{"id":219,"date":"2020-05-14T11:13:39","date_gmt":"2020-05-14T05:43:39","guid":{"rendered":""},"modified":"2026-09-03T16:46:49","modified_gmt":"2026-09-03T16:46:49","slug":"20-lakh-cr-relief-package-announcements-finance-minister","status":"publish","type":"post","link":"https:\/\/www.legalsalaah.com\/blog\/20-lakh-cr-relief-package-announcements-finance-minister\/","title":{"rendered":"20 lakh cr Relief package announcements by Finance Minister"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_86 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #1e73be;color:#1e73be\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #1e73be;color:#1e73be\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.legalsalaah.com\/blog\/20-lakh-cr-relief-package-announcements-finance-minister\/#What_announcements_made_by_FM_minister_Nirmala_Sitharaman\" >What announcements made by FM minister Nirmala Sitharaman?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.legalsalaah.com\/blog\/20-lakh-cr-relief-package-announcements-finance-minister\/#The_Finance_Minister_Nirmala_Sitharaman_made_several_important_announcements_to_create_a_roadmap_for_self-reliant_India_and_open_a_relief_package_of_Rs_20_lakh_cr\" >The Finance Minister Nirmala Sitharaman made several important announcements to create a roadmap for self-reliant India and open a relief package of Rs 20 lakh cr.\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.legalsalaah.com\/blog\/20-lakh-cr-relief-package-announcements-finance-minister\/#She_said_that_the_assistance_given_for_the_EPF_is_being_extended_for_the_next_three_months_which_was_earlier_extended_till_March_April_May_Finance_Minister_Nirmala_Sitharaman_said_that_in_June_July_and_August_the_government_will_submit_EPF_24_of_salary_for_less_than_15000_salaries\" >She said that the assistance given for the EPF is being extended for the next three months, which was earlier extended till March, April, May.\u00a0\n\n\nFinance Minister Nirmala Sitharaman said that in June, July and August, the government will submit EPF (24% of salary) for less than 15000 salaries.\u00a0<\/a><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.legalsalaah.com\/blog\/20-lakh-cr-relief-package-announcements-finance-minister\/#For_whom_the_announcement_is_beneficial\" >For whom the announcement is beneficial?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.legalsalaah.com\/blog\/20-lakh-cr-relief-package-announcements-finance-minister\/#This_announcement_of_the_government_will_only_benefit_companies_that_have_less_than_100_employees_and_90_of_the_employees_salary_is_less_than_Rs_15000_This_will_benefit_both_the_company_and_the_employee_having_PF_registration_This_step_of_the_government_will_benefit_72_lakh_employees\" >This announcement of the government will only benefit companies that have less than 100 employees and 90% of the employees&#8217; salary is less than Rs 15,000. This will benefit both the company and the employee having PF registration. This step of the government will benefit 72 lakh employees.\u00a0<\/a><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.legalsalaah.com\/blog\/20-lakh-cr-relief-package-announcements-finance-minister\/#How_much_investment_made_in_EPF\" >How much investment made in EPF?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.legalsalaah.com\/blog\/20-lakh-cr-relief-package-announcements-finance-minister\/#The_Finance_Minister_said_that_there_will_be_an_investment_of_Rs_2500_crore_in_EPF\" >The Finance Minister said that there will be an investment of Rs 2500 crore in EPF.<\/a><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.legalsalaah.com\/blog\/20-lakh-cr-relief-package-announcements-finance-minister\/#What_steps_have_been_taken_by_the_government_for_employees_and_employers\" >What steps have been taken by the government for employees and employers?