Amidst the continuity of the Lockdown and consequential difficulty faced by Industry, the Income Tax Department, in an enabling move has extended the time period till 30th November 2020. At the same time, notified bringing in some key changes in the income tax return forms, the income tax department has now released ITR forms for financial year 2019-20 (Assessment Year 2020-21). In a notification (31_2020 by way of 12th Amendment to Income Tax Rules), the finance ministry issued ITR 1 (Sahaj), ITR 2, ITR 3, ITR 4 (Sugam), ITR 5, ITR 6, ITR 7 and ITR V forms. The income tax department had earlier withdrawn ITR form 1 and ITR form 4 to incorporate changes made in income tax rules in the wake of the Covid pandemic. “The new forms require a separate table to disclose tax saving investment made in Q1 2020 for availing them in FY 2019-20. Following Forms (New Format) and changes made applicable have been notified; ITR 2 form: For individuals and HUFs not having income from profits and gains of business or profession. ITR 3 form: For individuals and HUFs having income from profits and gains of business or profession. ITR 4 form: Also known as Sugam, it is meant for individuals, […]
Stressed MSMEs need equity support GoI will facilitate provision of Rs. 20,000 cr as subordinate debt Two lakh MSMEs are likely to benefit Functioning MSMEs which are NPA or are stressed will be eligible Govt. will provide a support of Rs. 4,000 Cr. to CGTMSE CGTMSE will provide partial Credit Guarantee support to Banks Promoters of the MSME will be given debt by banks, which will then be infused by promoter as equity in the Unit.
Businesses/MSMEs have been badly hit due to COVID19 need additional funding to meet operational liabilities built up, buy raw material and restart business Decision: Emergency Credit Line to Businesses/MSMEs from Banks and NBFCs up to 20% of entire outstanding credit as on 29.2.2020 Borrowers with up to Rs. 25 crore outstanding and Rs. 100 crore turnover eligible Loans to have 4 year tenor with moratorium of 12 months on Principal repayment Interest to be capped 100% credit guarantee cover to Banks and NBFCs on principal and interest Scheme can be availed till 31st Oct 2020 No guarantee fee, no fresh collateral 45 lakh units can resume business activity and safeguard jobs.