Finance minister Nirmala Sitharaman has detailed stimulus measures worth nearly ₹6 lakh crore as part of a 15-point plan to boost the Indian economy. MSMEs (micro, small and medium enterprises) will receive ₹3 lakh crore in collateral-free automatic loans with a 12-month moratorium on repayment, besides ₹20,000 crore in subordinate debt and ₹50,000 crore in equity infusions. MSMEs are also being redefined to bring more companies under the classification. Also, special liquidity measures and sops were announced for NBFCs, home loan lenders, power distribution companies and taxpayers.
Here’s what’s changing for taxpayers:
- Deadline for filing income-tax returns extended to November 30.
- Statutory PF deduction from salaries lowered for next three months.
- Tax deduction rates dropped by 25% for next year, putting more cash in taxpayers' hands, although tax liability remains the same.
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