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FM Nirmala Sitharaman Press Conference Live Updates: Date for filing IT returns extended to November 30, 2020

FM Nirmala Sitharaman Press Conference Live Updates: Date for filing IT returns extended to November 30, 2020

FM Nirmala Sitharaman Press Conference Live Updates: Union Finance Minister Nirmala Sitharaman Wednesday announced a slew of measures to help businesses, including micro, small and medium enterprises (MSMEs), recover from the economic impact of the coronavirus pandemic. This was a part of the Rs 20 lakh crore stimulus package announced by Prime Minister Narendra Modi a day before to spur growth and help build a self-reliant India. Read Nirmala Sitharaman speech highlights

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. Further, it said it would no longer allow global tenders for government procurement of up to Rs 200 crore.

For taxpayers, the government reduced the rates of Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) by 25 per cent, with effect from May 14, 2020 to March 21, 2021. It has extended the date for filing income tax returns to November 30, 2020 and tax audit to October 31, 2020.

The stimulus will play an important role in the 'Atmanirbhar Bharat Abhiyan' (Self-reliant India Mission). "India's self-reliance will be based on five pillars — economy, infrastructure, technology driven system, vibrant demography and demand. When India speaks of self-reliance, it does not advocate for a self-centered system. In India's self-reliance there is a concern for the whole world's happiness, cooperation and peace," PM Modi had said Tuesday.

(Inputs and image from hindustantimes.com)

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