9 New Big Income Tax Reliefs 2021

1. PAN Aadhar Linking – Government has extended the deadline for PAN and Aadhar linking to 30th September from 30th June.

2. Form No. 15G/15 H – Declarations in Form No. 15G/15H during the quarter ending 30th June 2021 which is required to be uploaded on or before 15th July 2021, may be uploaded by 31st August 2021.

3. Section 54 – LTCG Investment – In case there is a capital gain on account of transfer of residential house property, such capital gain can be exempt from tax if the taxpayer invest the capital gain amount into another house property within 2 years (in case of purchase of new house) or within 3 years (in case of construction of house) from date of transfer of original house property.

But now the CBDT Circular provides that in case any such time period of 2/3 years is expiring between April 1, 2021 to September 29, 2021, it will be extended to September 30, 2021.

4. Income – tax Exemption – Income tax exemption to the amount received by the taxpayer for medical treatment from the employer or from any person for treatment of Covid -19 during FY 2019-20 and subsequent years.

5. Loss of Life with Covid – Income tax exemption to the ex-gratia payment received by the family members of a person from the employer of such person or from another person on the death of the person on account if Covid – 19. Tax – exempt upto a total of Rs. 10 lakh.

6. TDS Certificate – Certificate of TDS required to be furnished to the employee by 15th June 2021 may be furnshised on or before 31st July, 2021.

7. Form No 16 – Form No. 16, required to be furnished to the employee by the employer has been extended till July 31, from July 15, 2021.

8. Income Tax Return – Individual can now file their Income tax Returns for income earned during the financial year 2020-2021 by September 30.

9. Vivad se Vishwas Scheme – It has been extended till 31st August while the last payment date with additional amount has been extended till 31st October.