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Tags Current Affairs

Tax exemptions for Covid-related assistance

Date: 28 June 2021 Tags: Bills & Laws

Issue

The government has announced exemptions in income tax for individuals who received financial aid from employers and also for treatment.

 

Background

The covid-19 induced lockdown has created economic problems to large sections of people, who were able to sustain due to the financial aid.

 

Details

  • The tax exemptions cover the ex-gratia amount that is received by family members of deceased individuals.

  • There will be no upper limit on the financial aid received from employers while a cap of 10 lakh will be applicable on financial support from others.

  • The decision was taken in lieu of the pandemic where employers provided funds for treatment of Covid-19. The officials say the step was necessary for honest taxpayers.

 

Other changes

  • The last date for equalization levy under Form 1 has been extended to July 31, 2021 while the processing deadline has been extended to September 2021.

  • The last date for linking Aadhar with PAN card has been extended from June to September. The last for Vivad Se Vishwas payment has been moved by 2-4 months.

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