Nirmala Sitharaman Announces Income Tax Relief, TDS Rate Cut By 25%

  • Nirmala Sitharaman Live: The finance minister is now announcing details of economic package in the first tranche
  • PM Narendra Modi had yesterday announced an economic package of ₹20 lakh crore amid coronavirus lockdown

NEW DELHI : As announced by Prime Minister Narendra Modi yesterday, finance minister Nirmala Sitharaman is now releasing details of the ₹20 lakh crore economic package to revive the economy hit by the coronavirus pandemic. Aimed at all sections of the society, including the middle-class, SMEs, labourers, farmers and the industry, the economic package is themed around the ‘Self-reliant India campaign’.

Sitharaman is expected to announce details of the full economic package gradually over the next few days with the first tranche being announced today. Both the Reserve Bank of India (RBI) and the finance ministry had already announced some relief measures in the first phase of the lockdown which began from March 25.

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-Due date for filing income tax returns (ITR) extended from July 31 to November 30: Sitharaman

-All pending payments shall be issued immediately: FM

-The TDS reduction will infuse liquidity of ₹50,000 crore: FM

-The TDS rate cuts will apply for all purposes. It comes into force from tomorrow: FM

-Till 31 march 21, TDS, TCS rates by 25%: Sitharaman

-In a major relief to contractors, all Central agencies to provide an extension of up to 6 months, without cost to contractor, to obligations like completion of work covering construction and goods and services contracts: Finance Minister Nirmala Sitharaman

-The urban development ministry will ask state governments to treat Covid as force majeure and be flexible about execution of real estate projects.

Source: livemint

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