Breather for salaried class as Centre announces tax concessions for expenses on COVID-19 treatment, death
New Delhi | Jagran Business Desk: Giving a huge relief to lakhs of people across the country amid the coronavirus crisis, the central government on Friday announced a number of tax concessions. Speaking to news agency ANI, Minister of State for Finance Anurag Thakur said that the amount paid for medical treatment to an employee by the employer or to a person by any person on account of coronavirus for the year 2019-20 and 2021 won't be taxed.
No tax on ex-gratia paid by employer on COVID treatment or death
The minister announced the measures for payment towards COVID treatment or death.
Thakur told ANI that ex-gratia payment by the employer to an employee's family or by any person to any other person's family on the death of employee or any other person on account of COVID-19 for 2019-20 or 2021 will be tax exempted. The limit for this has been put at Rs 10 Lakh.
"Amount paid for medical treatment to an employee by employer or to a person by any person on account of COVID for 2019-20 and subsequent year won't be taxed in hands of employee or beneficiary," Anurag Thakur was quoted as saying by news agency ANI.
Relief to Income tax payer
Anurag Thakur also announced that ‘Vivad se Vishwas’ scheme’s payment without interest has also been extended by two months from June 30 to August 31.
The government has extended the PAN-Aadhar linking by three more months. Time to invest in residential house for tax deduction extension also stands for over 3 months.
According to the rules notified by Income Tax department, if one does not link the PAN Card and Aadhar, the PAN card will become invalid under Section-139AA of the Income Tax Act. Similarly, in case of non-linking of PAN card, there will be trouble in filing ITR online. Also your tax refund may get stuck. Apart from this, when you do any other financial transaction, then you will not be able to use PAN card at that time.
(With inputs from ANI)
Posted By: Talibuddin Khan