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).
|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
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.
(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.
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)
|Existing MSME Classification|
|Criteria: investment in plant & machinery or equipment|
|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|
|Manufacturing and service||Investment < Rs. 1 Crore
Turnover < Rs. 5 Crore
|Investment < Rs. 10 Crore
Turnover < Rs. 50 Crore
|Investment < Rs. 20 Crore
Turnover < Rs. 100 Crore
-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:
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)-
Treat COVID-19 as an event of ‘Force Majeure’ under RERA-