New ITR forms to claim benefits of PPF, LIC, NSC

New Delhi: The Income Tax department on Sunday said it is revising 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 new income tax returns forms for the financial year 2019-20 will be notified by the month-end and return filing utility would be available by May 31.

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 has also been extended to June 30, 2020.

"In order to enable income taxpayers to avail full benefits of various timeline extensions granted by the Government of India due to COVID-19 pandemic situations, the CBDT is revising the return forms for FY 2019-20 (Assessment Year 2020-21) which shall be notified by the end of this month," the Central Board of Direct Taxes (CBDT) said in a statement.

CBDT said that in order to facilitate taxpayer to avail full benefits with various timeline extension up to June 30, 2020, granted by the government, it has initiated necessary changes in the return forms so that taxpayers could take benefits of their transactions carried out during the period from April1, 2020, to June 30, 2020, in the return forms for FY20.

"The necessary modifications in the return forms are being made to allow taxpayers to avail the benefits of their investments/transactions made for the April-to-June2020 period," the CBDT said.

Once the revised forms are notified, it will further necessitate the consequential changes in the software and return filing utility.

"Hence, the return filing utility after incorporating necessary changes shall be made available by May 31, 2020, to avail benefits for FY 2019-20," it added.