Centre extends tax deadlines, exemption on funds received for COVID-19 treatment

The Central Board of Direct Taxes (CBDT) has announced an extension on several income tax-related deadlines yet again due to the disruptions caused by the covid-19 pandemic.

Centre yesterday said that the individuals who received financial aid from their employers, friends, or relatives for their Covid treatment will not have to pay any tax on the amount received.

In addition, the centre has also announced exemption for family members of individuals who lost their lives due to COVID-19. Any fund received by the family from the deceased individual’s employer will not attract any tax.

Besides, the date to link Aadhaar with PAN has also been extended from June 30 deadline to September 30, 2021. Also, salaried employees will be getting their Forms 16, required from filing I-T returns, a little later this year as employers are given an additional 15 days to complete the process. The usual deadline is June 15, which was already extended to July 15 in May.

The CBDT has also given relaxation for uploading Forms 15G/H. The 15G/H Forms submission can now be completed by August 31 instead of July 15.

mouse
mouse

The Banking & Finance Post is an initiative of Elets Technomedia Pvt Ltd, existing since 2003.
Now, Elets' YouTube channel, a treasure of premier innovation-oriented knowledge-conferences and awards, is also active. To Subscribe Free, Click Here.

Get a chance to meet the Who's who of the NBFCs and Insurance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.