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Government grants further extension in timelines of compliances Also announces tax exemption for expenditure on COVID-19 treatment and ex-gratia received on death due to COVID-19 The Government has granted further extension of timelines of compliances under Income Tax Act. It has also announced tax exemption for expenditure on COVID-19 treatment and ex-gratia received on death due to COVID-19. The details are as follows: A. Tax exemption Many taxpayers have received financial
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FAQ :
Tax exemption is now available for amounts received for COVID-19 treatment from employers or others, and for ex-gratia payments received by family members of individuals who died due to COVID-19. Exemption from employers is unlimited, while from other persons, it's capped at Rs. 10 lakh.
Yes, the CBDT has extended several tax compliance deadlines due to the impact of the COVID-19 pandemic. This includes filing objections to the Dispute Resolution Panel, furnishing TDS statements and certificates, and applications for registration/approval of trusts and institutions.
The deadline for linking Aadhaar with PAN has been extended to 30th September, 2021.
The deadline for payment under the Vivad se Vishwas scheme without additional amount has been extended to 31st August, 2021, and with an additional amount to 31st October, 2021.
Tax compliances for claiming exemptions under Sections 54 to 54GB of the Act, where the original deadline falls between 1st April 2021 and 29th September 2021, must now be completed by 30th September 2021.
The Certificate of Tax Deducted at Source in Form No.16, which was to be furnished by 15th July 2021, may now be furnished on or before 31st July 2021.
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