Exemption from Taxes to Alleviate Stress caused by COVID

The exemption shall be granted without restriction for amounts received from the employer, but shall be limited to Rs. 10 lakh
Sheena

Updated: Jul 21, 2021 02:46:32 pm

21 July 2021 Current Affairs:The government has decided to exempt taxpayers from income tax on medical expenses for COVID-19 treatment received from their employer or anyone in the 2019-20 fiscal year and subsequent years

Highlights:
♦ The purpose of this exemption is to provide relief to taxpayers who have suffered as a result of COVID-19 and have had to incur costs for COVID-19 medical treatment after receiving assistance from their employer or another person.
♦ In order to provide relief to the family members of taxpayers who have died as a result of COVID-19, the Government has decided that ex-gratia payments received by family members of a person from the employer of such person or from another person on the death of the person as a result of COVID-19 will be exempt from income tax in financial years 2019-20 and subsequent years.
♦ The exemption shall be granted without restriction for amounts received from the employer, but shall be limited to Rs. 10 lakh in aggregate for amounts received from any other persons.
 
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