*Income Tax reliefs announced by FM on 13.05.2020*
1. All pending refunds (apart from those which are less than 5lakhs recently cleared) to all other persons (Corporates and Trusts) shall be issued immediately.
2. 25% Reduction in existing TDS rates for the whole of FY 2020-21
3. Due date for filing tax returns for all assessee's is extended to 30th November 2020 for FY 2019-20
4. Due date for tax audit is extended to 31st October 2020 for FY 2019-20 (Existing 30th September 2020)
5. Limitation of Time barring Assessments due on 30th September extended to 31st December 2020 and which are due on 31st March 2021 extended to 30th September 2021.
6. *Vivad se vishwas* payment extended till 31st December 2020 without any additional payment.
*Other Measures impact the business*
1. Reduction in PF contribution rates from 12% to 10% for next 3 months
2.Change in Definition of MSME
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