Income tax department to issue new ITR form by end of May

New Delhi – The Income Tax Department has announced the release of ITR for today by which, Tax payers will also get direct benefit of the relief measures of Coronavirus taken by the government.  The new ITR forms will be released by the end of this month of May.

Central Board of Direct Taxes (CBDT) said that necessary changes are being made in the return form to benefit taxpayers. Explaining that taxpayers can take advantage of the transmission made during the period from April 1, 2020 to June 30, 2020 in the return form for the financial year 2019-20. CBDT has revised the return form for the financial year 2019-20 (assessment year 2020-21).

The IT Department has also tweeted about this. The IT department has written in the tweet that amendments are being made in the ITR form on behalf of CBDT. Taxpayers will get direct benefit of this amendment. The CBDT said that amendments are being made to the taxpayers to take advantage of the investments and transactions made between the period April to June 2020.

The new form will come by 31 May

Along with this, CBDT said that changes in software and return filing utility will have to be done for the revised form. Only after making these changes, the revised form will be available to taxpayers by 31 May 2020. It said that due to the outbreak of Corona virus, the government has also increased various deadlines under the Income Tax Act, 1961.