Wheelhouse Advisors

10/11/2023

18/07/2021

Operational guidelines for newly introduced scheme "Loan Guarantee Scheme for Covid Affected Sectors (LGSCAS) is issued by NCGTC. Under the scheme maximum loan up to Rs.100 crore per project is available for eligible projects in the healthcare sector.

06/06/2021

New e-filing portal of Income Tax department is going to be launched tomorrow i.e June 7, 2021. This an initiative towards providing ease of compliance to taxpayers and other stakeholders.

05/06/2021

RBI under Resolution Framework-1.0, had allowed lending institutions to restructure their loans for the financial stress faced by the borrowers due to COVID 19 pandemic. Further to contain the uncertainties caused by the pandemic, RBI has allowed the lending institutions to restructure their loans to individuals, small business and MSME's under Resolution Framework-2.0 dated May 5, 2021 and June 4, 2021.

26/04/2021

ECLGS 3.0: The Emergency Credit Line Guarantee Scheme provides 100% guarantee to the lending institutions for the loans sanctioned to the eligible borrowers. Government has extended the validity of the scheme and certain service sectors have been included in the scheme. Operational guidelines and FAQ's are now available on NCGTC website.

27/11/2020

NCGTC has issued updated operational guidelines as on November 26, 2020 on Emergency Credit Line Guarantee Scheme (ECLGS) and unveiled the guidelines for implementation of ECLGS 2.0. Under the scheme an eligible borrower can avail loan upto 20% of the loan outstanding as on February 29, 2020.

21/11/2020

An eligible startup can claim exemption from Angel Tax under section 56 (2) (viib) of Income Tax Act, by fulfilling certain conditions. Such exemption was granted by CBDT through notification No.13/2019 w.e.f February 19, 2019 #

08/11/2020

A recognized startup is eligible to apply for the full deduction on profits and gains from business by fulfilling certain conditions. There are some procedures involved in getting the certification for availing the income tax exemptions under section 80 IAC of Income Tax Act. #

01/11/2020

There are as many as 39,046 recognized startups in India. The Government has announced many schemes and benefits for the recognized startups. So to start with, we bring to you the definition of startup and the process of recognition as startup with the Department for Promotion of Industry and Internal Trade (DPIIT). #

25/10/2020

To address the challenges faced by the tax payers in meeting the statutory and regulatory compliance, CBDT has once again extended the due dates for furnishing the income tax returns and audit reports for the financial year 2019-20.

15/10/2020

The collateral free automatic loan for businesses including MSMEs under Emergency Credit Line Guarantee Scheme (ECLGS) of Rs.3,00,000 crore can be availed only up to October 31, 2020.

As updated by Ministry of Finance in their tweet, Banks have sanctioned additional credit amounting to Rs.1,63,226.49 crore to 42,01,576 borrowers as on September 10, 2020 and out of that Rs.1,18,138.64 crore has been disbursed to 25,01,999 borrowers. Scheme can be availed till October 31, 2020.

13/10/2020

E-Invoicing under GST was made mandatory for certain class of tax payers for B2B supply of goods or services or both from October 1, 2020. However certain relaxation, changes and amendments were also notified by CBIC.