Is PM’s Economic Package beneficial for ‘Tax Payers’?

The Prime Minister recently announced a 20 Lakh Crore stimulus package to revive the deteriorating economy of India.

It is to support and encourage industries, infrastructure, economy, and so on. It appears to benefit the small and medium size businesses along with the middle class families of India.

However, there is a set of people who believe that these promises are very different from the ground reality. Here is a quick review of the new stimulus package to make sure if it is actually beneficial for the taxpayers.

20-Lakh Crore Package has the below provisions for Tax Payers

• TDS/TCS rates have been reduced by 25% with an aim to provide more liquidity
• The last date for the filing of Income Tax Return for Individuals and Corporate sector has been extended till November 31, 2020.
• The last date for tax audit has been extended from September 09, 2020 to October 31, 2020. It will definitely give some relief to the tax payers.
• It will help the taxpayers to survive the economic crisis without breaking the tax laws.
• It will also motivate them to join in the nation-building process since the PM has invited everyone for the Atmanirbhar Bharat Abhiyan.
• The extension in the last date of Vivad Se Vishwas Scheme till December 12, 2020 will help the middle class families to stay calm and tension free.
• The extension of ITR and all other kinds of taxes and payments has let people live a stress-free life and given them some time to think and resolve the economical disputes between parties.

Conclusion

Now, these points seem to prove that the new economy stimulus package is beneficial for the tax payers as well as MSME’s, but they are only on paper till now.

There are people with opposite opinions, and we would, therefore, have to wait to understand the pros and cons of the 20 Lakh Crore Package.

Subscribe to Latest Updates of GST & ITR


 

Other Latest News

extended the deadline to file ITR for individuals & businesses
December 31, 2020 / GST News

Government extended the deadline to file ITR for individuals & businesses, Check New Dates

Government extended the deadline to file ITR for individuals & businesses, Check New Dates on this page.
Read More
December 23, 2020 / GST News

CBIC waives fee payable on late filing of GSTR-4 for businesses in Ladakh until 31st December 2020

CBIC waives fee payable on late filing of GSTR-4 for businesses in Ladakh until 31st December 2020
Read More
December 23, 2020 / ITR News

CBDT has notified that the total ITR filed till 21st December 2020 is 3.75 crores

The Central Board of Direct Taxes has notified that the total Income Tax Returns filed till 21st December 2020 for AY 2020-21, is 3.75 crores. Read the ITR-Wise break-up of the figure below:
Read More
May 25, 2020 / GST News

Governor Shaktikanta Das Press Conference Highlights

Reserve Bank of India’s present governor Shaktikanta Das called for a press conference on May 22 to announce some major steps to revive the falling economy.
Read More
May 18, 2020 / GST News

Government to Clear Pending Refunds for IT Department

The authorities will immediately release the refund for up to Rs 5 Lakh, and some 14 Lakh taxpayers will get the benefit after the release of pending refunds.
Read More
May 16, 2020 / GST News

Quick Review of the Economic Package of 20 Lakh Crore

Is PM’s Economic Package beneficial for ‘Tax Payers’? Quick Review of the New Stimulus Economic Package of 20 Lakh Crore.
Read More
May 16, 2020 / GST News

Extended date of the Income Tax Return (ITR) 2020

The date for Income Tax Return Filing has been extended to November 30, 2020, The finance minister said.
Read More
April 13, 2020 / GST News

GST Rate on PPE KIT Face Mask and Sanitizers

Current GST Rate on PPE KIT Face Mask, Sanitizers and other medical equipments.
Read More
April 10, 2020 / GST News

GST Filing Important dates 2020

GST Filing Important dates 2020.
Read More
April 10, 2020 / GST News

GST Filing Dates extended for providing relief to Taxpayers

Due to COVID-19 pandemic and challenges faced by taxpayers, Government has extended dates for GST filings.
Read More