TAX EXEMPTION
Taxpayer
Financial help received from employers and well-wishers for meeting expenses incurred for treatment of COVID-19 is exempt from income tax liability in the hands of the taxpayer from Financial Year 2019-2020 onwards.
Family of Taxpayer
Financial assistance (ex-gratia payment) extended by employers and well-wishers to the family members of the taxpayers who lost their life due to COVID-19 to cope with the difficulties arisen due to the sudden loss of the earning member of their family is exempt from income tax liability in the hands of the family members from Financial Year 2019-2020 onwards.
Limit on exemption:
From Employer: no limit
From others: ₹10 lakhs in aggregate
Necessary legislative amendments for the above decisions shall be proposed in due course of time.
EXTENSION OF TIMELINES
| Particulars | Due Date | Extended Due Date |
| Objections to Dispute Resolution Panel (DRP) and Assessing Officer under section 144C | 1st June, 2021 or thereafter | Time provided in that section or by 31st August, 2021 whichever is later |
| TDS Return (Q4 of F.Y. 2020-21) | 31st May, 2021 | 15th July, 2021 |
| Certificate of TDS (Q4 of F.Y. 2020-21) | 15th June, 2021 | 31st July, 2021 |
| Statement of Income Tax paid or credited by an investment fund to its unit holder
(Form 64D) (F.Y. 2020-21). |
15th June, 2021 | 15th July, 2021 |
| Statement of Income Tax paid or credited by an investment fund to its unit holder
(Form 64C) (F.Y. 2020-21). |
30th June, 2021 | 31st July, 2021 |
| 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. | 30th June, 2021 | 31st August, 2021 |
| Section 54 to 54GB: Compliances to be made by the taxpayers such as investment, deposit, payment, acquisition, purchase, construction or such other action, for the purpose of claiming any exemption. | Last date of such compliances falling between 1st April, 2021 to 29th September, 2021 (both days inclusive) | 30th September, 2021 |
| Quarterly Statement to be furnished by authorized dealer (Q1 of F.Y. 2021-22) (Form No. 15CC). | 15th July, 2021 | 31st July, 2021 |
| Equalization Levy Statement (F.Y. 2020-21) (Form No. 1). | 30th June, 2021 | 31st July, 2021 |
| Annual Statement required to be furnished under section 9A(5) by the eligible investment fund (F.Y. 2020-21) (Form No. 3CEK). | 29th June, 2021 | 31st July, 2021 |
| Uploading of the declarations received from recipients (Q1 of F.Y. 2021-22) (Form No. 15G/15H). | 15th July, 2021 | 31st August, 2021 |
| Exercising of option to withdraw pending application (filed before the erstwhile Income Tax Settlement Commission) under Section 245M(1) (Form No. 34BB). | 27th June, 2021 | 31st July, 2021 |
| Linking of Aadhaar with PAN under section 139AA. | 30th June, 2021 | 30th September, 2021 |
| Payment of amount under Vivad se Vishwas (without additional amount) | 30th June, 2021
(earlier extended) |
31st August, 2021 |
| Payment of amount under Vivad se Vishwas (with additional amount) | – | 31st October, 2021 |
| Time Limit for passing assessment order | 30th June, 2021
(earlier extended) |
30th September, 2021 |
| Time Limit for passing penalty order | 30th June, 2021
(earlier extended) |
30th September, 2021 |
| Time Limit for processing Equalization Levy returns | 30th June, 2021
(earlier extended) |
30th September, 2021 |
Disclaimer: The author is based in Jabalpur and is a Practicing Company Secretary dealing in Corporate, Legal & Taxation services. The information contained in this write up, as provided by the author, is to provide a general guidance to the intended user. The information should not be used as a substitute for specific consultations. Author recommends that professional advice is sought before taking any action on specific issues.
The author can also be reached at cstanveersaluja@gmail.com
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