The Central Board of Direct Taxes (CBDT) has published today the Income Tax Return Forms 1-7 for the financial year 2019- 2020 (Assessment Year 2020-21). The latest notification declared the alterations in the Income Tax rules 2020. The taxpayers including individuals, Hindu undivided families, experts and businesses will now get the facility of savings and investments made between April 1 to June 30 since the ITR filing has extended due to the COVID-19 pandemic.
Taxpayers will have allotted spaces to provide details about their investments till June 30 in each of these forms- Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form ITR-4 (Sugam), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V.
Finance Minister Nirmala Sitharaman had earlier announced that the income tax returns due dates have been extended from July 31 to November 30. The last date for submission of Form no. 16 has been extended from June 20 to June 30 by the Central Government via an ordinance dated March 31, 2020.
FM Sitharaman had stated, “The due date of the income tax return for FY 2019-20 will be extended from 31st July 2020 & 31st October 2020 to 30th November 2020 and Tax audit from 30th September 2020 to 31st October 2020”. Date of evaluation till September 30 has been increased to December 31, 2020, and those getting barred on March 31, 2021, has been deferred till September 30, 2021.
