5 Big Income Tax Benefits Announced For All Taxpayers: Check Full Details
Certain tax benefits and compliance reliefs for the taxpayers, in the view of Covid19, have been announced by the government to give relief to the taxpayers.
Key Points in the Announcement:-
1) The press release said that it has been decided to provide income-tax exemption to the amount received by a taxpayer for medical treatment from employer or from any person for treatment of Covid-19 during FY 2019-20 and subsequent years and there shall be no tax on the amount received by employees from employers or any other person for covid treatment as many axpayers have received financial help from their employers and well-wishers for meeting their expenses incurred for the same.
2) There shall be no tax on the on ex-gratia payment received by the family member of the deceased employee due to Covid. As long as the aggregate amount is ?10 lakh, there shall be no tax on financial help received from relatives and friends. Amit Maheshwari, Tax Partner, AKM Global, a tax and consulting firm welcomed the decision by the CBDT and said that this was a much needed one. The treatment of Covid 19 turned out to be costly for a lot of people. The exemption for amount received for medical treatment will provide some respite and we hope that many taxpayers would get benefitted by this.
3) The government has extended the PAN and Aadhaar deadline to 30 September from 30 June. “Many people were experiencing problems when connecting their PAN with Aadhaar to the new Income-tax portal filing portal, therefore, the government has now extended this date to 30 September 2021 from June 30, 2021, “said Tarun Kumar, from Delhi. accountant -based chartered.
4) The de?dline f?r m?king ??yment (with?ut ?dditi?n?l ?m?unt) under Viv?d Se Vishw?s s?heme h?s been extended till 31 ?ugust while the l?st ??yment d?te with ?dditi?n?l ?m?unt h?s been extended till 31 ??t?ber. “The extensi?n ?f v?ri?us due d?tes, be it f?r ??N-??dh??r linking, f?r ??yment ?f t?x/ ?en?lty under Viv??d-se-Vishw?s s?heme, ??m?leti?n ?f ?ssessment ?r??eedings, ??m?leti?n ?f ?en?lty ?r??eedings, registr?ti?n ?f ?h?rit?ble trusts ?nd instituti?ns f?r in??me t?x exem?ti?n, et?. will ?r?vide ?dditi?n?l time, b?th t? t?x??yers ?s well ?s t?x ?uth?rities f?r meeting the timeline,” s?id Sh?ilesh Kum?r, ??rtner, N?ngi? & ?? LL?.
5) The Tax compliance deadline for saving capital gains tax by making investment, deposit, payment, acquisition, purchase, construction or such other action to save tax under provisions contained in Section 54 to 54GB of the Income Tax Act has been extended till 30 September 2021. If one had to make a investment in 54EC bonds to save capital gains on house property, then one can still make such a decision till 30 September.