Highlights: Due date for Income Tax returns extended to November 30

NEW DELHI, May 13 (Agencies): Finance Minister Nirmala Sitharaman is addressing the media to share details of the fiscal and monetary measures worth Rs 20 lakh crore announced by Prime Minister Narendra Modi on Tuesday, to tackle the impact of coronavirus and weeks of lockdown on the economy. This is the first of a series of press briefings by the Finance Minister in the coming days. The Finance Minister’s address comes at a time when the country remains in a nationwide lockdown with few exceptions to curb the spread of the coronavirus (COVID-19) pandemic. The coronavirus-triggered lockdown has pushed an already-ailing economy into a standstill, hampering businesses and landing thousands jobless. Economists say details of the package will be watched closely for assessing its effectiveness to aid the economy’s fight against COVID-19.
Here are highlights of what Finance Minister Nirmala Sitharaman said about the government’s Atma Nirbhar Bharat Abhiyan package:
Ministries held detailed talks with industries and PM’s Office on economic package
The “Atma Nirbhar Bharat Abhiyan” initiative to spur growth and help in building self-reliant India
Plan based on five important pillars: economy, infrastructure, tech-driven systems, demography and demand
Prime Minister has laid out a comprehensive vision, which is based on wide and deep consultations with several sections of society
Beginning today, I will lay out details of PM’s Vision over next few days
Government to announce 15 different measures
6 for MSMEs
2 for employees
2 for NBFCs and MFIs
Focus to be on factors of production – land, labour, liquidity and law
Local brands to be brought to global level
Focus will be on nurturing local brands as part of this mission
Global value chain integration part of PM’s plan
We have capability to build such enterprises
All schemes rolled out by government since it came to power are driven by reforms
Direct Benefit Transfer (DBT) scheme helped government deliver money directly to Jan Dhan accounts of the poor
Rs 52,606 crore transferred to 41 crore Jan Dhan account holders under PM Garib Kalyan scheme
Refunds of Rs 18,000 crore made to income tax assessees, 40 lakh taxpayers benefitted
Finance Minister announces collateral-free loans worth Rs 3 lakh crore for MSMEs with turnover up to Rs 100 crore till October 31, 2020
Move likely to benefit 45 lakh units so they can resume their businesses
4-year collateral-free loans to be 100% credit-free, with a moratorium for first 12 months
Definition of MSMEs being changed
Company with investment of Rs 1 crore, turnover of Rs 5 crore is a micro enterprise under new definition; one with Rs 10 crore investment, turnover of Rs 50 crore

a small enterprise; one with Rs 20 crore investment, Rs 100 crore turnover a medium enterprise
No global tender for government procurement up to Rs 200 crore
EPF support of Rs 2,500 crore extended for another three months: June, July and August (government to pay employee, employer contribution to EPF accounts)
Support towards months March, April, May already announced earlier as part of PM Garib Kalyan scheme; that scheme being extended for another three months (June-August)
3,67,000 organisations to benefit
Announces Rs 30,000 crore liquidity push for non-banking financial companies (NBFC), housing finance companies (HFC), microfinance institutions (MFI)
Rs 90,000 crore liquidity for power distribution companies
Six-month extension for government contractors; builders get more time to finish projects
Income tax return assessment due date for financial year 2019-20 extended from July 31 and October 31 to November 30; tax audit date from September 30 to October 31

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