INCOME TAX

REFUND:

The pending income tax refunds to charitable trusts and non-corporate businesses and professions including proprietorship, partnership and LLPs and cooperatives shall be issued immediately.

Note: NOT CORPORATE ENTITIES e.g. PRIVATE LIMITED COMPANY ETC

Limit of Amount- All Pending Income Tax Refund upto Rs. 5,00,000/- (Rupees Five Lakh Only).

DUE DATE:

Sl. No Particulars Revised Due date
01 Filing of all Income tax  Return (ITR) for the A.Y. 2020-21/F.Y 2019-20 30th November, 2020
02 Tax Audit for the A.Y 2020-21/F.Y 2019-20 31st October, 2020
03 Last date of making payment without additional amount under Vivad se Vishwas Scheme (VSVS Scheme) 31st December, 2020
04 Last date of Assessment of Income Tax under various provisions whose period getting barred on 30th September, 2020 31st December, 2020
05 Last date of Assessment of Income Tax under various provisions whose period getting barred on 31st March, 2021 30th September, 2021

Reduction in TDS / TCS Rate- Check details at below link-

EMPLOYEES PROVIDENT FUND

Sl No Particulars Existing rate Revised Rate
01 New rate of contribution made by employer and employee under Employees Provident Fund scheme

NOTE:

1.    It is applicable on Statutory Provident Fund only.

2.    It will be applicable for next 3 months i.e. June, July and August.

3.    This revision is made against the existing rate of 12% only. However, apart from 12%, there are two more rates of contribution i.e. 10% and 8% depending upon and complying different/various provisions of EPF.

4.    CPSEs and State PSUs will however continue to contribute 12% as employer contribution.

12%

(both by employer and employee)

10% (both by employer and employee)
02 Government of India will contribute 12% of salary each on behalf of employer and employee to EPF.

NOTE:

1.    This scheme is applicable under Pradhan Mantri Garib Kalyan Package.

2.    It will be applicable for next 3 months i.e. June, July, August.

3.    It is applicable for wage-earners below 15,000/- p.m.

4.    It is applicable in businesses having less than 100 workers.

Micro, Small, Medium Enterprises (MSME)

Definition:

Existing MSME Classification
Criteria: investment in plant & machinery or equipment
Classification Micro Small Medium
Manufacturing sector Investment< Rs. 25 Lakh Investment< Rs. 5 Crore Investment< Rs. 10 Crore
Service Enterprises Investment< Rs. 10 Lakh Investment< Rs. 2 Crore Investment< Rs. 5 Crore

Revised MSME Classification
Composite Criteria: Investment and Annual Turnover
Classification Micro Small Medium
Manufacturing and service Investment < Rs. 1 Crore

And

Turnover < Rs. 5 Crore

Investment < Rs. 10 Crore

And

Turnover < Rs. 50 Crore

Investment < Rs. 20 Crore

And

Turnover < Rs. 100 Crore

  • E-market linkage for MSMEs will be promoted to act as a replacement for trade fairs and exhibitions.
  • MSME receivables from Government and CPSEs will be released in 45 days.
  • Emergency Credit Line to Businesses/MSMEs from Banks and NBFCs up to 20% of entire outstanding credit as on 29.2.2020

-Borrowers with up to Rs. 25 crore outstanding and Rs. 100 crore turnover eligible

-Loans to have 4 year tenor with moratorium of 12 months on Principal repayment

– Interest to be capped

-100% credit guarantee cover to Banks and NBFCs on principal and interest

-Scheme can be availed till 31st Oct 2020

-No guarantee fee, no fresh collateral

NOTE: MSME does not include Traders.

OTHER MAJOR RELIEFS:

CONTRACTORS

Extension of up to 6 months (without costs to contractor) to be provided by all Central Agencies (like Railways, Ministry of Road Transport & Highways, Central Public Works Dept, etc)-

  • Covers construction/ works and goods and services contracts
  • Covers obligations like completion of work, intermediate milestones etc. and extension of Concession period in PPP contracts
  • Government agencies to partially release bank guarantees, to the extent contracts are partially completed, to ease cash flows.
  • Global tenders to be disallowed in government procurement up to Rs 200 crore.

RERA

Treat COVID-19 as an event of ‘Force Majeure’ under RERA-

  • Extend the registration and completion date suo-moto by 6 months for all registered projects expiring on or after 25th March, 2020 without individual applications.
  • Regulatory Authorities may extend this for another period of upto 3 months, if needed
  • Issue fresh ‘Project Registration Certificates’ automatically with revised timelines.
  • Extend timelines for various statuary compliances under RERA concurrently.

Author Bio

Qualification: LL.B / Advocate
Company: N/A
Location: Ranchi, Jharkhand, IN
Member Since: 06 Jan 2020 | Total Posts: 3
I am Aditya Mohan Khandelwal, residing at Ranchi, Jharkhand-834001, practicing as an Advocate in Jharkhand High Court View Full Profile

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