Quick Summary
The Finance Minister, Smt. Nirmala Sitharaman announced an Economic Package today that is the 13th of May 2020 at 4:00 PM via a press conference. The Economic Package has been announced to fight the COVID-19 crisis. The Honble PM while addressing the nation on the 12th of May made an announcement re
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FAQ :
The economic package is worth Rs 20 lakh crore, which is equivalent to 10% of India's GDP.
The economic package was announced on the 13th of May 2020.
TDS and TCS rates have been reduced by 25%, income tax return deadlines are extended to November 30, 2020, tax audit deadlines are extended to October 31, 2020, and the Vivad se Vishwas scheme deadline is extended to December 31, 2020.
MSMEs will receive Rs 3 lakh crore in collateral-free automatic loans, Rs 20,000 crore in subordinate debt, and the definition of MSME has been revised with updated turnover and investment limits.
The government will contribute 12% for employers and employees for June, July, and August. The statutory limit for PF contributions is reduced from 12% to 10% for employers and employees for the next three months.
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