Extension of deadlines: Income tax department to revise ITR form

The Taxpayers will use the benefits of their transactions carried out from 1 April 2020 to 30 June 2020 in this revised ITR form. The income tax department may also enlarge the July 31 deadline for filing ITR this year.
The income tax department is coming up with a new income tax returns (ITR) form so that taxpayers can avail benefits of relief measures given by the government amid the coronavirus outbreak.
The finance ministry said in a release, “To enable income taxpayers to avail full benefits of many timeline extensions granted by the Government of India due to Covid19 pandemic situations, the CBDT is revising the return forms for FY 2019-20 (The assessment Year 2020-21) which shall be notified by the end of this month.”
The income tax department will do necessary and consequential changes in the software and return filing system after the revised forms have been notified. After doing needful changes in the return filing utility, it shall be available by May 31.