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.legalsalaah.com\/blog\/20-lakh-cr-relief-package-announcements-finance-minister\/#The_government_has_taken_a_big_step_to_increase_the_take-home_salary_of_employees_in_this_relief_of_Rs_20_lakh_crores_is_opened_by_Finance_minister_on_Wednesday_In_the_case_of_employees_whose_EPF_contribution_is_not_paying_24_ie_the_salary_is_more_than_Rs_15000_The_percentage_of_contribution_in_PF_for_both_employers_and_employees_has_been_reduced_from_12_to_10_percent_This_will_provide_additional_cash_of_Rs_6750_crore_to_employers\" >The government has taken a big step to increase the take-home salary of employees in this relief of Rs. 20 lakh crores is opened by Finance minister on Wednesday, In the case of employees whose EPF contribution is not paying 24% i.e. the salary is more than Rs. 15,000.\n\n\nThe percentage of contribution in PF for both employers and employees has been reduced from 12 to 10 percent. This will provide additional cash of Rs 6,750 crore to employers.<\/a><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.legalsalaah.com\/blog\/20-lakh-cr-relief-package-announcements-finance-minister\/#Important_In_the_case_of_central_employees_and_public_undertakings_PSUs_this_provision_will_not_apply_to_them_24_will_go_to_their_PF_account_as_before_12_employer_and_12_of_the_employee\" >Important: In the case of central employees and public undertakings (PSUs), this provision will not apply to them.\u00a0 24% will go to their PF account as before, 12% employer, and 12% of the employee.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.legalsalaah.com\/blog\/20-lakh-cr-relief-package-announcements-finance-minister\/#What_are_the_other_announcements_made_by_FM_Minister\" >What are the other announcements made by FM Minister?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.legalsalaah.com\/blog\/20-lakh-cr-relief-package-announcements-finance-minister\/#Other_important_announcements\" >Other important announcements<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.legalsalaah.com\/blog\/20-lakh-cr-relief-package-announcements-finance-minister\/#About_rate_of_TDS\" >About rate of TDS<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.legalsalaah.com\/blog\/20-lakh-cr-relief-package-announcements-finance-minister\/#The_finance_minister_said_that_the_rate_of_Tax_Deduction_at_Source_TDS_or_Tax_Collection_at_Source_is_reduced_by_25_percent_This_will_apply_to_commission_brokerage_or_all_other_payments\" >The finance minister said that the rate of Tax Deduction at Source (TDS) or Tax Collection at Source is reduced by 25 percent. This will apply to commission, brokerage or all other payments.\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.legalsalaah.com\/blog\/20-lakh-cr-relief-package-announcements-finance-minister\/#The_reduction_in_TDS_TCS_rates_has_come_into_force_from_May_13_2020_and_will_remain_till_31_March_2021_This_will_release_about_50_thousand_crore_rupees_to_taxpayers\" >The reduction in TDS &#038;TCS rates has come into force from May 13, 2020 and will remain till 31, March 2021. This will release about 50 thousand crore rupees to taxpayers.<\/a><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.legalsalaah.com\/blog\/20-lakh-cr-relief-package-announcements-finance-minister\/#For_MSMEs\" >For MSMEs<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/www.legalsalaah.com\/blog\/20-lakh-cr-relief-package-announcements-finance-minister\/#The_MSME_definition_will_be_changed_The_scope_of_the_investment_limit_will_be_expanded_business-based_criteria_will_be_introduced\" >The MSME definition will be changed. The scope of the investment limit will be expanded; business-based criteria will be introduced.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/www.legalsalaah.com\/blog\/20-lakh-cr-relief-package-announcements-finance-minister\/#In_small_and_medium_scale_units_with_growth_potential_the_share_capital_of_Rs_50000_crore_will_be_infused_into_the_MSMEs_through_the_MSME_Fund_of_Funds\" >In small and medium scale units with growth potential, the share capital of Rs 50,000 crore will be infused into the MSMEs through the MSME Fund of Funds.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/www.legalsalaah.com\/blog\/20-lakh-cr-relief-package-announcements-finance-minister\/#A_one-year_deferment_will_be_given_to_MSMEs_to_repay_the_loan_the_stressed_MSME_will_be_given_a_loan_of_Rs_20000_crore_without_guarantee_benefitting_2_lakh_MSMEs\" >A one-year deferment will be given to MSMEs to repay the loan, the stressed MSME will be given a loan of Rs 20,000 crore (without guarantee), benefitting 2 lakh MSMEs.