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With extension of due date for filling of Tax Return, the Ministry of Finance (“MOF”) notifies changes in the new ITR Forms.

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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 The income tax department had earlier withdrawn ITR form 1 and ITR form 4 to incorporate changes made in income tax rules in the wake of the Covid pandemic.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, […]

Rs 3 lakh crores Collateral-free Automatic Loans for Businesses, including MSMEs

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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.

CBDT explores 10 ways to FORCE not coerce yet enhance the collection of Taxes to combat loss due to COVID-19 pandemic.

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With a view to bring the economy back on track from the Lockdown, which is set to continue till 3rd May unless extended further due to the CORONA pandemic, the CBDT (administrative body of Income Tax) examines 10 ways to accelerate tax collection to support economy. The options were a result of collective suggestion sought and obtained from IRS and field officers referred as “FORCE” which stands for Fiscal Options & Response to the COVID-19 Epidemic The officers smells at higher instances of non-filing of returns, increase in non-deduction of tax deductible at source (TDS)/withholding the deducted tax and cases of under-reporting the tax liabilities through bogus loss claims in future which is likely to impact fiscal collection for 2020-21. They want the relief measures to be restricted to honest compliant taxpayers, especially those filing returns accordingly proposes the following short/medium measures. Reintroduction of the Inheritance Tax What could surprise many, the team has proposed recalling of the inheritance taxes that was abolished way back in 1985. The team backs their suggestion based on the wisdom of some developed counties where it is levied with rates as high as 55 percent. COVID relief cess At present, the government levies a […]

Under PM-KISAN Scheme Rs. 17,793 crores released for 8.89 crore farmer families during the lockdown About 19.50 crores households to be distributed pulses under PMGKY

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Department of Agriculture, Cooperation and Farmers Welfare, Government of India is taking several measures to facilitate the farmers and farming activities at field level during the lockdown period. The updated status is given below: Under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) Scheme during the lockdown period from 24.3.2020 till date, about 8.89 crore farmer families have been benefitted and an amount of Rs. 17,793 crore has been released so far. In order to provide food security during the prevailing situation due to COVID-19 pandemic, the Government has decided to distribute pulses to the eligible households under Pradhan Mantri Garib Kalyan Yojana (PM-GKY). About 107,077.85 MT pulses have so far been issued to the States/UTs.   Under PMGKY, the States/UTs namely A&N, Andhra Pradesh, Chandigarh, Chhattisgarh, Daman & Diu, Goa, Gujarat have commenced the distribution of pulses to the beneficiaries. Other States like Madhya Pradesh, Punjab, Rajasthan, Telangana, West Bengal, Uttar Pradesh, and Delhi have received the partial stock and will commence the distribution to the beneficiaries in phased manner as per their plan. The distribution of pulses under PMGKY is to benefit around 19.50 crore household  spread across 36 States and Union territories. Source