The CBDT has notified the income tax returns for tax filings for the FY 2019-20 (AY 2020-21). The forms provide a separate column to claim deductions for tax-saving investments, deposits and payments made from 1 April 2020 until 30 June 2020. Earlier in March 2020, the government announced COVID-19 relief measures extending the time to make tax-saving claims from 31 March 2020 until 30 June 2020.
This article has the different forms notified for different taxpayers:
Also Read: IT department speeding up the processing of pending income tax refunds
Taxpayers filing ITR-1 to ITR-4 are also required to disclose the total amount of deposits exceeding Rs 1 crore in one or more current account with a bank during the year. Also, taxpayers should reveal the total amount of expenditure exceeding Rs 2 lakh incurred on foreign travel for themselves or any other person. Similarly, a disclosure of the total amount of expenditure exceeding Rs 1 lakh towards the consumption of electricity.
The extended due date for filing the income tax returns is 30 November 2020. You may choose to file earlier to facilitate early processing of tax refunds or payment of taxes due.
For any clarifications/feedback on the topic, please contact the writer at sweta.dugar@cleartax.in
I am a Chartered Accountant by profession. I specialise in personal taxes and corporate income tax matters. I am an avid reader and track developments in financial markets, economy and other market developments.
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