The Central Board of Direct Taxes (CBDT) has notified the income tax return (ITR) forms for the assessment year 2020-21. The ITR forms will have a separate table where the taxpayer will be able to provide the details of the investments made between April and June 2020, if they want to claim deductions against them in the financial year (FY) 2019-20.
The deadline for making the tax-saving investments for FY20 was extended from 31 March till 30 June in order to provide relief to the taxpayers, who couldn’t make their tax-saving investments for FY20, as the lockdown was imposed on 25 March 2020 to prevent the spread of covid-19. “The new forms require a separate table to disclose tax-saving investment made in Q12020 for availing them in FY20.