ITR forms being revised for benefits of timeline extension, says CBDT

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

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