Quick Summary
The Government has decided to provide income tax exemption to the amount received by a taxpayer for medical treatment from an employer or from any person for treatment of COVID-19 during the financial year 2019-20 and subsequent years. This was stated by Minister of State for Finance Shri Pankaj Cha
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Broadcasts
- Daily E-Newsletter
- Unlimited News Access
BEST VALUE
2 YEAR PLAN
3,499
(Inclusive of GST)
1 YEAR PLAN
1,999
(Inclusive of GST)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
FAQ :
Income tax exemption is available for amounts received for medical treatment of COVID-19, and also for ex-gratia payments made to family members upon the death of a taxpayer due to COVID-19.
The income tax exemption for amounts received for COVID-19 medical treatment applies from the financial year 2019-20 and subsequent years.
Yes, ex-gratia payments received from an employer are fully exempt from income tax. Payments received from any other person are exempt up to an aggregate limit of Rs. 10 lakh.
The Minister of State for Finance, Shri Pankaj Chaudhary, announced these measures in a written reply in the Lok Sabha.
Yes, the government has extended various key tax compliance deadlines due to the impact of the COVID-19 pandemic.
CAclubindia