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/www.legalsalaah.com\/blog\/20-lakh-cr-relief-package-announcements-finance-minister\/#Micro_Small_and_Medium_Enterprises_MSMEs_without_guarantee_automatic_loan_of_Rs_3_lakh_crore_benefits_to_45_lakh_MSME_units\" >Micro Small and Medium Enterprises (MSMEs) without guarantee, automatic loan of Rs. 3 lakh crore, benefits to 45 lakh MSME units.<\/a><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/www.legalsalaah.com\/blog\/20-lakh-cr-relief-package-announcements-finance-minister\/#For_PF_employees_and_employers\" >For PF employees and employers<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/www.legalsalaah.com\/blog\/20-lakh-cr-relief-package-announcements-finance-minister\/#Employees_Provident_Fund_EPF_Government_will_give_Rs_2500_crore_for_the_contribution_of_employees_and_employers_this_incentive_scheme_was_extended_till_August\" >Employees Provident Fund (EPF) Government will give Rs 2,500 crore for the contribution of employees and employers, this incentive scheme was extended till August.<\/a><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/www.legalsalaah.com\/blog\/20-lakh-cr-relief-package-announcements-finance-minister\/#Other_companies\" >Other companies<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/www.legalsalaah.com\/blog\/20-lakh-cr-relief-package-announcements-finance-minister\/#The_lending_of_Rs_30000_crore_for_non-banking_financial_companies_housing_finance_companies_and_MFIs_microfinance_institutions\" >The lending of Rs 30,000 crore for non-banking financial companies, housing finance companies, and MFIs (microfinance institutions).<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/www.legalsalaah.com\/blog\/20-lakh-cr-relief-package-announcements-finance-minister\/#NBFCs_will_be_provided_cash_of_Rs_45000_crore_through_a_partial_credit_guarantee_scheme\" >NBFCs will be provided cash of Rs 45,000 crore through a partial credit guarantee scheme.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/www.legalsalaah.com\/blog\/20-lakh-cr-relief-package-announcements-finance-minister\/#The_serious_crisis_before_power_distribution_companies_emergency_cash_of_Rs_90000_crore_will_be_made_available\" >The serious crisis before power distribution companies, emergency cash of Rs 90,000 crore will be made available.<\/a><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-27\" href=\"https:\/\/www.legalsalaah.com\/blog\/20-lakh-cr-relief-package-announcements-finance-minister\/#For_Income_tax_return_Filing\" >For Income tax return Filing<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-28\" href=\"https:\/\/www.legalsalaah.com\/blog\/20-lakh-cr-relief-package-announcements-finance-minister\/#The_last_date_for_filing_income_tax_returns_has_been_extended_to_30_November_With_this_the_audit_date_has_been_extended_to_31_October_and_the_dispute_has_been_extended_till_31_December_2020\" >The last date for filing income tax returns has been extended to 30 November. With this, the audit date has been extended to 31 October and the dispute has been extended till 31 December 2020.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-29\" href=\"https:\/\/www.legalsalaah.com\/blog\/20-lakh-cr-relief-package-announcements-finance-minister\/#The_period_of_all_income_tax_returns_to_be_filled_up_to_31_July_2020_and_31_October_2020_has_been_extended_till_30_November_2020_Along_with_this_the_period_of_the_audit_report_has_also_been_extended_to_31_October_by_filling_up_till_30_September\" >The period of all income tax returns to be filled up to 31 July 2020 and 31 October 2020 has been extended till 30 November 2020. Along with this, the period of the audit report has also been extended to 31 October by filling up till 30 September.<\/a><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-30\" href=\"https:\/\/www.legalsalaah.com\/blog\/20-lakh-cr-relief-package-announcements-finance-minister\/#For_taxpayers\" >For taxpayers<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-31\" href=\"https:\/\/www.legalsalaah.com\/blog\/20-lakh-cr-relief-package-announcements-finance-minister\/#Rs_18000_crore_refunded_to_taxpayers_benefits_to_14_lakh_taxpayers\" >Rs 18,000 crore refunded to taxpayers, benefits to 14 lakh taxpayers.