Government today provided a major relief to taxpayers as it announced income tax exemptions for amount received for medical treatment of Covid-19 and also on ex-gratia amount received on death due to Covid 19 pandemic.
In addition, the Government has granted further time extensions of various compliances of the Income Tax Act in the wake of the Covid 19 pandemic.
Covid Related Income Tax Exemptions
Income tax exemption would be provided equal to the amount received by a taxpayer for medical treatment from an employer or from any other person for treatment of Covid-19 during FY 2019-20 and subsequent years.
In case of the amount received by the family member on the death of a person due to Covid 19, such amount shall be exempt from income tax for any amount received from the employer of such person and up to Rs. 10 lakhs in aggregate for the amount received from persons other than the employer.
Time Limits further Extended for Various Compliances
- In case the last date of filing of objections to Dispute Resolution Panel (DRP) and Assessing Officer under section 144C of the Income tax Act, 1961 falls on 01st June or thereafter, such date of filing has been extended to 31st August 2021 or date as per section whichever is later.
- TDS Return date for Quarter 4 FY 20-21 has been extended from 30th June 2021 to 15th July 2021
- Time limit for providing Form 16 to employees has been extended from 15th July 2021 to 31st July 2021
- Time limit for providing of Form 64D / Form 64C for FY 20-21 by an investment fund to its unit holder has been extended. Form 64D has been extended again from 30th June 2021 to 15th July 2021. Form 64C has been extended from 15th July 2021 to 31st July 2021
- Time limit for Form 10A/ Form 10AB to be filed by Trusts/ Institutional Research Associations etc under section 10(23C),12AB, 35(1)(ii)/(iia)/(iii) and 80G for registration / provisional registration /approval/ provisional approval if falling upto 30th June 2021 has been extended to 31st August 2021
- Time limit of fulfilling conditions for claiming exemption under section 54 to 54GB of Income Tax Act if falling due between 01st April 2021 and 29th September 2021, such time limits have been extended up to 30th September 2021.
- Time limit for filing of Form 15CC for the 1st Quarter of FY 2021-22 has been extended from 15th July 2021 to 31st July 2021. Form 15CC is to be filed on a quarterly basis by an authorized dealer in respect of remittances made under Rule 37BB of Income Tax Rules,1962.
- Time limit of filing Form 01 of the Equalization Levy Statement for FY 2020-21 has been extended from 30th June 2021 to 31st July 2021
- Annual Statement required to be filed by eligible investment fund u/s 9A(5) of Income Tax Act 1961 in Form 3CEK for FY 2020-21 which was required to be filed up to 29th June 2021, has been further extended up to 31st July 2021/
- Time limit for uploading of received 15G/15H forms in respect of 01st Quarter of FY 2021-22 has been extended from 15th July 2021 to 31st August 2021
- Time limit for filing of Form 34BB u/s 245M(1) of Income Tax Act for the purpose of exercising the option to withdraw pending application filed before erstwhile Income Tax Settlement Commission falling due up to 27th June 2021 has been extended till 31st July 2021
- The last Date of linking of Adhaar with PAN has been once again extended from 30th June 2021 to 30th September 2021
- The last date of making payment under Vivad se Vishwas Scheme without additional amount has been extended from 30th June 2021 to 31st August 2021. While for making payment under Vivad se Vishwas Scheme with additional amount has been extended to 31st October 2021
- Time limits for passing of assessment order/penalty order which was earlier extended upto 30th June 2021 has been further extended up to 30th September 2021
- The time limit for processing of Equalisation Levy returns which was earlier extended up to 30th June 2021 has been once again extended up to 30th September 2021
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