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Finance Minister declared measures for relief and credit support related to businesses

Finance Minister declared measures for relief and credit support related to businesses

Thursday 14th May 2020

Finance Minister Nirmala Sitharaman announced on Wednesday the first set of relief measures under the government’s Atmanirbhar Bharat Abhiyan—India’s Rs 20 lakh crore Covid-19 economic package. Small businesses, non-bank lenders and power distribution companies formed the central agenda of today’s announcements.

Industry bodies said the measures will infuse liquidity in the market and inject a fresh lease of life in distressed micro, small and medium enterprises (MSMEs).

In a bid to provide support to the struggling MSME sector, the government announced collateral-free automatic loans worth Rs 3 lakh crore. It also changed the definition of MSMEs by revising upwards the investment limit and bringing in an additional criteria of turnover size of the company.

Reduction in Rates of ‘Tax Deduction at Source’ and ‘Tax Collected at Source” - The TDS rates for all non-salaried payment to residents, and tax collected at source rate will be reduced by 25 percent of the specified rates for the remaining period of FY 20-21.This will provided liquidity to the tune of Rs 50,000 Crore.

The due date of all Income Tax Returns for Assessment Year 2020-21 will be extended to 30 November, 2020.  Similarly, tax audit due date will be extended to 31 October 2020.

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