FM Announcement #Atmanirbhar Rozgar Yojana
• EPFO registered companies incentivized to hire freshers or those who have lost their jobs from Mar-Sep
• CG to contribute EPF on behalf of employees for the next 2 years where wages <15,000.on behalf of employers if <1000 employees
Emergency Credit Limit Guarantee Scheme
• Extended to stressed sectors per KV Kamat report
• Outstanding debt 50-500 Crores, to any sized company as long as account was not NPA pre #covid
• 20% extra borrowing to be repaid over 5 years. 1 year #moratorium
Production linked incentive scheme
• 10 new champion sectors
• to boost exports, manufacturing, employment
• Rs. 1,45,000 Crores
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Direct tax proposes a new optional #tax regime optional for taxpayers.
Under the new tax regime – tax rates are as follows
Up to 5 lakhs – 0%
5 lakhs to 7.5 Lakhs – 10% 7.5 Lakhs to 10 Lakhs – 15%
10 Lakhs – 12.5 Lakhs – 20% 12.5 Lakhs to 15 Lakhs – 25%
More than 15 Lakhs – 30%
DDT has been removed. #DDT will be taxed in the hands of individuals at their slab rate. With DDT scrapping, govt lets go of Rs 25,000 crore revenue.
Audit Turnover threshold has been increased from Rs. 1 crore to Rs. 5 crores. #Budget2020