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Covid related exp - deductions

LAKSHMI KANTH (TAX CONSULTANT) (449 Points)

09 September 2021

Sir. kindly eloborate on the expenses incurred on account of covid - where can I get deduction ie under which section and how much ?

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Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294) (3341 Points)
Replied 09 September 2021

The ex-gratia payment received by an employee’s family members has been exempted from being taxed without any limit.
Financial help of up to Rs 10 lakh from friends and families will be tax-free.
Tax deductions can also be claimed of up to Rs 25,000 against the premium paid for a health insurance policy.

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Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294) (3341 Points)
Replied 09 September 2021

Keeping in view the financial losses and expenses suffered by people during the Covid-19 pandemic, the Central Board of Direct Taxes (CBDT) had recently made some provisions to help citizens claim tax deductions while filing the Income Tax Return (ITR) against coronavirus-related medical treatment expenses.