Exemption for receiving money fee of over Rs 2 lakh is made solely between April 1-Could 31
With the intention to present reduction amid the continued second wave of the COVID-19 pandemic within the nation, the Earnings Tax (I-T) division introduced that hospitals and nursing houses can now settle for money funds of Rs 2 lakh or extra for the therapy of coronavirus-infected sufferers until Could 31, 2021. (Additionally Learn: Income Tax Compliance Deadlines Extended Amid New COVID-19 Wave )
In a current notification, the I-T division stated that hospitals, nursing houses, COVID care centres, or related different medical amenities offering therapy for coronavirus can settle for money fee of Rs 2 lakh or extra after receiving legitimate id proof resembling PAN card or Aadhaar of the affected person and the payee and the connection between the affected person and the payee by such healthcare amenities.
Granting additional reduction in view of extreme Covid pandemic, provisions of part 269ST of Earnings-tax Act,1961 relaxed by the Central Govt.
Permits Hospitals/Medical amenities and many others offering Covid therapy to sufferers to obtain money funds of Rs. 2 lakh or extra.(1/2) pic.twitter.com/d6AZtqJPKM— Earnings Tax India (@IncomeTaxIndia) May 7, 2021
The notification additional stated that hospitals, dispensaries, nursing houses, COVID-19 care centres, or related different healthcare amenities offering therapy for coronavirus are being specified for the aim of part 269ST of the Earnings Tax Act.
This part of the Earnings Tax Act restricts any particular person from receiving an quantity of Rs 2 lakh or extra in money, from an individual in a day, in respect of a single transaction or in respect of transactions relating to 1 occasion or event from an individual. The norm was launched by the central authorities in 2017 as a measure to curb black cash.
This exemption for receiving money fee of over Rs 2 lakh amid COVID-19 therapy is made just for the interval between April 1 – Could 31, 2021, stated the Earnings Tax division. (Additionally Learn: Traders’ Body Seeks GST, Income Tax Relief Amid COVID-19 Second Wave )
In accordance with the well being ministry information up to date on Saturday, Could 8, the nation – battling in opposition to the lethal COVID-19 wave, registered a file 4,187 deaths and as many as 4,01,078 new COVID-19 circumstances within the final 24 hours.