On June 25, the government has announced five major tax reliefs for taxpayers. The deadline for linking PAN-Aadhaar has been extended. Apart from this, no tax will be levied on the amount received for corona treatment. The amount of help will also be tax free.
Keeping in mind the Corona crisis, the government has made many important announcements for the taxpayers. The first and biggest announcement is related to corona treatment. If the employee receives any amount from the company or an individual from other individual for corona treatment, then no tax will be levied on it. There are many taxpayers who got financial help from the company or from their families in difficult times. No tax will be levied on any such assistance.
Apart from this, if an employee dies of corona and financial help is given to his family by the company, then no tax will be levied on that too. If an individual also helps another individual financially, then up to 10 lakhs it will be completely tax free. In this way, the amount received for corona treatment is tax free. If someone dies due to corona, then any help received in the form of ex-gratia will be tax free.
PAN-Aadhaar linking deadline extended by 3 months
The third major announcement has been made regarding the PAN-Aadhaar link. The deadline for linking both has been extended by three months. Currently, its deadline was ending on June 30, which has been extended to September 30. If your PAN card is not linked with Aadhaar, then your PAN will become in-active. Due to this your KYC will also become invalid and you will have to face many financial problems due to this.
Vivad Se Vishwas Scheme Payment Deadline
The fourth major announcement is related to the Vishwas Se Vishwas scheme. Under this scheme, the deadline for payment without additional amount has been extended to August 31. The deadline for payment with additional amount has been extended till October 31.
Deadline extended for many works
Apart from this, many other announcements have been made for the taxpayers. The deadline for different works has been increased from 15 days to 2 months. The deadline for submission of TDS statements has been extended by 15 days. The current deadline was June 30, which has been extended to July 15. The deadline for tax deduction certificates has been extended till July 31. The deadline for foreign remittance certificate is between July 15-131. The deadline for registration of institutions has been extended to August 31. The deadline for withdrawing the case from the settlement commission has been extended till July 31.
