News | Tax

CBDT is revising I-T return forms to allow assesses to avail benefit of timeline extensions

The government will notify income tax return forms by the month end for taxpayers for filing returns for FY19-20, such that they can avail benefits of savings or investments made within the extended timeline of June 30, writes The Economic Times.
 
The Central Board of Direct Taxes (CBDT) said in a statement that it will revise the income tax return forms - Income-tax Return (ITR) Forms ITR-1 (Sahaj) and ITR-4 (Sugam) - which were first issued in January, to accommodate the relief given to taxpayers by the finance ministry due to the Covid 19 pandemic.
 
It added that once the revised forms are notified, the online portal used by taxpayers to file returns will be updated.
 
"The return filing utility, after incorporating necessary changes shall be made available by 31st May, 2020 to avail benefits for FY 2019-20," the Board said in a statement Sunday.
The government has extended several timelines under income tax by a quarter from March 31, to allow taxpayers to make investments, payments or donations for claiming exemptions and deductions, besides the roll over benefit of capital gains.
 
Experts however expected the deadline to file returns, which is typically July 31st of every year, to be extended proportionately.
 
"It may leave taxpayers with lesser time to comply with ITR filing by end of July. It would therefore be not unreasonable to expect an extension in due date of filing the ITRs as well, which may be announced by the government subsequently," said Shailesh Kumar, Director, Nangia Andersen Consulting.

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