Nirmala Sitharaman

Nirmala Sitharaman Press Meet:

Six major steps for MSME-

  1. Collateral Free Automatic Loan to MSME. No guarantee required. Period 4 Years. No principal repayment for 1 year.
  2. Stressed MSME: Subordinated Debt 20,000 crore
  3. MSME doing viable business: 50,000 cr. equity infusion for expansion
  4. Definition of MSME changed:
  5. Micro: Limit revised upward Investment up to 1 cr. or Turnover up to 5 cr.
  6. Small: Limit revised upward Investment up to 10 cr. or Turnover up to 50 cr.
  7. Medium: Limit revised upward Investment up to 20 cr. or Turnover up to 100 cr.
  8. No difference in the manufacturing and service sector for Micro Enterprises
  9. Government Tenders: Global tenders will be disallowed up to 200 cr.
  10. E-market linkage for MSME. Within the next 45 days, all payments will be made to MSME.

More News ; Startup Unfold

EPF (Employee Provident Fund): For June, July and August will be paid by Government (72,22,000 employees will be benefitted). Total of Rs. 2500 benefit cr.

EPF: Statutory PF deposit limit reduced from 12% to 10% for the next 3 months. (6,750 cr.) (except CG and PSU’s).

NBFC, HFC & MFI- Rs. 30,000 cr. Special liquidity scheme

Partial credit guarantee scheme for NBFC: Rs. 45,000 cr scheme. Govt. of India will be the guarantor. 20% will be borne by GOI.

Discoms: Liquidity crisis. Rs. 90,000 cr. infused for improving Liquidity crises. This amount will be paid by PFC and REC.

Contractors: Extension up to 6 months to comply with contract conditions.

Real Estate: COVID 19, an event of ‘Force Majeure’. Registration and Completion extended for 6 months for all projects expiring o or after 25.03.2020

Direct tax:

  • TDS rates reduced by 25% of existing rates from tomorrow to 31.03.2021(Non-salaried to residents and TCS) Payment for – VSVS extending up to 31.12.2020. pay without any additional amount.
  • Pending refunds of charitable trusts, non-corporate business, proprietorship, partnership, LLP, and society will be issued immediately.

Due dates of IT return for FY 2019-20

Earlier 31.07.2020 & 31.10.2020 Now 30.11.2020

Tax Audit due date: Earlier 30.09.2020 Now 31.10.2020

Date of assessment extended

From those barring on 30.09.2020 to 31.12.2020

From those barring on 31.12.2021 to 30.09.2021

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