Small and Medium Enterprises

Income Tax department has last amended the 3CD report by inserting a New Clause 17A after Clause 17 by NOTIFICATION NO. 36/2009, DATED 13-4-2009 , which require auditors to report Amount of interest inadmissible under section 23 of the Micro, Small and Medium Enterprises Development Act, 2006. In addition to that there were some changes in provisions of fringe benefit. I am attaching herewith a Revised Form 3CD for Tax Audit incorporating all the changes and amendments.. Full Article

Domestic entrepreneurs can now easily access information related to global micro, small and medium enterprises, their products and technologies on the website launched by National Small Industries Corporation (NSIC). Unveiling the website, www.msmeintelligence.com , MSME Secretary Uday Kumar Verma said: Non availability of experts, high cost of primary data collection and higher cost of database development are some impediments for MSMEs to gather Market Intelligence. Full Article

The Cabinet has approved modifications in the Central Capital Investment Subsidy Schemes under the industrial packages available to J&K and the North Eastern Region (NER) in so far as they apply to MSME sector. Under the modified scheme, the Capital Full Article

Interest not to be allowed as deduction from income. - Notwithstanding anything contained in the Income-tax Act, 1961, the amount of interest payable or paid by any buyer, under or in accordance with the provisions of this Act, shall not, for the purposes of computation of income under the Income-tax Act, 1961, be allowed as deduction. Full Article

The government is likely to extend the 2 per cent interest subsidy given to exporters on rupee export credit from March 31 to December 2010. The announcement is expected in the upcoming Budget. Although India's exports have started growing again after several months of decline, commerce ministry sources told that the extension is being considered to sustain growth and stabilise it at 15 to 20 per cent. Full Article

Small and medium enterprises (SMEs) in the country will not have to prepare their accounts as per the International Financial Reporting Standards (IFRS) from April 1, 2011, saving them significant cost of switching to the more rigorous accounting standard A government-constituted core panel on IFRS has decided to exempt SMEs from the first phase of convergence falling due in 2011. Full Article

The government today shot down a suggestion in the Lok Sabha for setting up a committee under the Member of Parliament in respective constituencies for monitoring disbursement of loans by banks to priority sector like agriculture, small and medium enterprises. Full Article

Markets regulator SEBI has decided to allow companies to auction their shares in a follow-on public offer (FPO) to qualified institutional buyers (QIBs) at differential prices above the floor, while retail investors will get shares at the floor price. Full Article