Smt, Finance Minister. Nirmala Sitharaman's press conference on
May 13, 2020 to share the Rs 20 lakh economic package announced
Premier, Sh. Narendra Modi.
The Finance Minister revealed many Micro, Small and Medium packages
Enterprises ( MSME) business to get certain relief under COVID-19
Pandemic. Pandemic. The FM has implemented many initiatives, including
Collateral-free automatic loan, updated MSME concept, etc.
1. Announcement Database
The Finance Minister also announced several income tax reliefs, which
(A) TDS / TCS rates for designated payments / receipts shall be reduced
25%. 25%. This waiver is available for tax withheld or obtained
Around 14-05-2020-31-03-2021. This relief is not available to a wage and
Taxpayer non-resident. Tentative TDS and TCS levels are listed below
B) All pending refunds to charitable and non-corporate trust and
Professions are released soon.
C) The expiry date of all income-tax returns for the financial year 2019-20
Between 31 July 2020, 31 October 2020 until 30 November 2020.
(D) The tax audit date under section 44AB is prolonged from 30 September.
2020-31 October 2020
E) Last date to vote for Vivad ke Vishwas Program without charging 10% more
The unresolved tax is continued until 31 December 2020
F) 30-09-2020 date for completion of reviews until 31-12-
2020. 2020. Where tests are delayed on 31-03-2021, 30- shall be expanded
Through rising TDS / TCS, the Govt. Giving taxpayers greater money
His paws. This declaration would help self-employed in this tough period,
Professionals and retirees receive tax or rental profits. It's not.
Provide enough support to wage-earners. It should be noted, however, that
Relaxation of TDS / TCS will not affect the ultimate tax liability
A taxpayer. Any deficit in tax liability due to a reduced TDS / TCS rate should
Payable through pre-tax payments. Any short-term deposit advance-
Tax draws attention within 234B and 234C. The first instalment of advance-tax
Is due June 15, 2020. A taxpayer will re-calculate his pre-tax liabilities
Deposited every month to stop interest charges.