The Finance Act, 2020, has omitted section 203AA which provided issuance of Form 26AS by the Income-tax department in respect of TDS with effect from 01-06-2020. Accordingly, a new section 285BB was introduced to provide that the prescribed Income-tax authority or any other person authorised in this behalf shall upload an Annual Information Statement in the registered account of the assessee containing informations of various financial transactions made by him during the year. Now, in exercise of the powers conferred by section 285BB read with section 295, the Central Board of Direct Taxes (CBDT) has omitted Rule 31AB and a new Rule 114-I has been inserted to the Income-tax Rules, 1962 to provide that the Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems) or any person authorised by him shall, upload such annual information statement in Form No. 26AS in the registered account of the assessee.  Such form shall consist of the following ...

Government of India  Ministry of Finance  Department of Revenue  Central Board of Direct Taxes  New Delhi,  28th May, 2020  PRESS RELEASE  FM launches facility of Instant PAN through Aadhaar based e-KYC  In line with the announcement made in the Union Budget, Hon’ble Union Finance Minister Smt. Nirmala Sitharaman formally launched the facility for instant allotment of PAN (on near to real time basis) today on 28th May, 2020. This facility is now available for those PAN applicants who possess a valid Aadhaar number and have a mobile number registered with Aadhaar. The allotment process is paperless and an electronic PAN (e-PAN) is issued to the applicants free of cost.  It may be recalled that in the Union Budget, 2020, the Hon’ble FM had announced to launch instant PAN facility shortly. In para 129 of the Budget Speech, the FM had stated, “In the last Budget, I had introduced the interchangeability of PAN and Aadhaar for which necessary rules...

RBI/2019-20/245 DOR.No.BP.BC.72/21.04.048/2019-20 May 23, 2020 All Scheduled Commercial Banks (excluding Regional Rural Banks); All India Financial Institutions (NABARD, NHB, EXIM Bank, and SIDBI); All Systemically Important Non-Deposit taking Non-Banking Financial Companies (NBFC-ND-SI) and Deposit taking Non-Banking Financial Companies (NBFC-D). Madam/Dear Sir, COVID19 Regulatory Package – Review of Resolution Timelines under the Prudential Framework on Resolution of Stressed Assets Please refer to the  Circular DOR.No.BP.BC.62/21.04.048/2019-20 dated April 17, 2020  relating to extension of resolution timelines under the  Prudential Framework on Resolution of Stressed Assets dated June 7, 2019  (‘Prudential Framework’). Given the continued challenges to resolution of stressed assets, in partial modification of the above, as announced in the  Governor’s Statement of May 22, 2020 , the timelines are being extended further as under: 2. In respect of accounts whi...

RBI/2019-20/244 DOR.No.BP.BC.71/21.04.048/2019-20 May 23, 2020 All Commercial Banks (including Small Finance Banks, Local Area Banks and Regional Rural Banks) All Primary (Urban) Co-operative Banks/State Co-operative Banks/ District Central Co-operative Banks All All-India Financial Institutions All Non-Banking Financial Companies (including Housing Finance Companies) Madam/Dear Sir, COVID-19 – Regulatory Package Please refer to the  Circular DOR.No.BP.BC.47/21.04.048/2019-20 dated March 27, 2020  and  Circular DOR.No.BP.BC.63/21.04.048/2019-20 dated April 17, 2020  announcing certain regulatory measures in the wake of the disruptions on account of COVID-19 pandemic and the consequent asset classification and provisioning norms. As announced in the  Governor’s Statement of May 22, 2020 , the intensification of COVID-19 disruptions has imparted priority to relaxing repayment pressures and improving access to working capital by mitigating the burden of debt servic...

