Kumar Naman & Associates

23/06/2021

16/06/2021

Senior Finance Ministry officials to hold interactive meeting with Infosys on 22nd June, 2021 on issues in the new IT e-Filing portal.

Stakeholders including ICAI members, auditors, consultants &taxpayers to be part of the interaction.

Infoays team to clarify on glitches faced.

29/09/2020

Official Page of PSBLoansin59Minutes.com - offers Business loan, MSME Loan, Car Loan, Home Loan

24/09/2020

Last date for filing of belated or revised ITRs for AY 2019-20 (FY 2018-19) is 30th September, 2020. File now.

15/09/2020

MSME SCHEMES FOR STARTERS

https://champions.gov.in/Ministry-of-MSME/start-up,industry,fund-of-funds-micro-small-medium-udyam-financing/Schemes_for_starters.htm

30/07/2020

In view of the constraints due to the Covid pandemic & to further ease compliances for taxpayers, CBDT extends the due date for filing of Income Tax Returns for FY 2018-19(AY 2019-20) from 31st July, 2020 to 30th September, 2020, vide Notification in S.O. 2512(E) dated 29th July, 2020.

06/07/2020

The department, in a tweet, said that the move has been taken “understanding and keeping in mind the times that we are in” and hoped it will help taxpayers “plan things better”.

25/06/2020

Government extends various time limits under the Direct Tax & Benami laws, providing further relief to taxpayers for making compliances under these laws. Notification dated 24th June, 2020 issued.

Time limits had earlier been extended by Taxation & Other Laws Ordinance on 31st March, 2020.

14/05/2020

Dear Client,

Smt. Nirmala Sitharaman, the Hon'ble Finance Minister, announced details of the 20 lakhs crore Financial Aid package on 13.05.2020 called Atmanirbhar Bharat to support MSMEs in India.

Free Loans.

Collateral free loans amounting to INR 3 lakhs crore have been announced. The eligibility criteria for this is that the borrower should have less than INR 25 crore outstanding and turnover of INR 100 crore. The tenure of the loan would be 4-years with 12-months moratorium on Principal repayment. 100% credit guarantee cover will also be given to Banks and NBFCs on principal and interest. This scheme can be availed till October 31st,2020. It is expected around 45 lakh units will benefit from this.

for Stressed MSMEs.

Subordinate debt amounting to INR 20,000 crore would be provided to MSMEs that are stressed or NPA. The debt will be given to promoters of MSMEs to infuse the debt amount as equity into the unit. A support of INR 4,000 crore will also be provided to CGTMSE, which will further provide partial Credit Guarantee Support to Banks. An estimated 2 lakh units will benefit from this.

Infusion into MSMEs.

This scheme is for MSMEs that have viability and growth potential but face shortage of equity. FoF will be set up with corpus of INR 10,000 crores. This shall be operated through a Mother Fund and few daughter funds. This is expected to leverage around INR 50,000 crore of funds at daughter fund level.

MSME Classification.

Changes have been made to MSME definition to benefit more enterprises.

Best Regards
Manish Kumar