<\/a><\/li><\/ul><\/nav><\/div>\n<h5><span class=\"ez-toc-section\" id=\"What_announcements_made_by_FM_minister_Nirmala_Sitharaman\"><\/span><b>What announcements made by FM minister Nirmala Sitharaman?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<h5><b><br \/><\/b><\/h5>\n<h4><span class=\"ez-toc-section\" id=\"The_Finance_Minister_Nirmala_Sitharaman_made_several_important_announcements_to_create_a_roadmap_for_self-reliant_India_and_open_a_relief_package_of_Rs_20_lakh_cr\"><\/span>The Finance Minister Nirmala Sitharaman made several important announcements to create a roadmap for self-reliant India and open a relief package of Rs 20 lakh cr.\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h6><\/h6>\n<h4><span class=\"ez-toc-section\" id=\"She_said_that_the_assistance_given_for_the_EPF_is_being_extended_for_the_next_three_months_which_was_earlier_extended_till_March_April_May_Finance_Minister_Nirmala_Sitharaman_said_that_in_June_July_and_August_the_government_will_submit_EPF_24_of_salary_for_less_than_15000_salaries\"><\/span>\n<ul>\n<li>She said that the assistance given for the EPF is being extended for the next three months, which was earlier extended till March, April, May.\u00a0<\/li>\n<\/ul>\n<ul>\n<li>Finance Minister Nirmala Sitharaman said that in June, July and August, the government will submit EPF (24% of salary) for less than 15000 salaries.\u00a0<\/li>\n<\/ul>\n<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h6><\/h6>\n<h5><span class=\"ez-toc-section\" id=\"For_whom_the_announcement_is_beneficial\"><\/span><b>For whom the announcement is beneficial?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<h6><b><br \/><\/b><\/h6>\n<h4><span class=\"ez-toc-section\" id=\"This_announcement_of_the_government_will_only_benefit_companies_that_have_less_than_100_employees_and_90_of_the_employees_salary_is_less_than_Rs_15000_This_will_benefit_both_the_company_and_the_employee_having_PF_registration_This_step_of_the_government_will_benefit_72_lakh_employees\"><\/span>This announcement of the government will only benefit companies that have less than 100 employees and 90% of the employees&#8217; salary is less than Rs 15,000. This will benefit both the company and the employee having <a href=\"https:\/\/www.legalsalaah.com\/pf-registration.html\" target=\"_blank\"><font color=\"#085294\">PF registration<\/font><\/a>. This step of the government will benefit 72 lakh employees.\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h6><\/h6>\n<h5><span class=\"ez-toc-section\" id=\"How_much_investment_made_in_EPF\"><\/span><b>How much investment made in EPF?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<h6><b><br \/><\/b><\/h6>\n<h4><span class=\"ez-toc-section\" id=\"The_Finance_Minister_said_that_there_will_be_an_investment_of_Rs_2500_crore_in_EPF\"><\/span>The Finance Minister said that there will be an investment of Rs 2500 crore in EPF.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h5><\/h5>\n<h5><span class=\"ez-toc-section\" id=\"What_steps_have_been_taken_by_the_government_for_employees_and_employers\"><\/span><b>What steps have been taken by the government for employees and employers?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<h6><b><br \/><\/b><\/h6>\n<h4><span class=\"ez-toc-section\" id=\"The_government_has_taken_a_big_step_to_increase_the_take-home_salary_of_employees_in_this_relief_of_Rs_20_lakh_crores_is_opened_by_Finance_minister_on_Wednesday_In_the_case_of_employees_whose_EPF_contribution_is_not_paying_24_ie_the_salary_is_more_than_Rs_15000_The_percentage_of_contribution_in_PF_for_both_employers_and_employees_has_been_reduced_from_12_to_10_percent_This_will_provide_additional_cash_of_Rs_6750_crore_to_employers\"><\/span>\n<ul>\n<li>The government has taken a big step to increase the take-home salary of employees in this relief of Rs. 20 lakh crores is opened by Finance minister on Wednesday, In the case of employees whose EPF contribution is not paying 24% i.e. the salary is more than Rs. 15,000.<\/li>\n<\/ul>\n<ul>\n<li>The percentage of contribution in PF for both employers and employees has been reduced from 12 to 10 percent. This will provide additional cash of Rs 6,750 crore to employers.