In the midst of lockdown and corona crisis, the Income Tax Department has notified the form to fill the Income Tax Return for the financial year 2019-20. Central Board of Direct Taxes (CBDT) for the assessment year 2020-21 Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V have been notified. The department has revised the Income Tax Return Forms for the FY 2019-20 to give the benefits of the increase in the deadline for various things due to the Covid-19 epidemic. Earlier, the government had extended the deadline for filing income tax returns for the financial year 2019-20 to November 30, 2020.
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Keeping in mind the lockdown implemented due to Covid-19, the taxpayers have given some privileges. In this episode, the period of investment and payment has been extended to June 30, 2020 to get income tax exemption under Section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim) and 80G (Donation) of Income Tax Act. . This means that you still have time to invest in tax saving schemes.
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In its statement ClearTax founder and CEO Archit Gupta said, "A separate table has been given in the new form, in which you can get the benefit of tax exemption in FY 2019-20 for the first year of FY 2020-21." You can give information about investments made in savings investment schemes in the quarter. Taxpayers should assess their tax liability in FY 2019-20 and try to get maximum benefits under 80C.
