In view of the second wave of the corona virus epidemic, the central government has given many concessions on the income tax front to provide relief to the common people. Along with extending the deadline for linking PAN with Aadhaar, the central government has extended the last date for filing income tax returns for TDS returns. Along with this, the date of issue of Form 16 has also been extended. The government has also extended the last date of these schemes.
The central government has extended the last date to file TDS return for the assessment year 2020-21 till July 15. This will benefit those taxpayers who have not yet filed ITR for TDS return.
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The Income Tax Department has also extended the date of issue of Form 16 to 31st July. Earlier, the last date for the release of Form 16 was fixed as 15 July.
The central government has now extended the deadline for linking PAN card with Aadhaar card by 3 months to 30 September. Earlier, the deadline for linking PAN with Aadhaar was fixed as June 30. If you do not link PAN Card with Aadhaar Card by 30th September, then your PAN number will be deactivated and you will not be able to do any major transaction after PAN is deactivated.
Vivad se Vishwas scheme
The Central Government has now extended the last date for making payments without interest under the Vivad se Vishwas scheme, launched to settle tax-related disputes, till August 31. This scheme was started in October 2020.
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These things will be tax free
The Income Tax Department said that those who have taken loans from their employers, friends and relatives for the treatment of Covid-19, they will not have to pay any tax on that amount. In case of death of a family member due to Covid, the compensation received from the employer company will be completely tax free without any limit. Whereas the assistance amount up to 10 lakh received from relatives will not be taxed.
Special Tax Relief for Home Buyers
The date of special tax relief for first time home buyers on their investments has been extended. Now 3 min more tax deduction will be available on residential house.
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