Government relief to the Income tax payersHemlata Khandelwal / 2021-06-29 08:01:07
Due to Covid -19, income tax payers are facing inconvenience in responding to tax notices. In view of this, the period of many work related to income tax has been extended as compared to earlier. This will give relief to the people and they will be able to take more time to settle the tax related work.
The government of India announced a big relief to the tax payers. In which, employees will be given tax exemption on the amount received from the company or anyone else for the treatment of Covid -19. Also, on the death of the employee due to the Covid epidemic, the amount received by the company to the family of the deceased will also be exempt from tax. Apart from this, the deadline for tax compliance or tax compliance has been extended. There are 8 works related to income tax, whose date has been changed and extended so that taxpayers can get some time in the corona epidemic.
Due to Covid -19, income tax payers are facing inconvenience in responding to tax notices. In view of this, the period of many work related to income tax return filing has been extended as compared to earlier. This will give relief to the people and they will be able to take more time to settle the tax related work. The deadline for companies to give TDS certificate in the form of Form-16 to employees has been extended from July 15, 2021 to July 31, 2021. That date was extended from June 15, 2021 to July 15, 2021. The date of which work has been extended and what is its last date, you can know here-
1. Filing of TDS Statement - ??The government has extended its date from 30 June to 15 July. Now TDS statement can be filed till July 15.
2. Issue of Tax Deduction Certificate - Its new date has been changed to 31st July as against 15th July earlier. The government has given 15 days for this work. This is the certificate in which information about the tax deducted by the company for an employee is given. In this, there is complete information about the TDS or TCS and other transactions of the employee.
3. Filing of Foreign Remittance Statement - Its date has also been extended from July 15 to July 31. This is a document that shows how much money a person has received as income from abroad. Income tax has to give its statement.
4. Submission of Registration of Trusts and Institutions - The old date of this work was 30th June which has been extended to 31st August. Tax exemption is available on starting a trust or social institution. The government has made a special provision for this in income tax. The grant received by the trust is exempted under section 80G of the ID. In order to get the exemption, information has to be given to the Income Tax.
5. Submission of Forms for Equalization Levy - The government has extended its date till July 31. Earlier its date was till 30 June. The Equalization Levy was introduced in 2016 to tax digital transactions. The digital transactions that foreign e-commerce companies earn from India are taxed. This tax is levied on business to business transactions.
6. Uploading of No TDS Claim Case Form - Its date has been extended from July 15 to August 31. Actually, when the company deducts more tax of an employee, while the tax is not made in that financial year, then Form 13 of less or zero TDS is submitted on behalf of the employee. This work comes under No Claim TDS.
7. Submission of Objection for Dispute Resolution Panel (DRP) - Its date has been extended from 1st June to 31st August. DRP is a mechanism of Alternative Dispute Resolution (ADR) that resolves disputes related to transfer pricing in international transactions. ADR has been constituted for redressed of complaints related to international transactions. If anyone has any objection on this, then he can submit the application till August 31.
8. Submission of Form for Withdrawal of Case from Settlement Commission - Its date has been extended from 27th June to 31st July. The Settlement Commission comes under the Income Tax Act and is linked to the Wealth Tax Act. If there is an offense under the Central Excise Act, the Settlement Commission can give relief in it if it wants. This commission also gives relief to the people from getting punished in the case of tax.