Statutory Updates

For MSME registration, contact 9696722698

Measures for support to MSME announced by FM Smt. today are:

➡️Rs 3 lakh cr Collateral-free Automatic Loans for Businesses, including MSMEs
➡️Rs 20,000 cr Subordinate Debt for Stressed MSMEs
➡️Rs 50,000 cr Equity infusion for MSMEs through Fund of Funds
(2/2)
➡️ New Definition of MSMEs
➡️Global tenders to be disallowed upto Rs 200 cr
➡️Other interventions for MSMEs

Two Major Amendments Proposed in Finance Bill, 2017 before passing it in parliament:
1. Amendment in Sec.269ST: Sec 269ST was inserted in finance bill to provide that no person shall receive amount of Rs. 300000 or more otherwise than by A/c payee cheque/ bank draft/ electronic payment :
• In aggregate from a person in a day;
• In respect of a single transaction.
• In respect of transactions relating to one event.
The Limit of Rs. 300000 has been reduced to Rs. 200000 by making amendment in proposed finance bill. Thus any receipt of Rs. 2 Lakh or more in cash will attract 100% Penalty in hands of recipient with effect from 1st April, 2017.
2. AADHAR Card is proposed to be made Mandatory for Income Tax Return Filing.