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  • Wed. Nov 20th, 2024

New I-T return forms enable deduction claims in FY 2019-20, for investments made by June end

New I-T return forms enable deduction claims in FY 2019-20, for investments made by June end

MUMBAI: The Central Board of Direct Taxes (CBDT) has notified the Income-tax (I-T) return forms for taxpayers, for filing their returns for the financial year ended March 31, 2020 (assessment year 2020-21).

The I-T return forms (ITR-1 to

ITR-7

) incorporate the recent announcement made by the Finance Minister, to ease the burden on taxpayers owing to Covid-19. Under an earlier announcement in March, the date for making

various investments

or payments for claiming deductions under Chapter-VIA/B of the I-T Act, which includes section 80C (eg: contributions to LIC, PPF, NSC), 80D (Mediclaim), 80G (donations), had been extended to June 30, 2020.

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