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Centre Announces Income Tax Exemptions For COVID-19 Victims' Families
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India, 26 Jun 2021 1:50 PM GMT
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Anyone who pays for the treatment of an employee or someone else will not face tax liability.
The Centre on Friday, June 25, announced income tax exemptions for COVID-19 affected taxpayers who had to rely on financial aid for their treatment and exempted ex-gratia payments received from employers by the families of those who passed away.
The development has given much needed concession to the employees who may have received help from their employers and well-wishers for assisting people in meeting their expenses during the pandemic time. The finance ministry released a detailed notification saying the person who pays for the treatment of an employee or someone else will not face tax liability, reported LiveMint.
Also, no income tax liability will apply to the kin of people who passed away due to COVID-19.
"Unfortunately, certain taxpayers have lost their life due to COVID-19. Employers and well-wishers of such taxpayers had extended financial assistance to their family members so that they could cope with the difficulties arising due to the sudden loss of the earning member of their family," the Finance Ministry said in a statement.
Minister of State for Finance Anurag Thakur said that the amount paid for treatment of an employee by an employer or to any other person in 2019-20 and subsequent would not be taxed.
"Ex-gratia from any other person has been restricted to₹ 10 lakh and the exemption shall be allowed without any limit for the amount received from the employer," he told ANI.
Other Deadlines Extended
The ministry also extended some key income tax compliances besides announcing relief measures for taxpayers. Thakur said the last date for linking PAN card with the Aadhaar card has been extended from June 30 to September 30, 2021.
For Vivad se Vishwas Scheme, taxpayers have been granted more time to remit tax dispute settlement amounts. For those investing in residential houses, an extension of three months has been granted for tax deduction.
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