Date : May 22, 2020 This Statement sets out various developmental and regulatory policy measures to improve the functioning of markets and market participants; measures to support exports and imports; efforts to further ease financial stress caused by COVID-19 disruptions by providing relief on debt servicing and improving access to working capital; and steps to ease financial constraints faced by state governments. I. Measures to Improve the Functioning of Markets These measures are intended to ease constraints on market participants and channel liquidity to various sectors of the economy that are impacted by COVID-19 related dislocations. 1. Refinancing Facility for Small Industries Development Bank of India (SIDBI) The Small Industries Development Bank of India (SIDBI) plays an important role in meeting the long-term funding requirements of small industries. In view of the tightening of financial conditions in the wake of the COVID-19 pandemic, and difficulties in raising resources ...

"It is when the horizon is the darkest and human reason is beaten down to the ground that faith shines brightest and comes to our rescue." 1 As a nation we must have faith in India’s resilience and capacity to overcome all odds. COVID-19, a virus of the size of 0.12 microns, has crippled the global economy, with more than 300,000 dead and economic activity across the world stalled. Once again, central banks have to answer the call to the frontline in defence of the economy. 2. The recent release of macroeconomic data, that for the first time revealed the damage wrought by COVID-19, brought forward the need for an off-cycle meeting of the monetary policy committee (MPC) in lieu of the scheduled meeting during June 3 to 5, 2020. Over the last three days, i.e., 20th, 21st and 22nd May 2020, the MPC reviewed domestic and global developments and their implications for the outlook. After extensive discussions, the MPC voted unanimously for a reduction in the policy repo rate and fo...

F.No.370142/35/2019-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Circular No. 12/2020 dated: May 20, 2020 In furtherance to the declared policy objective of the Government to encourage digital  transactions and move towards a less-cash economy, a new provision namely Section 269SU was  inserted in the Income-tax Act, 1961 ("the Act"), vide the Finance (No.2) Act 2019. This  section requires every person carrying on business and having sales / turnover / gross receipts from  business of more than Rs 50 Crores ("specified person") in the immediately preceding previous  year to mandatorily provide facilities for accepting payments through prescribed electronic modes.  Subsequently vide notification no. 105/2019 dated 30.12.2019 -  (i) Debit Card powered by RuPay; (ii) Unified Payments Interface (UPI) (BHIM-UPI); and  (iii) Unified Payments Interface Quick  Response Code (UPI QR Code) (BHIM-...

Ministry of Finance Finance Minister announces Government Reforms and Enablers across Seven Sectors under Aatma Nirbhar Bharat Abhiyaan Posted On: 17 MAY 2020 3:11PM by PIB Delhi KEY HIGHLIGHTS Rs 40,000 crore  increase in allocation for MGNREGS to provide employment boost Increased investments in Public Health and other health reforms to prepare India for future pandemics Technology Driven Education with Equity post-COVID Further enhancement of Ease of Doing Business through IBC related measures Decriminalisation of Companies Act defaults Ease of Doing Business for Corporates Public Sector Enterprise Policy for a New, Self-reliant India Increase borrowing limits of States from 3% to 5% for 2020-21 only & promoting State level reforms Announcing the 5th and last Tranche of measures towards Government Reforms and Enablers, Smt. Sitharaman detailed seven measures for providing employment, support to businesses, Ease of Doing Business, and State Governments as well sectors such as...

Ministry of Finance Finance Minister announces new horizons of growth; structural reforms across Eight Sectors paving way for Aatma Nirbhar Bharat Posted On: 16 MAY 2020 8:47PM by PIB Delhi KEY HIGHLIGHTS Commercial Mining introduced in Coal Sector Diversified Opportunities in Coal Sector Liberalised Regime in Coal Sector Enhancing Private Investments and Policy Reforms in  Mineral Sector Enhancing Self Reliance in Defence Production Policy Reforms in Defence Production Efficient Airspace Management for Civil Aviation More World-Class Airports through PPP India to become a global hub for Aircraft Maintenance, Repair and Overhaul (MRO) Tariff Policy Reform in Power Sector; Privatization of Distribution in UTs Boosting private sector investment through revamped Viability Gap Funding Scheme in Social Sector Boosting private participation in space activities Reforms in Atomic Energy Sector The Finance Minister announced following policy reforms to fast track investment in an effort tow...