Michael Patra takes over as RBI Deputy Governor

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."

New Delhi, Feb 11: The government has decided to rename National Institute of Financial Management (NIFM), Faridabad, as Arun Jaitley National Institute of Financial Management, an official statement said on Tuesday.

Set up in 1993 as a registered society under the Department of Expenditure, NIFM trains officers of Finance and Accounts Services recruited by the Union Public Service Commission (UPSC) as also officers of Indian Cost Accounts Service. The Union Finance Minister is the President of the NIFM Society.

"Aligning the vision and aspiration of the Institute for the future with the vision and contribution of late Arun Jaitley, the Government has decided to rename National Institute of Financial Management (NIFM) as the Arun Jaitley National Institute of Financial Management(AJNIFM)," the statement said.

NIFM has become a premier resource centre to meet the training needs of the central government for senior and middle level of management in the fields of public policy, financial management, public procurement and other governance issues for promoting highest standards of professional competence and practice.

Padma Vibhushan awardee Jaitley was the Union Minister for Finance and Corporate Affairs during May 26, 2014 to May 30, 2019.

New Delhi, Jun 11: India on Thursday rejected a US government report that voiced concerns over alleged attacks and discrimination against religious and ethnic minorities in the country.

"Our principled position remains that we see no locus standi for a foreign entity to pronounce on the state of our citizens' constitutionally protected rights," Spokesperson in the Ministry of External Affairs Anurag Srivastava said.

He was replying to a question on the report at an online media briefing.

Mandated by the US Congress, the '2019 International Religious Freedom Report' that documents major instances of violation of religious freedom across the world was released by Secretary of State Mike Pompeo on Wednesday.

"India's vibrant democratic traditions and practices are evident to the world. The people and government of India are proud of our country's democratic traditions," the spokesperson said.

"We have a robust public discourse in India and constitutionally mandated institutions that guarantee protection of religious freedom and rule of law," he added.

The India section of the report said that US government officials underscored the importance of respecting religious freedom and promoting tolerance and mutual respect throughout the year with the ruling and opposition parties, civil society and religious freedom activists, and religious leaders belonging to various faith communities.

The report referred to the revocation of the special status of Jammu and Kashmir last August and the passage of the Citizenship Amendment Act (CAA) in Parliament in December as major highlights for India last year.