Nirmala Sitharaman Speech Highlights: Steps announced to boost MSMEs, help taxpayers and salaried people

MSMEs

Finance Minister Nirmala Sitharaman announced a number of measures for small and medium enterprises today evening, providing some relief during the ongoing crisis. The finance minister during her press conference announced that MSMEs will be provided Rs 3 lakh crore collateral free loans. They need to have an outstanding loan of Rs 25 crore or have Rs 100 crore turnover. This loan is for 4 year tenure and is 100 per cent guaranteed. This will last till October 21, 2020. It will benefit 45 lakh units, allowing them to resume activity and safeguarding jobs.

ITR filing:

 ITR filing for FY 2019-20 - Due date of all income-tax return for FY 2019-20 extended from 31st July, 2020 & 31st October, 2020 to 30th November, 2020 and Tax audit from 30th September, 2020 to 31st October,2020. 

EPF:

Giving a major relief to both employees as well as employers, Finance Minister Nirmala Sitharaman on Wednesday announced that the government will continue to contribute towards Employees' Provident Fund (EPF) on behalf of select businesses for another three months. In total, a liquidity relief of Rs 2500 crore will be provided to support both businesses and workers for the next three months.

RERA:

On the lockdown related impact on labour shortage and construction delays, extension of registration and completion date of real estate projects under RERA by 6 months will provide some relief to the sector.

Micro, Small, medium company Definition changed:

- Company investing ₹ 1 Cr to ₹ 5 Cr will also be micro
- Company between ₹ 10 Cr to ₹ 50 Cr will remain small
- Company between ₹ 20 Cr to ₹ 100 Cr will remain medium