Salaried Workers and Taxpayers:
o The deadline for income tax returns for the financial year 2019-20 has been extended, with the due date now pushed to November 30, 2020.
o The rates of Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) have been cut by 25% for the FY 2020-21.
o The statutory Provident Fund (PF) payments have been reduced from 12% to 10% for both employers and employees for the next three months.
NBFCs, Housing Finance Companies and Microfinance Institutions:
o Many of these institutions serve the MSME sector financially and will be supported through a Rs.30,000 crore investment scheme fully guaranteed by the Centre.
o Further, an expanded partial credit guarantee scheme worth Rs.45,000 crores also has been offered, of which the first 20% of losses will be borne by the Centre.
• For instance, if the government provides a 100% credit guarantee up to an amount of Rs 1 crore to a firm, it means that a bank can lend Rs 1 crore to that firm; in case the firm fails to pay back, the government will repay all of Rs 1 crore. If this guarantee was for the first 20% of the loan, then the government would guarantee to pay back only Rs 20 lakh.
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