Yahoo Finance Anurag Thakur announces tax concessions for payment towards COVID-19 treatment, ex-gratia
New Delhi [India], June 25 (ANI): Minister of State for Finance Anurag Thakur on Friday announced tax concessions to strengthen the fight against COVID-19 and said the amount paid for medical treatment to an employee by the employer or to a person by any person on account of coronavirus for 2019-20 and subsequent year won't be taxed in hands of an employee or the beneficiary.
The minister announced measures related to tax concessions for payment towards COVID treatment or death.
Thakur told ANI that ex-gratia payment by the employer to an employee's family or by any person to any other person's family on the death of employee or any other person on account of COVID-19 for 2019-20 or subsequent year will be tax exempted.
Ex-gratia from any other person has been restricted to Rs 10 lakh.
"Amount paid for medical treatment to an employee by employer or to a person by any person on account of COVID for 2019-20 and subsequent year won't be taxed in hands of employee or beneficiary," he said.
"Ex-gratia payment by an employer to an employee's family or by any person to any other person's family on the death of employee, any other person on account of COVID for FY 19-20 or subsequent yr will be tax exempted. Ex-gratia from any other person to be restricted to Rs 10 lakh," he added. (ANI)
