These Persons Will Benefit From A Significant Income Tax Relief Measure And A Recently Approved Tax Exemption Order

For the convenience of taxpayers, the Income Tax Department frequently modifies the rules. Recently, the Central Board of Direct Taxes (CBDT) published new guidelines and a form for requesting an income tax exemption on the sum spent on Covid-19 therapy.

You must submit specific paperwork to your employer and fill out a form with the Income Tax Department in order to get a tax exemption on the money you got from your employer or family members for the treatment of COVID-19, according to the notification dated August 5, 2022.

The new regulation became effective on this day

The central government declared last year that ex-gratia received for the treatment of Kovid-19 or ex-gratia received by family members in the event of a death brought on by Kovid-19 would not be subject to income tax. It was also mentioned in the 2022 budget. This exemption will take effect in the 2019–2020 fiscal year. In addition to this, the Income Tax Department has also disclosed the creation of committees for the prompt resolution of any complaints.

For the benefit of the public and to encourage digitization, the Income Tax Department has digitalized the form for claiming tax exemption from it. The full job will be completed digitally. No longer will you be required to visit the office for numerous tasks.

Tax receipts rose by 24%.

Net direct tax receipts climbed by 24 percent to Rs 8.77 lakh crore between April and November of the current fiscal year. This information was recently provided by the Income Tax Department. This tax revenue represents 61.79 percent of the projected budget for the entire fiscal year 2022–2023.

News Mania Desk