New Delhi: Having already extended the various statutory deadlines related to income tax till June 30, the Union government has decided to revise the income tax return forms for assessment year 2020-21. The Central Bureau of Direct Taxes (CBDT) informed through a press release on Sunday that the revision will be notified by end of April.
The CBDT explained that modifications are being made in the return forms (Sahaj, Sugam forms) so that taxpayers can avail benefits of their investments/transactions made from April to June 2020
The modified forms will be made available by May 31, to avail benefits for FY 2019-20.
Like every year, the e-filing utility for filing of return for assessment year 2020-21 was made available on April 1, 2020, and the Income Tax Return (ITR) forms – ITR-1 (Sahaj) and ITR-4 (Sugam) — for the FY 2019-20 — too, were notified on January 3.
But to ensure that taxpayers are enabled to avail all benefits of the timeline extension due to the coronavirus pandemic, revision of the return forms has become essential.
The due date of filing ITR ends on July 31. If someone fails to file ITR before due date, he/she can file a belated return till March 31 of following year by paying a late fee. This deadline had been extended till June 30 by Finance Minister Nirmala Sitharaman.