The government will notify revised ITR forms for filing income tax returns for FY 2019-20 (AY 2020-21). The revised forms will enable taxpayers to claim the benefit of tax deductions and exemptions for investments made from 1 April 2020 and 30 June 2020. The due date for filing income tax returns is 31 July 2020.
The COVID-19 relief measures allow taxpayers to claim deductions and exemptions for investments made between 1 April 2020 and 30 June 2020.
You can claim the following benefits in the income tax returns due in July 2021:
Also Read: IT department speeding up the processing of pending income tax refunds
The revised income tax forms will be available for tax filing by 31 May 2020.
The revision in the forms will enable taxpayers to claim extended tax benefits and provide ample time to prepare themselves for the tax filing process.
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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