Modern CFO

Modern CFO: The Changing Role and What You Need to Know

What Are The Roles and Responsibilities of Modern CFO ?

The changing dynamics of business pose newer challenges and CFOs now need to be more vigorous, effectual and adaptable. The Modern CFO need to have more than just technical knowledge. The roles and responsibilities of CFOs has changed from being just technical and finance experts to being a partner in the organization’s growth and prosperity. They can be the catalyst of growth and holds the power to change the entire trajectory of the organization. However, in essence, what is expected of the modern-day CFOs? Let’s find out!

Key Roles & Responsibilities of Modern CFO

Following are some of the modern day CFO roles and responsibilities that have become essential for any organization:

  • Leveraging Technologies: Technology is essential for an organization’s survival, and failing to embrace it can doom the organization. Modern-day CFOs must monitor technological changes and determine how to evolve the organization with the latest technologies.
  • Identifying Opportunities: As the business grows, more and more opportunities knock on the doors. By identifying the latest trends, networking, collaborating, encouraging innovations and adopting a proactive approach, CFOs can grasp the opportunities for overall growth and expansion.
  • Risk Management: An organization faces multiple risks whether it’s from the environment, competitors or governmental policies. Now, the roles and responsibilities of CFOs also include the need to identify and assess major risks that are a threat to the organization and develop risk mitigation strategies. Further, CFO should also monitor the effectiveness of these strategies and keep track of the risk profile of the organization.
  • Quality Decision-Making: Decision-making is one of the most important skills for any leader. At the top management level, the decisions that leaders make decide the fate of the organisation. Modern-day CFOs need to gather and analyze data and derive meaningful conclusions before making any decision.
  • Managing Team: This begins right from building the team and training to equip them with the necessary skills and knowledge. CFOs play a key role in managing the finance team of the organisation. They establish goals, set directions and provide necessary guidance to the team to achieve their objectives. Further, they provide necessary feedback and support to ensure the growth of the team.

Modern CFO : In a Nutshell

Modern-day CFOs are expected to deliver more than just their finance roles. While expected to curate strategies and make informed financial decisions, CFOs have transformed their roles and responsibilities to be more inclusive towards the organization’s management. Thus, it is important for individuals to equip themselves with the necessary knowledge, understanding and experience to deliver maximum value to the organization.

Digital Transformation

Digital Transformation Roadblocks And Strategies For Unlocking New Value

Digital Transformation – Importance and Roadblocks Ahead

Technology is changing the way businesses operate. Leveraging technology has become key to remain relevant. Technology is the catalyst for automating business processes and improving efficiency. However, digitization has its own set of challenges. Here’s why digitization is more of a necessity than a choice for businesses and what can be the roadblocks when undergoing digital transformation.

Importance of Digitization

To understand the importance of digitization, let’s take a quick look at how the world is responding to the same:

Following are some of the key points that highlight the importance of digitization:

  • Saving Costs: Digitization can help you save a ton of costs in the long run. Managing everything physically using traditional methods only adds to the cost, effort and space. While transitioning from old methods to new ones might invite certain initial costs, it will reward in the long run.
  • Better Efficiency: Digitisation and using technology for automation leads to better productivity and efficiency. With everything being digitized, the time required to perform tasks reduces to a fraction of what it required earlier.
  • Warding Off Risks: There are various risks associated with traditional methods. Digitisation ensures confidentiality as access can be controlled. Further, it also ensures disaster recovery with proper backup mechanisms in place.
  • Higher Accuracy: The core foundation of digitization is minimizing human involvement. Humans are prone to errors. As digitization reduces human intervention, the chances of errors decrease manifold.

Roadblocks in Digitization

As stated earlier, digitization too has its own set of challenges. Following are the major roadblocks an organization might face while implementing digitization:

  • Lack of Shared Vision: One of the key drivers of digitization is automation. There might be resentment from employees over the fear of losing jobs due to automation. There needs to be a shared vision towards the development of the organization. Digitization is a team game. There should be a clear demarcation of duties and responsibilities.
  • Upskill Talent: Learning is paramount for growth and prosperity. As the world transforms digitally, organizations need to continuously upskill and train their workforce to adapt to changing environments.
  • Lack of Courageous Leadership: Leaders are the catalyst of change. Leaders define, design and shape their workforce’s vision. Therefore, they need to welcome the changes brought by digital transformation.
  • Initial Costs: There might be certain initial costs due to the transition. However, the organisations need to understand that in the long run, the benefits will outweigh the cost.

