PART 1- 20 Lakh Crore Covid Economic Package | Relief to Businesses and MSME | ITR Due Date Extended

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Published on May 14, 2020 by

20 Lakh Crore Covid Economic Package Part 1 | Relief to Businesses and MSME | ITR Due Date Extended

“20 lakh Crore Atmanirbhar Bharat Package”

PART 2- गरीबों, किसानों, मज़दूरों, प्रवासी श्रमिकों को राहत |20 Lakh Crore Atmanirbhar Bharat Package-https://youtu.be/hWtZc771KlI
PART 3- 20 Lakh Crore Economic Package| Logistics, Agriculture, Fisheries and Food Processing Sector- https://youtu.be/yHiyg2SL7F8

Finance Minister announce measures for relief and credit support related to businesses, especially MSMEs to support Indian Economy’s fight against COVID-19 (This Economic Package is 10% of GDP) Press Release Download link- https://pib.gov.in/PressReleseDetail.aspx?PRID=1623601

-Rs 3 lakh crore Emergency Working Capital Facility for Businesses, including MSMEs
-Rs 20,000 crore Subordinate Debt for Stressed MSMEs -Rs 50,000 crore equity infusion through MSME Fund of Funds
-New Definition of MSME and other Measures for MSME -No Global tenders for Government tenders of uptoRs 200 crore -Extending the Employees Provident Fund Support for business and organised workers for another 3 months for salary months of June, July and August 2020
-EPF Contribution to be reduced for Employers and Employees for 3 months to 10% from 12% for all establishments covered by EPFO for next 3 months -Rs. 30,000 crore Special Liquidity Scheme for NBFC/HFC/MFIs
-Rs. 45,000 crore Partial credit guarantee Scheme 2.0 for Liabilities of NBFCs/MFIs -Rs 90,000 crore Liquidity Injection for DISCOMs
-Relief to Contractors given by extension of up to six months for completion of contractual obligations, including in respect of EPC and concession agreements
-Relief to Real Estate Projects the registration and completion date for all registered projects will be extended up to six months.
-Tax relief to business as pending income tax refunds to charitable trusts and non-corporate businesses and professions to be issued immediately
– Reduction in Rates of ‘Tax Deduction at Source’ and ‘Tax Collected at Source” by 25% for the remaining period of FY 20-21
-The due date of all Income Tax Returns ITR for Assessment Year 2020-21 will be extended to 30 November, 2020. Similarly, tax audit due date will be extended to 31 October 2020.
-The date for making payment without additional amount under the “Vivad Se Vishwas” scheme will be extended to 31 December, 2020
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India reported 37724 coronavirus cases and 648 deaths in the last 24 hours, government data shows. The total cases india still has among the lowest incidences of coronavirus if the rate of infection per million is calculated, the government said The number of coronavirus in Delhi crossed the 1 lakh mark on Monday evening. With 1379 new cases reported in the last 24 Coronavirus India Updates: India’s coronavirus case count has crossed the 9 lakh-mark as 28498 new cases and 553

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