Announcements on EPF and Income Tax by the Indian Government.
                     Announcements on EPF 
and Income Tax by the 
Indian Government
Introduction
• Keeping in see PM Modi's vision of an "independent India", FM Nirmala Sitharaman 
reported a huge number of individual fund measures to support request in the 
nation, which is desolated by the pandemic. 
Source: Google Images
Announcement 1
• Due date for all annual tax returns have been stretched out to 30 November from 
31 July. 
Announcement 2
• TDS, TCS rate for non-salaried employees for a period up to March 31, 2021, has 
been sliced by 25%, a move that will discharge ₹50,000 crores into the framework, 
said the FM Sitharaman. 
Explanation
• So as to give more funds at the disposal of citizens, the paces of Tax Deduction at 
Source (TDS) for non-salaried determined installments made to occupants and 
paces of Tax Collection at Source (TCS) for the predetermined receipts will be 
diminished by 25% of the current rates 
Announcement 3
• Payment for the contract, proficient charges, intrigue, lease, profit, commission, 
financier, and so on will be qualified for this diminished pace of TDS. 
Explanation
• To expand bring-home compensation for representatives and to offer alleviation 
to employers in provident fund, Finance Minister Nirmala Sitharaman said that for 
next a quarter of a year EPF or worker opportune store commitment will be 10% 
each for workers and employers when contrasted with the legal commitment of 
12%. 
• CPSEs and state PSUs will, in any case, keep on contributing 12% as business 
commitment. 
Source: Google Images
Announcement 4
• The government additionally declared an augmentation by an additional three 
months a plan under which the administration pays the EPF commitment of 
representatives and managers. 
• Under this plan, the focal government pays 24% of the month to month 
compensation into EPF accounts beneath ₹15,000 every month 
Announcement 5
• The EPF choice will give alleviation to 6.5 lakh foundations secured under EPF and 
about 4.3 crore such workers, said Sitharaman, including that it will give liquidity 
of ₹6,750 crores to representatives and businesses over next a quarter of a year.
Announcement 6
• Under Pradhan Mantri Garib Kalyan Package (PMGKP), 12 percent of the employer 
and 12 percent of the employee contributions were made to the qualifying 
establishments' EPF accounts 
• It was earlier given for the March, April and May 2020 pay months
Source: Google Images
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