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 [email protected]

Author Bio

More Under Income Tax

Leave a Comment

Your email address will not be published. Required fields are marked *

Search Posts by Date

October 2021
M T W T F S S
 123
45678910
11121314151617
18192021222324
25262728293031