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COVID-19: CBDT notifies I-T returns forms for 2019-20

Agencies
May 31, 2020

New Delhi, May 31: The income tax department has notified forms for filing income tax returns for the financial year 2019-20.

The Central Board of Direct Taxes (CBDT) has notified Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V for the assessment year 2020-21.

The department has revised the I-T return forms for the financial year 2019-20 to allow assessees to avail benefits of various timeline extension granted by the government following the COVID-19 outbreak.

The government has extended various timelines under the Income Tax Act, 1961, through the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020.

Accordingly, the time for making investment or payments for claiming deduction under Chapter-VIA-B of IT Act that include Section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim) and 80G (Donations) for the financial year 2019-20 had been extended to June 30, 2020.

ClearTax founder and CEO Archit Gupta said, "The new forms require a separate table to disclose tax saving investment made in the first quarter of 2020 for availing them in FY 2019-20. Taxpayers must assess their tax liability for FY 2019-20 and make sure they are maximising their Section 80C benefits if not already done so."

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Agencies
March 14,2020

New Delhi, Mar 14: India on Friday was mulling over the option of deporting The Wall Street Journal's South Asia deputy bureau chief for misreporting Delhi riots in which over 50 people were killed last month. However, the government denied that it had made any such decision.

Ministry of External Affairs spokesperson Raveesh Kumar said that a complaint was registered against Eric Bellman, the WSJ South Asia deputy bureau chief based in New Delhi, by a private individual on the government's online grievance redressal platform.

"Referring the complaint to the related office is a routine matter as per standard procedure. No such decision on deportation has been taken by the Ministry of External Affairs," Kumar said.

However, government-funded Prasar Bharati News Services had earlier tweeted screenshots of the complaint which was filed by an undersecretary in the Ministry of External Affairs, Vinesh K Kalra, saying that the ministry has asked the Indian embassy in the US to "look into the request for immediate deportation of Bellman for his "anti-India behaviour".

The official had complained to the embassy about Bellman's controversial reportage on the killing of an Intelligence Bureau staffer named Ankit Sharma.

The WSJ had reported that Ankit Sharma's brother had said that he was killed by a mob belonging to a particular religious community. Ankit's brother later told Indian media that he never spoke to the WSJ reporter.

After the Prasar Bharati tweet got circulated widely on social media, the government backtracked and said that no such decision has been taken.

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Agencies
August 9,2020

New Delhi, Aug 9: Indian on Sunday achieved a grim milestone after recording the highest single-day spike of 64,399 coronavirus cases, according to the Union Ministry of Health and Family Welfare.

As many as 861 deaths were reported in the country in the last 24 hours, taking the cumulative toll to 43,379.

With the new cases, the country's coronavirus count has reached 21,53,011 including 6,28,747 active cases and 14,80,885 cured/discharged/migrated.

Maharashtra has 1,47,355 active coronavirus cases, the highest in the country.

According to the Indian Council of Medical Research (ICMR), 7,19,364 samples were tested on August 8 while over 2.41 crores samples so far have been tested in the country.

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News Network
May 22,2020

New Delhi, May 22: Reserve Bank Governor Shaktikanta Das on Friday extended the moratorium on payment of loans by another three months till August to provide much-needed relief to borrowers whose income has been hit due to the coronavirus crisis.

In March, the central bank had allowed a three-month moratorium on payment of all term loans due between March 1, 2020, and May 31, 2020.

Accordingly, the repayment schedule and all subsequent due dates, as also the tenor for such loans, were shifted across the board by three months.

As a result of this moratorium, individuals’ EMI repayments of loans taken were not deducted from their bank accounts, providing much-needed liquidity.

The EMI payments will restart only once the moratorium time period expires on August 31.

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