In view of the second wave of Corona epidemic, the central government has given many concessions to the common man on the income tax front. In this, many facilities have been given along with extending the period for filing TDS return for the assessment year 2020-21 (AY2021).
New Delhi. The Narendra Modi government at the Center has given great relief to the common people in view of the second wave of Corona epidemic. Actually, the central government has given many concessions to the people on the income tax front. The government has extended the deadline for linking Permanent Account Number (PAN) with Aadhaar, as well as the period for filing income tax returns (ITR) for TDS returns. Not only this, the period for issuance of Form-16 has also been extended (Last Dates Extended).
Form-16 can be issued till July 31, 2021
The Center has extended the TDS return filing period for the assessment year 2020-21 (AY 2021) till 15 July 2021. This will benefit those taxpayers who have not yet filed ITR for TDS return. At the same time, the Income Tax Department has extended the period for issuing Form-16 to 31 July 2021. Earlier the last date for the release of Form-16 was fixed as 15 July 2021. Apart from this, the period for making payment without interest under the Vivad se Vishwas scheme, started to settle tax-related disputes, has now been extended till 31 August 2021. This scheme was started in October 2020.
PAN-Aadhaar linking period extended by 3 months
The government has extended the deadline for linking PAN card with Aadhar card to 30 September 2021. Earlier, the period for linking PAN with Aadhaar was fixed as 30 June 2021. If you do not link PAN and Aadhaar by September 30, then your Permanent Account Number will become inactive. After this you will not be able to do any big transaction. The Income Tax Department said that those who have taken loans from their employers, friends and relatives for the treatment of Kovid-19, they will not have to pay any tax on that amount.
- Compensation received from the employer company on the death of a family member due to Kovid will be completely tax free without any limit.
- No tax will be levied on the amount of assistance received from relatives up to Rs.10 lakh.
- The date of Special Tax Relief on investment for first time home buyers has been extended.
- Now an additional 3 months tax exemption will be available on residential house.