How Firmway is Bringing Digital Transformation?

Firmway is bringing digital transformation into the accounting functions by allowing businesses to automate balance confirmations, auto reconciliation, data and collection management. Whether it is about reconciling GST credit or ledger reconciliations, Firmway does it all. It’s time you also automate your accounting functions the Firm-way!

Cloud computing

Cloud Computing – the need for new-age technology

Cloud Computing: The Key to Post-Covid-19 Resilience

While cloud adoption had been on the rise for several years, recent global disruptions such as the Covid-19 pandemic, semiconductor shortages, and geopolitical conflicts like the Ukraine-Russia war served as pivotal moments in showcasing the importance of cloud transformation for business continuity and supply chain resilience. These events had a significant impact on businesses, making it evident that cloud computing was the way forward.
According to the Deloitte Cloud Imperative – Asia Pacific report, cloud technology is projected to contribute a staggering USD 160 billion to GDP from 2020 to 2024, with cloud investments growing at an impressive 28% annually until 2024. This growth is a testament to how the cloud has evolved since the challenges posed by Covid-19 and other disruptions.

The Shift: From On-Premise to Cloud Computing

Before diving into why organizations are increasingly moving from on-premise solutions to cloud-based infrastructure, it’s essential to understand the fundamental differences between the two:

Cloud Computing

Cloud computing offers virtual, convenient, and on-demand access to a shared pool of computing resources. Additionally, data and applications are accessible and stored in virtual platforms hosted over the internet, eliminating the reliance on physical hard drives.


On-premise infrastructure involves organizations hosting and managing their IT resources internally.

Why Cloud Computing Prevails Post-Covid-19

In this era of advanced technology, transitioning to the cloud offers several compelling advantages that have become even more apparent post-Covid-19:

1. Cost Optimization

Cloud computing offers virtual, convenient, and on-demand access to a shared pool of computing resources. Furthermore, data and applications are accessible and stored in virtual platforms hosted over the internet, eliminating the reliance on physical hard drives.

2. Remote Accessibility

The Covid-19 pandemic emphasized the critical need for remote work capabilities; furthermore, cloud solutions enable secure access to files and data from anywhere at any time. According to EY’s ‘Cloud as a Driver of Business Transformation in 2022,’ 75% of enterprises are adopting cloud technology to facilitate remote work.

3. Scalability

Cloud computing empowers organizations to swiftly adapt to new trends, process vast amounts of data, and adjust capacity as needed. In contrast, on-premise infrastructure involves time-consuming processes for acquiring and scaling new equipment. EY’s report cites business growth and development as a key driver for cloud adoption.

4. Security

Security concerns often arise in discussions about cloud-based services. However, data security largely depends on the chosen service provider. Continuous updates to security controls, in addition to advanced algorithms and computing capabilities, ensure data safety. Furthermore, cloud service providers prioritize risk assurance through ongoing enhancements

5. Encourages Innovation

Cloud-service providers regularly introduce updates and features that enhance user experiences. By transitioning to the cloud at affordable prices, enterprises can leverage the latest technologies, such as artificial intelligence and machine learning, fostering innovation within their organizations. These emerging technologies fuel innovation in the enterprise sector.

Conclusion: Embrace the Cloud for Digital Transformation

The cloud serves as the foundation of digital transformation. The challenges posed by events like the Covid-19 pandemic accelerated the adoption of cloud technology, underscoring its transformative power. Cloud infrastructure adoption spans various sectors, including healthcare, pharmaceuticals, banking, finance, and information technology. It is now more important than ever to join the digital transformation movement and stay ahead of the curve.

