FM Nirmala Sitharaman to address press conference at 4 pm, announce more details of economic package

Union Finance Minister Nirmala Sitharaman will hold a press conference at 4.00 pm on May 14 to share more details on the COVID-19 economic relief package.

This will be the second in a series of planned press conferences. On May 13, FM Nirmala Sitharaman announced the first tranche of the package’s details.

Measures announced on May 13 were aimed at alleviating the stress in sectors such as micro, medium and small enterprises (MSMEs), power discoms and real estate.

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The government announced a Rs 90,000 crore liquidity infusion in electricity distribution companies to help them overcome the current financial stress.

The Finance Minister's announcements were also aimed at improving the sagging morale of India's workforce, facing the brunt of a slowing economy and muted corporate earnings.

Also read: FM Sitharaman unveils blueprint of Rs 20 lakh crore stimulus package; shot in the arm for MSMEs, discoms

The Centre slashed the tax deducted at source (TDS) and tax collected at source (TCS) rates for non-salary payments to residents by 25 percent. However, Sitharaman clarified that the same “shall also apply to all payments for contracts, interest, rent, dividend, commission or brokerage.”

The reduction, she said, would put nearly Rs 50,000 crore into the hands of people who would have otherwise paid it as TDS.

Additionally, in a relief to taxpayers, the government extended the deadline for filing of all income tax returns for FY20 till November 30.