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.
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