The Revenue Tax department has notified forms for submitting money tax returns for the monetary yr 2019-20.
The Central Board of Direct Taxes (CBDT) has notified Sahaj (ITR-1), Kind ITR-2, Kind ITR-three, Kind Sugam (ITR-4), Kind ITR-5, Kind ITR-6, Kind ITR-seven and Kind ITR-V for the assessment yr 2020-21.
The department has revised the I-T return forms for the monetary yr 2019-20 to let assessees to avail gains of numerous timeline extension granted by the federal government next the Covid-19 outbreak.
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The federal government has prolonged numerous timelines below the Revenue Tax Act, 1961, via the Taxation and Other Rules (Relaxation of Sure Provisions) Ordinance, 2020.
Accordingly, the time for producing financial commitment or payments for boasting deduction below Chapter-Through-B of IT Act that features Section 80C (LIC, PPF, NSC and many others.), 80D (Mediclaim) and 80G (Donations) for the monetary yr 2019-20 had been prolonged to June thirty, 2020.
CBDT notifies Revenue Tax Return forms 1 to seven for AY 2020-21(FY 2019-20), vide G.S.R. 338(E) dated 29th Might, 2020. pic.twitter.com/xp8m20dbp5
— Revenue Tax India (@IncomeTaxIndia) Might 31, 2020
ClearTax founder and CEO Archit Gupta claimed, “The new forms call for a different table to disclose tax saving financial commitment produced in the initial quarter of 2020 for availing them in FY 2019-20. Taxpayers have to assess their tax legal responsibility for FY 2019-20 and make positive they are maximising their Section 80C gains if not already completed so.