Government announces tax relief on covid related aid
New Delhi: Any financial help received by a person from her employer, relatives or others for covid treatment or any aid received by family members of a person who lost his life to coronavirus disease will not be subject to income tax, the finance ministry said in an announcement on Friday.
In the case of financial aid received by the family members of a diseased person, the tax relief is applicable upto ₹10 lakh if the aid is given by any person other than the employer of the diseased person. In the case of financial assistance from the employer, there is no such cap.
Both the tax relief measures are applicable for FY20 subsequent years, the ministry said in a statement. The Income Tax Act will be amended to provide for this relief.
The finance ministry also granted extra time for various compliance requirement under the Income Tax Act. (ends)
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