In a special economic package announced by our Honorable Finance Minister on 13th May, 2020, a slew of relief measures in the form of liquidity boost for MSMEs, NBFCs, MFIs and HFCs was brought out along with re-extension of various statutory deadlines and other taxation measures.Some key highlights from the announcements are given below:

a) The deadlines for filing Income tax return and Form 10B has been extended. 

b) The TDS Rates have been reduced by 25% w.e.f from today 14th May, 2020 till the end of the FY 2020-2021. (The chart has been given in the newsletter)

c) The rate of PF Contribution has been reduced by 2% i.e. from existing 12% to 10% for next 3 months i.e. from June to August 2020. This will also be applicable to our schools and other institutions registered under PF. 

d) The  directions have been given for release of pending tax refunds, if any. 

e) The date for the new scheme “Vivaad se Vishwas” has been re-extended.

We, the team NGOenbaler, have compiled all the relevant amendments and changes from the announced in the package that have a direct impact on charitable organizations and NGOs. Refer to our newsletter in the bulletin section for more details.