Central Board of Direct Taxes (CBDT) in a press release issued on 19.04.2020 states that to enable taxpayers to avail benefits of various timeline extensions due to coronavirus outbreak, they are revising the income tax return forms for FY 2019-20 (AY 2020-21) and the same will be notified by end of this month. Further after revision of income tax forms by month-end, necessary changes will be made in utilities and software also and after incorporating changes, they will be available by 31.05.2020.
CBDT said that due to the outbreak of coronavirus pandemic, the government has extended various timelines under the Income Tax Act, 1961 from 31.03.2020 to 30.06.2020. After extension taxpayer can make the investment under section 80C for LIC, PPF, etc. and payment for medical premium under section 80D and various other investments and payments for claiming deduction under income tax act till 30.06.2020.
Earlier this month, CBDT had already notified income tax return forms for FY 2019-20 (AY 2020-21). However, due to changes in the various timeline due to coronavirus pandemic, revision is required to income tax return forms, so that taxpayers can take full benefits of relaxation provided.