India Business News: The government on Friday provided tax relief to those who received help from their employers or others for Covid-19 treatment and also offered concess
Centre exempts tax on COVID-19 treatment, death Ex-gratia payments received from employers by the families of employees who lost their lives to COVID-19 would be exempt from income tax in FY20 and subsequent years, CBDT said in a statement The decsion taken by the finance ministry is likely to allay the buden of expenses incurred towards COVID-19 treatment | Picture for Representation BusinessToday.In
Updated Jun 26, 2021, 10:19 AM IST
The Centre has exempted tax on costs incurred during COVID treatment of an employee - borne by employers or any other person - for FY20 and later.
The government has also extended deadlines for several income tax compliances. Additionally, ex-gratia payments received from employers by the families of employees who lost their lives to COVID-19 would be exempt from income tax in FY20 and subsequent years, the finance ministry notified on Friday.
The unusual move, which has surprised those suspected of having undisclosed foreign assets, is aimed to quicken tax collection and build a stronger case that would stand the scrutiny of appellate bodies when taxpayers challenge the assessment orders.
India Business News: The income tax (I-T) department will launch its new e-filing portal on Monday aimed at providing convenience to taxpayers and faster processing of ret