Commerce and Management Continues its historical activities during the extended lockdown due to Covid-19 in India
I write about Commerce and Management in a third row to inform you about the historical, magical and healing work of Commerce and management during the extended lockdown due to Covid-19 in India.Whatever may be the subject, Whether it may be a flood or it may be any other natural disaster, Commerce helps the common man and corporates to go beyond them. Commerce and management believe only in universal brotherhood and humanity. Therefore during this period it tries its best to our nation .Some of important elements which you want to know is being reproduced below for your information and better understanding about commerce and management in a universal way .
I. Draft Guidance Note on Accounting for Share-based Payments
Institute of Chartered Accountants of India invites your valuable comments on different aspects of draft of the ‘Guidance Note on -Accounting for Share-based Payments’. You may give your comments on or before June 4,2020.
II. Supreme court of India has ordered in an Appeal that SARFAESI Act will be applicable to even Cooperative Banks
Implication
1. Now they can attach properties without court intervention.
IV. CBDT has asked the Tax officers not to communicate with the assesses or issue scrutiny notices without its intervention
V. Government has decided to revise its borrowing limit. Now the limit is 12 trillion Rupees
VI. As per the Finance Act of 2020, to get exemption under sec 10(23), 12AA, 35 and Sec 80G of the Income Tax Act every firm ,institution ,trust and other similar institutions has to get approval or registration as per the new procedure laid down in the said act. Now the applicability of this clause has been deferred from 1/6/2020 to 1/10/2020
VII. Government of India has announced 20 lakh crore Atma Nirbhar Bharat Abhiyan Relief Package to tackle the situation and increase our GDP during the third lockdown period
The Finance Minister has made announcements from 13/5/2020 to 17/5/2020-
We may summarize the main announcements made by the Finance Minister on 13/5/2020 as follows—
1. New vision with respect to our economy
2. Self reliant India is the main focus of this package
3. The package is resting on five pillars as already mentioned by the Prime Minister on 12/5/2020
4. The package aims at entire development of our society
5. Various reforms will be announced in coming days
6. We have to market our products internationally
7. Reforms of past made us a power surplus state
8. This package is a continuation of March Package
9. Fifteen different measures has been announced on 13/5/2020
10. Out of 15, six measures are meant for MSMEs
11. Out of 15, two measures are meant for EPFs
12. Out of 15, two measures are meant for Direct taxation
13. Collateral free loan will be given to MSMEs.
14. No processing charges on those loans
15. Loans worth 3 lakh crore to MSMEs
16. One- year moratorium in respect of those loans to MSMEs
17. All measures aimed at liquidity injection in the economy
18. Sud-ordinate debts to stressed MEMEs
19. The amount will be given to banks to cancel NPAs in respect of those loans taken by MSMEs
20. Financial Assistance to standard MSMEs
21. Definition of MSMEs has been changed
22. Same definition to manufacturing and service MSMEs
23. 20,000 crore loans will be given to stressed MSMEs
24. To get security free loan MSMEs may apply up to October 31,2020.
25. Government will invite global tenders up to Rs 200 crore
26. 30,000 crore package has been announced to NBFCs. Also Guaranty should be provided by GOI in respect of loans to those firms
27. Government of India will give EPF contribution for next three months
28. EPF contribution by both employee and employer has been reduced to 10 percentage subject to certain conditions
29. Contractors will get an additional six months for completion of their works
30. Contractors will get partial security release on the basis of work completion .
31. Real estate developers will get extension by six months
32. TDS and TCS rates has been reduced by 25 %
33. All pending Income Tax refunds should be paid immediately
34. Income Tax Return Submission date is extended up-to 30,November 2020
We may summarize the main announcements made by the Finance Minister on 14/5/2020 as follows—
1. Second day announcements focused on migrant workers, small farmers ,street vendors etc.Total Nine measures are announced by FM
2. Three measures are related to migrant workers and one is related with employment generation and two of the measures are related street vendors
