As due to Covid-19, a number of Assessees could not make Tax Saving Investments well in time i.e. upto 31st March, 2020 and accordingly the last date for making such investments was extended by the GOI till 30th of June, 2020. So, keeping in the view the extended timelines for making Tax Saving Investments, the Central Board of Direct Taxes (CBDT) will notify new Income Tax Return Forms by the end of ongoing month. This has been done with a view to facilitate the taxpayers to avail benefits of savings or investments made within the extended timeline of June 30.
Now the Assessees shall have to file their returns for FY 2019-20 (AY 2020-21), on new formats to be issued shortly. The Central Board of Direct Taxes (CBDT) said in a statement that it would revise the Income Tax Return Forms – Income-tax Return (ITR) Forms ITR-1 (Sahaj) and ITR-4 (Sugam) – to accommodate the relief given to taxpayers by the FINMIN for making investments with in the extended time frame due to the ongoing Covid 19 Pandemic
By Sanjeev Kumar Khanna, (Financial Mentor)
