Tax Departments are working to announce new format of Income Tax Return filing forms so that all taxpayers can take benefit of all changes done by government due to COVID-19 lockdown situation in India. CBDT amends the ITR forms in line with provisional benefits of tax. The government has decided to give these benefits to tax payers of India due to COVID-19.
These ITR forms will let all taxpayers of India to get the benefits of all financial transactions from April 1st 2020 to June 30 2020. We are expecting the possibility of extend of due date for ITR Return filing for current financial year. Current due date of ITR filing is July 31st, 2020.
Tax departments introduce subsequent changes in return filing once the CBDT introduce the amended forms. New ITR forms can be implemented with utilities by the end of May 2020.
Many provisional changes have been made by the government related to tax, tax filing deadlines and making of investments deadlines. Many reliefs have been declared by the government for taxpayers to handle the situation due to lockdown. This lockdown is expected to remove by May 3, 2020 but not sure.