Tax Relief

Authorities publicizes tax relief for Covid-related assist

New Delhi: Any financial aid that a person receives from their employer, relative, or others for Covid treatment, or any aid received by family members of a person who has lost their life to coronavirus disease, is not subject to income tax, the Treasury Department said in an announcement with Friday.

In the case of benefits received by the family members of a sick person, the tax relief applies to 10 lakh if ​​the help is provided by someone other than the sick person’s employer. There is no such upper limit for financial support from the employer.

Both tax breaks apply to FY20 and the following years, the ministry said in a statement. The Income Tax Act will be amended to allow this relief.

The Treasury Department also granted additional time for various compliance requirements under the Income Tax Act. (ends)

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