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Atmanirbhar Bharat: Economic Package 2.0 Direct Tax Measures Highlight

India went under a total lockdown on March 24. What previously was treated as a 21-day break soon turned into a new way of life. At present the number of days we have spent in our Lockdown is nearly 50. But Just when public opinion started shifting from ‘Pro-lockdown’ and ‘Restart the Economy’ PM Modi did it again. On May 12, he addressed the nation in his classic 8 PM addressing style. A gargantuan Stimulus Package of INR 20 Lakh Crore was announced along with Lockdown 4.0.

For quite some time, another Economic package was long called for from renowned Economists like Nobel laureate Abhijit Banerjee and ex-RBI Governor Raghuram Rajan. India’s chief economic adviser K.V. Subramanian cited the steep recovery of the world economy after the Spanish flu of 1918-19. He further claimed that India Inc too could witness a ‘V-shaped’ recovery. Worth noting that the world wasn’t forced in a Lockdown during the Spanish Flu and most Economic Activities were allowed.

On May 13, 2020, Finance Minister Nirmala Sitharaman gave the details of the Stimulus Package in a press conference.

Atmanirbhar Bharat Direct Tax Update

TDS Update

Income Tax Update

Other Direct Tax Measures

Other Important Measures

Stay tuned for further updates on the Atmanirbhar Bharat Economic Stimulus Package.

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