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The Indian government announced several tax reliefs under the income tax act recently. It granted an extension in timelines of compliances under the IT Act due to the covid-19 pandemic. The finance ministry issued a detailed notification regarding the tax exemptions. In this article, we shall take a look at the various tax reliefs announced.
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The government observed that numerous taxpayers had received financial assistance from their employers etc., for meeting the expenses of covid-19 treatment. The government announced that there wouldn’t be any tax liability on such amounts.
Apart from the tax exemptions, the ministry also extended certain key deadlines of tax compliances. One of the most important extension of the deadline relates to the linking of PAN and Aadhaar Card. It has been extended by 3 months.
Further, the time to invest in residential house for tax deduction is extended by more than 3 months, and the Vivad se Vishwas payment without interest is extended by 2 months.
Some of the key relaxations are as follows:
The covid-19 pandemic has wreaked havoc in the lives of common man. These tax reliefs are provided by extending various deadlines as a measure to ease taxpayer compliances in times such as these.
Read our article:Scope and Implications of Section 206AA of the Income Tax Act
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