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Covid related exp - deductions
Sir. kindly eloborate on the expenses incurred on account of covid - where can I get deduction ie under which section and how much ?
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Quick Summary
- The ex-gratia payment received by an employee’s family members has been exempted from being taxed without any limit.
- Financial help of up to Rs 10 lakh from friends and families will be tax-free.
- Tax deductions can also be claimed of up to Rs 25,000 against the premium paid for a health insurance policy.
Keeping in view the financial losses and expenses suffered by people during the Covid-19 pandemic, the Central Board of Direct Taxes (CBDT) had recently made some provisions to help citizens claim tax deductions while filing the Income Tax Return (ITR) against coronavirus-related medical treatment expenses.
Sir. what are those provisions, kindly help me out
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