<\/li>\n<\/ul>\n<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h6><\/h6>\n<h5><span class=\"ez-toc-section\" id=\"Important_In_the_case_of_central_employees_and_public_undertakings_PSUs_this_provision_will_not_apply_to_them_24_will_go_to_their_PF_account_as_before_12_employer_and_12_of_the_employee\"><\/span><b>Important<\/b>: In the case of central employees and public undertakings (PSUs), this provision will not apply to them.\u00a0 24% will go to their PF account as before, 12% employer, and 12% of the employee.<span class=\"ez-toc-section-end\"><\/span><\/h5>\n<h6><\/h6>\n<h5><span class=\"ez-toc-section\" id=\"What_are_the_other_announcements_made_by_FM_Minister\"><\/span><b>What are the other announcements made by FM Minister?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<h6><b><br \/><\/b><\/h6>\n<h5><span class=\"ez-toc-section\" id=\"Other_important_announcements\"><\/span><b>Other important announcements<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<h6><b><br \/><\/b><\/h6>\n<h5><span class=\"ez-toc-section\" id=\"About_rate_of_TDS\"><\/span><b>About rate of TDS<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<h6><b><br \/><\/b><\/h6>\n<h4><span class=\"ez-toc-section\" id=\"The_finance_minister_said_that_the_rate_of_Tax_Deduction_at_Source_TDS_or_Tax_Collection_at_Source_is_reduced_by_25_percent_This_will_apply_to_commission_brokerage_or_all_other_payments\"><\/span>The finance minister said that the rate of Tax Deduction at Source (TDS) or Tax Collection at Source is reduced by 25 percent. This will apply to commission, brokerage or all other payments.\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><\/h4>\n<h6><\/h6>\n<h4><span class=\"ez-toc-section\" id=\"The_reduction_in_TDS_TCS_rates_has_come_into_force_from_May_13_2020_and_will_remain_till_31_March_2021_This_will_release_about_50_thousand_crore_rupees_to_taxpayers\"><\/span>The reduction in TDS &#038;TCS rates has come into force from May 13, 2020 and will remain till 31, March 2021. This will release about 50 thousand crore rupees to taxpayers.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h6><\/h6>\n<h5><span class=\"ez-toc-section\" id=\"For_MSMEs\"><\/span><b>For MSMEs<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<h6><\/h6>\n<div>\n<h4><span class=\"ez-toc-section\" id=\"The_MSME_definition_will_be_changed_The_scope_of_the_investment_limit_will_be_expanded_business-based_criteria_will_be_introduced\"><\/span>The MSME definition will be changed. The scope of the investment limit will be expanded; business-based criteria will be introduced.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><\/h4>\n<h6><\/h6>\n<h4><span class=\"ez-toc-section\" id=\"In_small_and_medium_scale_units_with_growth_potential_the_share_capital_of_Rs_50000_crore_will_be_infused_into_the_MSMEs_through_the_MSME_Fund_of_Funds\"><\/span>In small and medium scale units with growth potential, the share capital of Rs 50,000 crore will be infused into the MSMEs through the MSME Fund of Funds.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h6><\/h6>\n<h4><span class=\"ez-toc-section\" id=\"A_one-year_deferment_will_be_given_to_MSMEs_to_repay_the_loan_the_stressed_MSME_will_be_given_a_loan_of_Rs_20000_crore_without_guarantee_benefitting_2_lakh_MSMEs\"><\/span>A one-year deferment will be given to MSMEs to repay the loan, the stressed MSME will be given a loan of Rs 20,000 crore (without guarantee), benefitting 2 lakh MSMEs.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><\/h4>\n<h6><\/h6>\n<h4><span class=\"ez-toc-section\" id=\"Micro_Small_and_Medium_Enterprises_MSMEs_without_guarantee_automatic_loan_of_Rs_3_lakh_crore_benefits_to_45_lakh_MSME_units\"><\/span>Micro Small and Medium Enterprises (MSMEs) without guarantee, automatic loan of Rs. 3 lakh crore, benefits to 45 lakh MSME units.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h6><\/h6>\n<h5><span class=\"ez-toc-section\" id=\"For_PF_employees_and_employers\"><\/span><b>For PF employees and employers<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<h6><b><br \/><\/b><\/h6>\n<h4><span class=\"ez-toc-section\" id=\"Employees_Provident_Fund_EPF_Government_will_give_Rs_2500_crore_for_the_contribution_of_employees_and_employers_this_incentive_scheme_was_extended_till_August\"><\/span>Employees Provident Fund (EPF) Government will give Rs 2,500 crore for the contribution of employees and employers, this incentive scheme was extended till August.