Weekly Financial and Business updates with CA Manoj Lamba
Weekly Financial and Business updates with CA Manoj Lamba
1 . PM MODI ADDRESSED THE NATION FIFTH TIME DURING COVID 19 LOCKDOWN 12 MAY 2020
2. THE THEME OF HIS SPEECH WAS AATM NIRBHAR BHARAT ( SELF - RELIANT INDIA)
3. THE PRIME MINISTER SAID BE LOCAL
, BUY LOCAL AND BE VOCAL TO LOCAL
4.THE PRIME MINISTER HAS ANNOUNCED FINANCIAL RELIEF PACKAGE WHICH IS OF 20 LAKH CRORE WHICH IS NEARLY 10% OF INDIA'S GDP
5. THE STIMULUS PACKAGE WILL PROVIDE RELIEF TO MSME INDUSTRY , MIDDLE CLASS TAXPAYERS AND MIGRANT WORKERS
6. IT WILL FOCUS ON LAND , LABOUR,
LIQUIDITY AND LAW
7. INDIA WILL BECOME SELF-RELIANT ON FIVE PILLARS I.E ECONOMY, INFRASTRUCTURE, TECHNOLOGY DRIVEN GOVERNANCE, DEMOGRAPHY AND DEMAND TO ATTRACT INVESTMENT IN INDIA
8. THE PRIME MINISTER ALSO SAID THAT LOCKDOWN 4 WILL BE OUT ON 18TH MAY 2020 AND IT WOULD BE ENTIRELY DIFFERENT IN STYLE AND COLOUR
9. RUPEES 3 LAKH CRORE COLLATERAL FREE AUTOMATIC LOAN FOR BUSINESS INCLUDING MSME
10. RUPEES 20,000 CRORE FOR SUBORDINATE DEPT FOR STRESSED MSME
11. RS 50,000 CRORE FOR EQUITY INFUSION FOR MSME BY FUNDS OF FUNDS
12. NEW DEFINITION OF M S M E HAS BEEN ANNOUNCED
13. GLOBAL TENDERS TO BE DISALLOWED UP TO 200 CRORE
14. E-MARKETING LINKAGES WILL BE PROVIDED TO M S M E
15. ALL GOVERNMENT USE TO M S M E WILL BE RELEASED WITHIN 45 DAYS
16. EPF SUPPORT FOR BUSINESS AND WORKERS OF ELIGIBLE
ESTABLISHMENT BY FURTHER 3 MONTHS
17. EPF contribution reduced for business and workers for 3 months
18. RUPEES 13000 KAROD SPECIAL LIQUIDITY SCHEME FOR NBFC/ HFC AND MFI
19. RUPEES 45000 KAROD PARTIAL CREDIT GUARANTEE SCHEME FOR NBFC
20. RUPEES 19000 CRORE LIQUIDITY INJECTION FOR DISCOM
21. SPECIAL RELIEF TO GOVERNMENT CONTRACTORS
RERA REGISTERED PROJECT WILL BE ALLOWED EXTENSION OF 6 MONTH TO BOOST REAL ESTATE SECTOR
REDUCTION OF TDS TCS RATE BY 25% FOR FINANCIAL YEAR 2020 - 2021
ALL PENDING INCOME TAX REFUNDS IS TO BE
ISSUED IMMEDIATELY
INCOME TAX DEADLINE HAS ALSO BEEN EXTENDED.
TAX AUDIT DATE FOR THE FINANCIAL YEAR 2019 2020 EXTENDED TO 31ST OCTOBER 2020.
VIVAD SE VISHWAS SCHEME HAS ALSO BEEN EXTENDED TO 31ST DECEMBER 2020.
TIME LIMIT FOR FIXING CASES UNDER SCRUTINY HAS ALSO BEEN SUITABLY EXTENDED.
ONE NATION ONE RATION CARD FROM 1 AUGUST 2020
CSD CANTEEN MAY SELL ONLY INDIAN ITEMS
RUPEES TO TRILLION CONCESSIONAL CREDIT TO BE EXTENDED TO FARMERS
GLOBAL BRANDS CONFIDENT OF INDIAN CONSUMER LOYALTY DESPITE PM MODI LOCAL PITCH
BABA RAMDEV YOG GURU STEPS TO START ECOMMERCE PLATFORM TO SELL SWADESHI PRODUCTS WITHOUT ANY FURTHER DELIVERY COST
Government plans to set 12 new education channels to further support school education during lockdown
Government Monopoly in coal sector is to be removed
Sector specific relief for coal, mines , defence, aviation and power and other sector
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