In light of the COVID second wave several issues had emerged for companies with regards to Corporate taxes largely on account of the medical supplies given by companies to their employees. Given this Forum had submitted a detailed note to CBDT with detailed issues and recommendations and we are glad that many of our recommendations have come through as part of the recent CBDT press release. CBDT has announced tax exemption on ex-gratia sum received for death due to COVID-19 for FY 2019-20 and subsequent years without any limit if received by an employee from its employer but limited to Rs.10 Lakh in other cases. CBDT has also extended various timelines for compliance and assessment. Please access the press release here.
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