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h6><\/h6>\n<h5><span class=\"ez-toc-section\" id=\"Other_companies\"><\/span><b>Other companies<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<h6><b><br \/><\/b><\/h6>\n<div>\n<h4><span class=\"ez-toc-section\" id=\"The_lending_of_Rs_30000_crore_for_non-banking_financial_companies_housing_finance_companies_and_MFIs_microfinance_institutions\"><\/span>The lending of Rs 30,000 crore for non-banking financial companies, housing finance companies, and MFIs (microfinance institutions).<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h6><\/h6>\n<h4><span class=\"ez-toc-section\" id=\"NBFCs_will_be_provided_cash_of_Rs_45000_crore_through_a_partial_credit_guarantee_scheme\"><\/span>NBFCs will be provided cash of Rs 45,000 crore through a partial credit guarantee scheme.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><\/h4>\n<h6><\/h6>\n<h4><span class=\"ez-toc-section\" id=\"The_serious_crisis_before_power_distribution_companies_emergency_cash_of_Rs_90000_crore_will_be_made_available\"><\/span>The serious crisis before power distribution companies, emergency cash of Rs 90,000 crore will be made available.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/div>\n<\/div>\n<h6><\/h6>\n<h5><span class=\"ez-toc-section\" id=\"For_Income_tax_return_Filing\"><\/span><b>For Income tax return Filing<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<h6><b><br \/><\/b><\/h6>\n<div>\n<h4><span class=\"ez-toc-section\" id=\"The_last_date_for_filing_income_tax_returns_has_been_extended_to_30_November_With_this_the_audit_date_has_been_extended_to_31_October_and_the_dispute_has_been_extended_till_31_December_2020\"><\/span>The last date for filing income tax returns has been extended to 30 November. With this, the audit date has been extended to 31 October and the dispute has been extended till 31 December 2020.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><\/h4>\n<h6><\/h6>\n<h4><span class=\"ez-toc-section\" id=\"The_period_of_all_income_tax_returns_to_be_filled_up_to_31_July_2020_and_31_October_2020_has_been_extended_till_30_November_2020_Along_with_this_the_period_of_the_audit_report_has_also_been_extended_to_31_October_by_filling_up_till_30_September\"><\/span>The period of all income tax returns to be filled up to 31 July 2020 and 31 October 2020 has been extended till 30 November 2020. Along with this, the period of the audit report has also been extended to 31 October by filling up till 30 September.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/div>\n<h6><\/h6>\n<h5><span class=\"ez-toc-section\" id=\"For_taxpayers\"><\/span><b>For taxpayers<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<h6><b><br \/><\/b><\/h6>\n<h4><span class=\"ez-toc-section\" id=\"Rs_18000_crore_refunded_to_taxpayers_benefits_to_14_lakh_taxpayers\"><\/span>Rs 18,000 crore refunded to taxpayers, benefits to 14 lakh taxpayers.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<div><\/div>\n<div>\n<h3 times=\"\" new=\"\" roman\",=\"\" serif;=\"\" color:=\"\" black;=\"\" margin:=\"\" 0px;=\"\" font-size:=\"\" 20px;=\"\" text-align:=\"\" justify;\"=\"\" 20px;\"=\"\" style=\"font-family: Georgia, Times, \">If you need any help on any business registrations to feel free to contact us\u00a0<font color=\"#ff0000\">+91 8766393412<\/font>, Our Business adviser will clear your doubt.<\/h3>\n<\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Union Finance Minister Nirmala Sitharaman opened a bundle of relief package worth Rs 20 lakh crore on Wednesday. <\/p>\n","protected":false},"author":1,"featured_media":492,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":["post-219","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-banking"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>20 lakh cr Relief package announcements by Finance Minister<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalsalaah.com\/blog\/20-lakh-cr-relief-package-announcements-finance-minister\/\" 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