Business, Economy & Banking Current Affairs - 2020

Business, Economy and Banking in Current Affairs 2019 with latest news and current affairs in Agriculture, Industry, Banking, Capital Markets, Import and Export and Government schemes in commercial sector.

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Ordinance passed for 100% Tax Exemption on donations to PM Cares Fund

On March 31, 2020, the Government of India passed an ordinance to allow 100% exemption on donations made on PM Cares Funds. The ordinance has also extended the time limit of direct and indirect tax filings to June 30, 2020.

Key Features on Direct Taxes

  • The last date for filing Income Tax returns has been extended to June 30, 2020
  • The Aadhaar-PAN linking that has been made mandatory has been extended to June 30, 2020. If not linked the GoI had earlier warned about cancelling such PAN registrations.
  • The deadline of Vivad se Vishwas Scheme has also been extended to June 30, 2020.

Key Features on Indirect Taxes

The last date for indirect taxes of the following has also been extended to June 30,3030

  • Central Excise Returns
  • Taxes paid under Customs Act, 1962
  • Taxes paid under Sabka Vishwas Legal Dispute Resolution Scheme, 2019.

PM Cares Fund

The funds donated to PM Cares Fund are to be 100% exempted from tax under Section 80G of Income Tax Act.

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Asian Development Bank to invest 100 million USD in NIIF

On March 30, 2020, the Asian Development Bank announced that it is to invest 100 million USD in National Investment and Infrastructure Fund (NIIF). The investment during an economic slow down is a great boost for the Indian Economy.

NIIF

The National Investment and Infrastructure Funds were set up in 2015. The main purpose of the fund is to aid Greenfield and brownfield projects in the country. When an entity is to use the benefits of the funds, the Indian Government invests 49% and the rest has to be raised from third party investors.

The NIIF makes it mandatory that the funds shall be invested in the areas such as transportation, energy, water, housing, waste management.

Major funds of NIIF

There are three major funds under NIIF. IT includes Master Fund, Fund of Funds and Strategic Investment Fund

Master Fund

This is an infrastructure fund. These funds shall be used in core infrastructure sectors such as ports, road, power, etc.

Fund of funds

The fund of funds shall be used on affordable housing, green infrastructure and infrastructure services. These funds are availed only to fund managers who have good track on infrastructure projects

Strategic Investment Fund

This fund is registered under SEBI. These funds focus on green field and brown field investments.

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