3. Schemes meant for marginal and nominal farmers are announced
4. Benefit of Subsidized Loan facility to agriculturists has been extended to May 31,2020
5. Moratorium of three months to agriculturists has been declared .
6. Migarnt workers can enroll inMGNREGA(Mahatma Gandhi National Rural Employment GuarantyAct)
7. Right to minimum wages will be universal
8. Disparity of minimum wages pan India will be removed
9. One India,One wages will be the objective
10. ESI facility will be provided to all employees
11. Free food grains to migrant workers for next three months .15 Kg of food already given .Now,this facility will extend for even non ration card holders
12. One KG pulse per month will be given as free
13. One India -One ration card scheme will be implemented
14. GOI will implement rental housing scheme for urban poor
15. Shishu loan holders under Mudra loan will get interest subsidy for 12 months @2 percentage
16. GOI will give easy loan to street vendors
17. Appointment letters to all employees is the need of the hour
18. Credit link subsidy housing scheme for middle class has been extended to march 2021
19. More jobs will be provided to Tribal men.
20. Farmers will get more working capital loans
21. Fisherman and animal husbandry farmers will get KisanCredit cards
We may summarize the main announcements made by the Finance Minister on 15/5/2020 as follows—
1. Third day focus on agriculture ,animal husbandry ,food processing and allied sectors
2. Total 11 measures are announced
3. Eight out of eleven are meant for infrastructure facilities
4. One lakh crore for co-operatives and other related agencies for infrastructure facilities creation related with agriculture and farm sector
5. 10,000 crore Rupees will be provided to clusters of food processing institutions
6. New fishing vessels and new fishing harbours are provided
7. Hundred percentage of cattle population should be vaccinated
8. Animal husbandry development fund of 50,000 crore should be established
9. New measures for promotion of medicinal plant cultivation
10. New scheme for bee keepers .500 crore fund should be provided
11. 500 crores should be provided as subsidies to farmers for processing of perishable commodities
12. Essential commodities Act should be amended
13. New central law for inter-state trade
14. GOI will ensure minimum fair price before starting agriculture operations
We may summarize the main announcements made by the Finance Minister on 16/5/2020 as follows—–
1. DBT ,GST ,IBC are the most important reforms in India in commerce and management
2. Direct taxation reforms ,power reforms and coal sector reforms are the other reforms which contributes positively to our economic development
3. Fourth day ,focus will be on reforms
4. FM has announced reforms in eight sectors
5. Coal sector reforms
Sanction has been given to commercial coal mining on revenue sharing basis
6. As a first step ,50 blocks of coal farms should be opened for privatization
7. Any one can participate in the tender process
8. Transfer of mining lease is permitted
9. Privatization is permitted in mineral sector
10. Single company can do all tasks related with mining
11. Manufacturing of defenceequipments in India is our objective
12. Ordinance factories should be corporatized
13. FDI limit in respect of defenceequipments should be increased from 49 percentage to 74 percentage
14. Make in India will be implemented in defence sector
15. Defence imports should be prohibited in certain areas
16. Airport Authority of India will get more financial assistance
17. More efficient use of Indian space will be possible
18. Privatization in Airports should be encouraged
19. Power Distribution companies in the union territories should be privatized
20. More opportunities for private players related with ISRO
21. Reserach reactor will be established in PPP model related with medical isotopes
22. Energy sector will be open for reforms
We may summarize the main announcements made by the Finance Minister on 17/5/2020 as follows—-
1. Major sections of IBC will be suspended for one year
2. Decriminalise the offences under companies Act
3. 40,000 crore to MGNREGA scheme (Mahatma Gandhi National Rural Employment GuarantyAct)
4. Sanction to 12 new education channels
5. Online education should be promoted
6. Online education through TV channels
7. TV channels for each class
8. E Padhasala facility will be improved including 200 more books
9. Indian companies can list their shares in foregin exchanges
10. IBC new limit will be one crore
11. More funds will be allotted to public health
12. GOI announces New Public sector policy .
13. 50 Lakh insurance to health workers
14. online classes of experts will be provided
15. Publicsector undertakings should be merged .
16. Only 4 big public sector undertakings in notified strategic sector
17. Migrant workers will get work on monsoon
18. Public sector undertakings in non -strategic sector should be privatized
19. New online scheme known as Deesha
20. Revenue deficit grants to State Goverments
21. Now states can borrow upto 5 percent of their GDP subject to certain conditions
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