Relief for taxpayers as govt announces various measures, extends deadlines
Premium- The last date for PAN-Aadhaar linking too has been extended by three months to September 30, 2021
The government on Friday announced various relief measures for the taxpayers such as easing income tax compliance burden to extending various important deadlines.
Minister of State for Finance and Corporate Affairs Anurag Thakur said that the decision has been taken to extend deadlines for various income tax compliances. The last date for PAN-Aadhaar linking too has been extended by three months to September 30, 2021.
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Separately, announcing tax concessions for covid patients, the amount paid by an employer to employees for COVID-19 treatment would be tax exempt. Also, ex-gratia payment received from employer by family members in case of death of an employee due to COVID-19 would be exempt from income tax. Both the tax relief measures are applicable for FY20 and subsequent years. The Income Tax Act will be amended to provide for this relief.
The income tax department, in a statement, said the payment deadline for Vivad Se Vishwas direct tax dispute resolution scheme has been extended by two months till August 31. Taxpayers can make payments till October 31 with additional amount of interest.
One more relief to income tax payer is time to invest in a residential house, for tax deduction extension for more than 3 months, investment required to be made on or after April 1 can now be made up to September 30.
The deadline for employers to furnish Tax Deducted at Source (TDS) certificate in Form 16 to employees too has been extended till July 31, from July 15, 2021.
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