New Delhi: The income tax department has notified forms for filing income tax returns for the financial year 2019-20.
The Central Board of Direct Taxes (CBDT) has notified Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V for the assessment year 2020-21.
The department has revised the I-T return forms for the financial year 2019-20 to allow assessees to avail benefits of various timeline extension granted by the government following the COVID-19 outbreak.
The government has extended various timelines under the Income Tax Act, 1961, through the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020.
Accordingly, the time for making investment or payments for claiming deduction under Chapter-VIA-B of IT Act that include Section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim) and 80G (Donations) for the financial year 2019-20 had been extended to June 30, 2020.
ClearTax founder and CEO Archit Gupta said, "The new forms require a separate table to disclose tax saving investment made in the first quarter of 2020 for availing them in FY 2019-20. Taxpayers must assess their tax liability for FY 2019-20 and make sure they are maximising their Section 80C benefits if not already done so."...