The Income Tax Department on Sunday said that it is revising the Income Tax Return (ITR) forms so that taxpayers can benefit from the relief measures given in the lockdown implemented due to Covid-19.
The Central Board of Direct Taxes (CBDT) has revised the Income Tax Return Form for the financial year which will be released by 31 May.
The CBDT said that the government has initiated necessary changes in the return form to give full benefits to taxpayers with various timelines up to June 30, 2020, so that the taxpayers will return the return form for FY 2019-20 from April 1, 2020 to June 30, Take advantage of transactions made during the period up to 2020.
The board said that once the revised form is notified, changes will have to be made to the software and the return filing facility.
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