Giving a big relief to the taxpayers during the coronavirus pandemic, the Ministry of Finance on Friday made several big announcements. Most of the concessions have been given regarding the problems being faced during the pandemic.
The government announced income tax exemption on the amount received by a taxpayer from his/her employer or from any other person for the treatment of Covid-19 during FY 2019-20 and subsequent years. It also provided relief to the family members of a taxpayer falling prey to Covid by providing income tax exemption on the ex-gratia payment received by them from the employer or from any other person.
In an official statement, the ministry said that this exemption shall be allowed without any limit for the amount received from the employer, while the exemption shall be limited to Rs 10 lakh in aggregate for the amount received from any other person.
Necessary legislative amendments for the above decisions shall be proposed in due course of…