Top headlines: TDS rate cut by 25%, ITR filing extended till Nov 30

File photo of Finance Minister Nirmala Sitharaman | Photo: Dalip Kumar
TDS rate cut by 25%, ITR filing deadline extended till Nov 30
India will provide Rs 3 trillion worth collateral-free loans to small businesses for four years, said Finance Minister Nirmala Sitharaman on Wednesday as she gave details of a Rs 20-trillion package to support an economy battered by a weeks-long lockdown to contain the coronavirus pandemic. In all, the FM announced 15 measures, including a 25% cut in TDS and an extension of the ITR filing deadline till Nov 30. During the presser, Sitharaman also announced a one-time liquidity injection of Rs 90,000 cr for discoms. Read more 

FM has leveraged banks and PSUs to deliver the goods
The Prime Minister boosted market confidence by announcing on Tuesday a Rs 20 trillion package. The composition of the same was always going to be a point of interest. The economic relief package was expected to be in some tranches, and hence, the Finance Minister (FM) will have something for the market players in the next couple of days. The FM has spoken of 15 odd measures in Round 1 with focus on micro, small and medium enterprises (MSMEs), non-bank finance companies (NBFCs) and power sector, which is significant. This is in keeping in mind both the importance of the tenet of ‘Make in India’ and going local. Read more

Indian products in paramilitary canteens from June 1: Govt after PM speech
Union Home Minister Amit Shah on Wednesday announced that all canteens of the Central Armed Police Forces (CAPFs) like the CRPF and the BSF will sell only indigenous products from June 1 to 5 million family members of about 1 million personnel. Read more

Maruti Suzuki posts 28% YoY fall in Q4 profit at Rs 1,322 crore
Auto major Maruti Suzuki on Wednesday reported 27.7 per cent year-on-year fall in consolidated profit at Rs 1,322.3 crore for the March quarter of FY20 (Q4FY20) while revenue dipped 15.2 per cent to Rs 18,207.7 crore. The company had posted revenue of Rs 21,473.1 crore and profit of Rs 1,830.8 crore in the corresponding quarter of last year. Read more

Markets will cheer Rs 20-trn package, but the devil could be in the detail
PM Modi said India should be self-reliant with an efficient supply chain. With this vision statement, the Prime Minister has set the ball rolling. However, the question is how the Government will ensure the speedy implementation of the vision statement without being diluted due to bureaucracy, leakages, inefficiencies and corruption. We should remember that we are yet to fix the agricultural supply chain since the last five years, amongst others, Ambarish Baliga writes...


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