InvestorQ : When are the new Income Tax Return filing forms expected to be ready on the Income Tax website for the FY 2019-20?
Neelam Naik made post

When are the new Income Tax Return filing forms expected to be ready on the Income Tax website for the FY 2019-20?

Answer
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Priyanka N answered.
5 months ago


The Income Tax Department (ITD) is currently revising income tax return (ITR) forms so that taxpayers can avail benefits of relief measures given by the government due to Coronavirus lockdown. From this year, the dual forms will also be available for filing of taxes based on the tax system opted for. The new forms are expected to be notified by the end of May 2020. Revised ITR forms would allow taxpayers to enjoy benefits of their transactions carried out and tax saving investments done during 1 April 2020 to 30 June 2020. The July 31 tax filing deadline is expected to be extended to September or October this year. Then there is the big task of changes in the software and return filing utility and testing which can be quite time consuming. It may be recollected that government had extended the time limit for making investment or payments for claiming deduction under Section 80C, 80D and 80G for FY 2019-20 till June 30.