due to Covid-19. Source: Press Release No. 1616035 issued and publish dated 19th April, 2020

• Why this required ?

To enable income taxpayers to avail full benefits of various timeline extensions. The Extension is upto 30th June, 2020. It has been granted by the Government of India due to Covid-19 pandemic situations.
Transactions, those are carried out during the period from 1st April 2020 to 30th June 2020 in the return forms for FY 2019-20
And shall be notified by the end of this month (April 2020)

Key Highlights:

Return filing utility after incorporating necessary changes shall be made available by 31st May, 2020 to avail benefits for FY 2019-20.
the time for making investment/ payments for claiming deduction under Chapter-VIA-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 30thJune 2020.
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 30th June 2020.
e-filing utility for filing of return for Assessment Year 2020-21 wasmade available as on 1st April, 2020
the Income-tax Return (ITR) Forms ITR-1 (Sahaj) and ITR-4 (Sugam) for the FY 2019-20 (Assessment Year 2020-21) were already notified vide notification dated 3rd January, 2020

Kindly note that:

To ensure that the taxpayer is enabled to avail all benefits of the timeline extension due to Covid -19 pandemic, the Return Forms revision is being carried out. Link Disclaimer: IN NO EVENT THE AUTHOR SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM OR ARISING OUT OF OR IN CONNECTION WITH THE USE OF THIS INFORMATION. You May Also Refer:

Corporate Compliance Calendar for the Month of April 2020
Waiver of GST Late Fees in case of Late filing of GST Retuns amid COVID-19
GST Relief announced by the FM in lieu of Covid19 Notified
GST Filing Dates extended in view of COVID-19 pandemic
ITC Restrictions deferred & GST Compliances relaxed by CBIC
Short deduction of TDS/TCS due to increase in rates of surcharge
ESI Due date of February 2020 further extended to 15th May, 2020
RBI Extends period of realisation of export proceeds due to COVID-19
SEBI Further Relaxations due to Lockdown Extension dated 16.04.2020

About Author

CS Lalit Rajput

Company Secretary

Lalit Rajput is a qualified Company Secretary and graduate with 5+ years’ experience in handling Secretarial and Compliance management. Working as Proprietor at Lalit Rajput &Associates, Company Secretaries and Compliance Head at EDUXGURU. Key areas include handling Compliances related to Secretarial, Start-ups, SEBI, FEMA, Labour Laws, GST, NCLT, IPR, MCA/ROC, RTA etc. He has started his career in Adventz Group with one of leading EPC Company, Kalindee Rail Nirman - A Div. Of Texmaco Rail & Engineering Limited (erstwhile known as Kalindee Rail Nirman (Engrs.) Ltd.) and after that worked with Outcome Solutions & Services LLP, a Risk Advisory firm and S. Srinivasan & Co.,Leading Company Secretaries firm in Mumbai and Chennai. He is also an active blogger/Author at many platform and has written various articles on: Taxguru, Compliance Calendar LLP, Studycafe, Caclubindia, Casansaar, theTaxTalk, Lawyer’s Connect, IPleaders, Governance Professionals, Lawyers club India, Dealout Professionals and many more. He has also blogger at ENLIGHTEN GOVERNANCE and contributed articles in ICSI E-Corporate Manager published by ICSI Ahmadabad Chapter.