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Income Tax exempted on employees covid treatment expenses June 29 2021Income Tax exempted on employees covid treatment e

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Income Tax Relief for Covid-19 Treatments

The government said on Friday that numerous income tax deadlines had been extended, and that the amount paid by an employer to employees for Covid-19 treatment will be tax exempt.

Ex-gratia payments received by family members from employers in the event of an employee's death owing to COVID would also be tax-free in fiscal 2019-20 and later years.

If the payment is received from someone else, the limit for a tax-free payment is Rs 10 lakh.

Due to the impact of the Covid-19 outbreak, taxpayers are experiencing difficulties fulfilling with some tax obligations and filing responses to various notices.

"Reliefs are being provided in order to reduce the compliance load of taxpayers during this rough patch," the Central Board of Direct Taxes (CBDT) stated in a statement.

Many taxpayers have received financial assistance from their employers and well-wishers to cover the costs of COVID-19 treatment, according to the tax department.

It has been decided to provide income-tax exemption to the amount received by a taxpayer for medical care from an employer or from any person for treatment of Covid-19 for FY 2019-20 and following years, in order to ensure that no income tax liability occurs on this account," it added.

The CBDT stated that if capital gains arising from the transfer of residential home property are taxed, the re-investment deadline for such capital gains will be September 3, 2021.

Section 54 of the Income Tax Act states that if a taxpayer has a capital gain on the transfer of a residential house property, the capital gain can be exempt from tax if the taxpayer invests the capital gain amount in another house property within two years in the case of a new house purchase or three years in the case of a new house construction from the date of the original house property transfer.

The CBDT circular now states that if a two-year period expires between April 1, 2021 and September 29, 2021, it will be extended until September 30, 2021.

In addition, until August 31, the deadline for making payments under the Vivad Se Vishwas direct tax dispute resolution plan has been extended by two months.

Taxpayers, however, have the option of extending payments until October 31 with additional interest rate.

The deadline for linking a PAN to an Aadhar card has been extended by three months to September 30, 2021, while the deadline for employers to provide TDS certificates in Form 16 to employees has been extended to July 31, 2021, from July 15, 2021.

The deadline for submitting TDS statements for the final quarter of 2020-21 (January-March) has been extended to July 15, 2021, from June 30, 2021.

The quarterly statement in Form 15CC states that an authorized dealer must provide for remittances made in the June quarter must be furnished by July 31.

In addition, the deadline for filing an Equalization Levy Statement in Form No. 1 for the fiscal year 2020-21 has been extended by one month, to July 31, 2021, and the deadline for processing Equalization Levy returns has been extended by three months, to September 30, 2021.

The extension of various deadlines, such as those for PAN-Aadhaar linking, payment of tax/penalty under the Vivad se Vishwas scheme, completion of assessment proceedings, completion of penalty proceedings, registration of charitable trusts and institutions for income tax exemption, and so on, will give taxpayers and tax authorities more time considerably.

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Prevent Unauthorized Transactions in your demat and trading account --> Update your Mobile Number/Email id with your Depository Participant and Stock Broker. Receive alerts on your Registered Mobile for all debit and other important transactions in your demat/trading account directly from CDSL and Stock Exchanges on the same day.........issued in the interest of investors...

1. Stock Brokers can accept securities as margin from clients only by way of pledge in the depository system w.e.f. September 1, 2020.

2. Update your Mobile Number & Email Id with your Stock Broker/ Depository Participant and receive OTP directly from Depository on your Email Id and/ or Mobile Number to create pledge.

3. Pay 20% upfront margin of the transaction value to trade in cash market segment.

4. Investors may please refer to the Exchange's Frequently Asked Questions (FAQs) issued by NSE vide. Circular No. NSE/INSP/45191 dated: July 31, 2020 and NSE/INSP/45534 and BSE vide Notice No. 20200731-7, dated: July 31, 2020 and 20200831- 45 dated: August 31, 2020 and dated: August 31, 2020 and other guidelines issued from time to time in this regard.

5. Check your Securities/ MF/ Bonds in the Consolidated Account Statement issued by NSDL/ CDSL every month.


  • 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
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  • Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
  • Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost

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