New Delhi: The Central Board of Direct Taxes (CBDT) is updating the income tax return forms for the 2019-20 financial year (2020-2021 assessment year) to enable the taxpayer to take full advantage of the central government’s extension of various schemes due to the COVID 19 pandemic. It will be notified by the end of this month. The CBDT has announced that the Central Board of Direct Taxes has begun to make necessary changes to the Income Tax Return forms for taxpayers to avail themselves of the benefit of the central government action which has been extended till June 30, 2020.

This action is aimed at providing the taxpayer with its benefits, including transactions between April 1 and June 30, 2020, in return forms for the 2019-20 financial year. The Central Board of Direct Taxes (CBDT) has announced that the facility will be available from May 31, 2020, to facilitate the filing of income tax returns for the 2019-20 financial year. According to the Income Tax Act of 1961, the Central Government has extended the period of filing income tax returns through the Taxation Law Ordinance of 2020.

Accordingly, the date for various deposit/remittances to claim deduction under Section VI AB of the IT Act, which includes Section 80C (LIC, PPF, NSC) and 80D (Mediclaim) and 80G (donations) for the financial year 2019-20, has been extended to 30th June 2020. The date for making investments/constructions/purchases has also been extended to June 30, 2020, to claim a rollover benefit concerning capital gains under sections 54 to 54 GB.

New Delhi: The Aviation Ministry has clarified that no decision has been made to resume the flight service-stopped due to COVID-19. The Aviation Minister Hardeep Singh Puri said this in a statement. He asked the airline companies not to restart the booking until the government decision.

Following the announcement of the extension of nationwide coronavirus lockdown till May 3 by Prime Minister Narendra Modi, the aviation ministry announced to suspend all international and domestic flights till 11:59, May 3.

There is no decision to make domestic, international services. Meanwhile, Air India started its booking. The minister comes with an explanation following to Air India’s move.

Thiruvananthapuram: Banks will function as normal from Monday. Since Monday, the banks have been operating in ten districts of the state. Except for red zone- Kasaragod, Kannur, Kozhikode and Malappuram districts- banks will be open from Monday 10 am to 4 pm. The banks will operate until 2 pm May 3 in the Red Zone districts. Since May 4, banks will be back to normal.

Mumbai: The Reserve Bank of India (RBI) has taken measures to increase lending and stimulate small businesses, agriculture, and real estate.

Key measures and benefits of the second COVID package are:

1.     50,000 crores will be given to banks to make more money with non-bank financial institutions (NBFC). The Small Industry Development Bank of India (SIDB), the National Bank for Agriculture and Rural Development (NABARD) and the National Housing Bank (NHB) will get Rs 50,000 crore.

2.     There will be more loans available in the market.

3.     The reverse repo, the rate of interest that banks hold in the Reserve Bank, has been reduced by a quarterly percentage to 3.75%.

4.     States have increased the borrowing rate of the Reserve Bank of India (RBI) by 60%.

5.     Support for states to deal with the financial crisis.

6.     The loan repayment period has been reduced from 90 days to 180 days.

7.     The moratorium period is March 1- May, not later than 3 months after the moratorium period.

The RBI has instructed commercial and cooperative banks to stop distributing dividends.

Britain may send 17 special flights to retrieve British nationals trapped in India. The British High Commission said it would operate the aircraft from April 20.

These special flights will fly to London from Ahmedabad, Amritsar, Bengaluru, Delhi, Goa, and Mumbai. Britain has already announced 21 special flights. In addition, 17 more flights have already been announced. The total number of flights the UK sends back to India is 38.

British citizens who have applied for a return seat will be given priority. The British High Commission said the authorities would contact the people booked reservation earlier.