Press Information Bureau has issued a presentation dated 12th November, 2020 to list down the announcements made by F.M Nirmala Sitharaman under Atmanirbhar Bharat Package 3.0.
List of key announcements made by F.M Nirmala Sitharaman are :
1. Section 43CA of Income Tax Act,1961 restricts differential between circle rate and agreement value @ 10%. The differential shall be increased from 10% to 20% (under section 43CA) for the period from the date of the announcement to 30th day of June 2021 for only primary sale of residential units of value up to INR 2 crores.
2. 2. Consequential relief up to 20% shall also be allowed to buyers of the these residential units under section 56(2)(x) of Income Tax Act,1961 for the said period.
3. 3. Central Government to provide subsidy for two years in respect of new eligible employees engaged on or after 1st October, 2020 at following scale –
a. Establishments employing up to 1000 employees: Employee’s contributions (12% of Wages) & Employer’s contributions (12% of wages) totalling 24% of wages;
b. Establishments employing more than 1000 employees: Only Employee’s EPF contributions (12% of EPF wages).
4. Establishments registered with EPFO if they add new employees compared to reference base of employees as in September, 2020 as under would get subsidy for all new employees. Scheme to be operational till 30th June, 2021
a. Minimum of two new employees if reference base is 50 employees or less
b. Minimum of five new employees if reference base is more than 50 employees.
5. INR 3 lakh crores existing Emergency Credit Line Guarantee Scheme (ECLGS 1.0) announced as part of the Aatmanirbhar Bharat Abhiyaan the scheme is extended till 31st day of March,2021.
For further details please refer the attached document.
Source: Press Information Bureau
