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The Central Board of Direct Taxes on Saturday (May 30, 2020) notified income tax return (ITR) forms for the assessment year 2020-21. Taxpayers including individuals, Hindu undivided families, professionals, and businessmen, will now be able to avail benefits of savings or investments made from April 1 to June 30, following the ITR filing extension provided by the finance ministry owing to COVID 19 pandemic.

Finance Minister Nirmala Sitharaman announced earlier this month that due date for filing all income tax returns has been extended further from July 31 to November 30. The government had earlier extended the deadline for receiving Form-16 from 20th June 2020 to 30 June 2020 via an ordinance dated March 31, 2020. 

FM Sitharaman in her address said, "The due date of the income tax return for FY 2019-20 will be extended from 31st July 2020 & 31st October 2020 to 30th November 2020 and Tax audit from 30th September 2020 to 31st October 2020".  Date of assessments getting barred on 30th September 2020 has also been extended to 31st December 2020 and those getting barred on 31st March 2021 extended to 30th September 2021.

In the forms notified by the government, taxpayers will now have dedicated space in each of the ITR forms - Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form ITR-4 (Sugam), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V – to describe investments of expenditures made by them during the quarter ended June 30. These will get counted in deductions or exemptions.

The new forms Sahaj ITR-1, Form ITR-2, Form ITR-3 and Form Sugam (ITR-4) also seek details from taxpayers that have paid over Rs 1 lakh in electricity bills in a year, deposited Rs 1 crore or more in the bank account or incurred Rs 2 lakh expense on foreign travel.

#newitrforms, #incometaxupdates, #allaboutincometax, #allabouttaxes

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