Quick Summary
The CBDT announced that it will be revising the ITR Forms for the financial year 2019-20. The revision in ITR(Income Tax Return) Forms is to enable taxpayers to avail benefits of the timeline extension due to COVID-19. The FM had announced that the date for various investments eligible for the Incom
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FAQ :
The CBDT is revising the ITR forms to allow taxpayers to avail the benefits of the extended timelines granted due to the COVID-19 pandemic. This includes reporting investments and transactions made between April 1st and June 30th, 2020.
The revised forms will facilitate the reporting of investments and transactions made during the period from April 1st to June 30th, 2020. This includes investments eligible for deduction under Chapter VI-A (like Section 80C, 80D, 80G) and rollover benefits for capital gains (Sections 54 to 54GB).
The CBDT stated that the revised ITR forms will be notified by the end of April 2020. The e-filing utility, incorporating the necessary changes, is expected to be available by May 31st, 2020.
Yes, the deadline for making investments and payments eligible for deduction under Chapter VI-A of the Income Tax Act, including sections like 80C, 80D, and 80G, has been extended to June 30th, 2020.
Yes, donations made to the PM Cares Fund until June 30th, 2020, are eligible for deduction in the Income Tax Return for FY 2019-20.
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