Taxpayers including individuals, Hindu undivided family, professionals and businesses, will be able to avail benefits of savings or investments made between April 1 and June 30, following the extension timelines provided by the finance ministry owing to Covid 19 pandemic.
Taxpayers will have dedicated space in each of the ITR forms – 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 – to describe investments of expenditures made during the quarter ended June 30, which will get counted in deductions or exemptions.
The government has extended several timelines under income tax by a quarter from March 31, to allow taxpayers to make investments, payments or donations for claiming exemptions and deductions, besides the roll over benefit of capital gains.
The forms also seek details from taxpayers that have paid over Rs 1 lakh in electricity bills in a year, deposited Rs 1 crore in bank account and if incurred Rs 2 lakh expense on foreign travel, in forms Sahaj ITR-1, Form ITR-2, Form ITR-3 and Form Sugam (ITR-4).
The online portal used by taxpayers to file returns will be updated with the changed forms. Due date of all income tax returns for FY20 has been extended to November 30 from July 31 and October 31. The tax audit deadline has also been extended by a month to October 31.
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