Tax break to provident fund: What stimulus has for you and economy

Government support in the form of 12% employer and 12% employee contribution extended for another three months - June, July and August

Finance Minister Nirmala Sitharaman on Wednesday gave details of a Rs 20-trillion package to support an economy battered by a weeks-long lockdown to contain the coronavirus pandemic.

Here are key highlights from what she said:

1. Tax-related measures

• From tomorrow, till March 31, 2021, TDS and TCS rates reduced by 25%
• This will release Rs 50,000 cr in the hands of people

2. Dates extended for direct taxes

• Vivaad se Vishvas: Whole scheme extended till December 31, 2020
• Due date for all I-T returns for 2019-20 extended