In the view of the second wave of the novel coronavirus pandemic in the country, the Union government has recently announced various income tax reliefs for the common man. From more time to file Tax Deducted At Source (TDS) to income tax relief for Covid-19 treatment, a host of measures have been provided. Take a look at latest income tax related updates
1) Now taxpayers will have time till July 15 to file the TDS return for the last quarter of financial year 2020-21.
2) The last date of issuance of Form 16 has been extended till July 31, according to the recent guidelines by the income tax department. Earlier the deadline for Form 16 was July 15.
3) The last date for linking PAN and Aadhaar has been extended to September 30. If you fail to link the two documents within the deadline, you PAN will be inoperative. You may have to face a penalty of up to Rs 1,000 for not linking you PAN and Aadhaar card on time.
4) For payment without interest under Vivad se Vishwas scheme, the deadline has been extended August 31. Last date of payment of amount under Vivad se Vishwas (with additional amount) has been notified as October 31.
5) Those who have received financial support from their employers, friends for Covid-19 treatment, will not have to pay tax for the amount, the Income Tax department said. The ex-gratia payment received by family members of a person who has died due to Covid-19 from an employer, will be exempted from tax without any limit. The tax exemption will be limited to Rs 10 lakh for the amount received from any other persons such friends and family.
“Covid-19 deaths have led to people coming together and donating money on several crowdfunding platforms. A question that often gets asked is how this would impact the recipient- whether receipts will be taxable. With this announcement govt has exempted receipts by family members on account of covid deaths. Receipts from employers usually in the form of ex-gratia are also exempted, however limit is Rs 10 lakh. This is a welcome move and will serve well to protect the interests of those who lost an earning member,” said Archit Gupta, founder and chief executive officer of ClearTax.
6) The statement of income paid or credited by an investment fund to its unit holder in Form No. 64D for the previous year 2020-21 can be furnished on or before July 15.
7) First time home buyers could avail special tax relief on investment in residential house as per specified conditions. The deadline for making this investment in residential house for tax deduction has been extended by more than three months.
8) “The compliances to be made by the taxpayers such as investment, deposit, payment, acquisition, purchase, construction or such other action, by whatever name called, for the purpose of claiming any exemption under the provisions contained in Section 54 to 54GB of the Act, for which the last date of such compliance falls between 1st April, 2021 to 29th September, 2021 (both days inclusive), may be completed on or before 30th September, 2021,” the Income Tax department said.
9) Time Limit for passing assessment order which was earlier extended to June 30 is further extended to September 30. Time Limit for passing penalty order has also been extended to September 30.
10) “The application under Section 10(23C), 12AB, 35(1)(ii)/(iia)/(iii) and 80G of the Act in Form No. 10A/ Form No.10AB, for registration/ provisional registration/ intimation/ approval/ provisional approval of Trusts/ Institutions/ Research Associations etc., required to be made on or before 30th June, 2021, may be made on or before 31st August, 2021,” the Income Tax department said.
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