Government announces big tax reliefs for taxpayers

The Government of India recently announced tax exemptions to encourage employers and members of the public for assisting those people with COVID-19 treatment expenses and also those who have lost their families to the virus.

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The government said that many taxpayers have received financial help from their employers and well-wishers to meet the cost of treatment of Covid-19. It has declared that there will be no tax liability on such amounts.

No tax on ex-gratia payment received on account of the family member of the deceased employee due to Covid. Financial help received from relatives and friends will also not attract any tax till the total amount reaches Rs 10 lakh.

Many people were facing discrepancies in linking their PAN with Aadhaar on the new income tax e-filing portal, therefore, the government has now extended this date from 30 June 2021 to 30 September 2021.

The deadline for payment under Vivad Se Vishwas scheme has been extended till August 31 while the last payment date with additional amount has been extended till October 31.

Tax compliance deadline extended to save capital gains tax. Tax compliance time falling between 1st April 2021 and 29th September 2021 for making an investment, acquisition, deposit, payment, purchase, construction or such other action to save tax under the provisions contained in sections 54 to 54 GB of the Income-tax Act has been extended till 30 September 2021.