Integrating Finance Ops

CFO’s Guide to Integrated Finance Operations Transformation: Strategies for Business Growth

Elevating Finance Leadership: The Role of CFOs in Integrating Finance Ops

As the role of the CFO continues to evolve, consequently, finance leaders are increasingly taking on a more strategic role in their organizations. The shift is important considering the fact that CFOs are core to the finance of any organization. The strategic role includes not only managing the financial health of the company but also driving operational improvements, delivering business growth, and integrating finance ops. One of the key ways that CFOs can achieve these goals is through an integrated finance operations transformation approach.

Adopting Integrated Finance Operations Transformation Approach

An integrated finance operations transformation involves taking a holistic view of the finance function and identifying key areas for improvement. Additionally, the improvements can include streamlining processes, implementing new technologies, and automating manual tasks. By aligning finance operations with business goals and objectives, CFOs can drive significant value for their organizations. But how can an organization adopt an integrated finance operations transformation approach?

Key Steps for Integrating Finance Ops

The following are some of the key steps that CFOs can take to implement an integrated finance operations transformation in their organization:

1. Identify Areas For Improvement:

The first step in any transformation is to assess the current state of operations. Before bringing transformation, we need to know the current status and lacunas. This includes identifying bottlenecks, inefficiencies, and areas where the finance function is not in tandem with business objectives.

2. Develop A Roadmap:

Once areas for improvement have been identified, CFOs should develop a roadmap for transformation. This step involves strategizing the future path. This should include clear goals, timelines, and metrics for measuring progress.

3. Implement New Technologies:

Adapting latest technologies is more of a necessity than a choice. One of the key ways to drive operational improvements is by implementing new technologies. Additionally, these technologies can include automated accounting systems, adopting cloud-based solutions, or implementing business intelligence tools.

4. Streamline Processes:

Another key aspect of an integrated finance operations transformation is streamlining the existing processes within the organization. This can include standardizing processes across the organization, eliminating unnecessary steps, and implementing process automation wherever appropriate.

5. Enhance Reporting And Analysis:

Top-level executives are often disassociated from ground-level operations. However, reporting is the way through which crucial information reaches top executives in any organization. Therefore, improving the quality and timeliness of financial reporting and analysis is critical for CFOs to drive business growth. This can involve implementing new reporting systems, adopting advanced analytics techniques, and enhancing data quality.

In a Nutshell: Integrating Finance Ops for Strategic Growth

By following these steps, CFOs can drive significant improvements in finance operations and position their organizations for success. An integrated finance operations transformation approach is key for CFOs who want to step out of their conventional roles and take a more strategic role in their organizations to deliver business growth.


Promoting Timely Payments to MSMEs in India: A Look at Budget 2023-24

Promoting Timely Payments to MSMEs in India: A Look at Budget 2023-24


The Indian government’s unwavering commitment to promote Micro, Small, and Medium Enterprises (MSMEs) growth remains a cornerstone of economic development. This sector significantly contributes to employment, production, and exports, making it a focal point in the recent Budget 2023-24.

Budget 2023-24 Highlights

In her recent Budget 2023-24 speech, Finance Minister Nirmala Sitharaman introduced pivotal measures, consequently aiming at incentivizing timely payments to MSMEs. Now, let’s delve into the key proposals, thereby shaping the landscape for MSMEs in India.

Understanding the Proposed Clause

A critical aspect of the budget is the proposed insertion of clause (h) in  section 43B of the Income Tax Act. This clause dictates that any sum payable to a micro or small enterprise beyond the time limit specified in Section 15 of the Micro, Small and Medium Enterprises Development (MSMED) Act 2006 is deductible only upon actual payment.

The MSMED Act 2006 defines the time limit for payments as 45 days from the date of acceptance or the date of deemed acceptance of any goods or services.

Empowering MSMEs

The new clause not only promotes timely payments but also bolsters the bargaining power of MSMEs in negotiations with larger businesses. This is a significant stride towards creating a more equitable business environment.

Challenges in Identifying MSMEs Vendors

Despite these positive developments, identifying MSME vendors poses challenges due to turnover limit fluctuations and UDYAM certificate migrations. The need for a reliable solution is evident.

Firmway’s MSME Confirmation Software

To address this issue, the introduction of Firmway’s MSME confirmation software comes as a great relief for enterprises. The software helps enterprises identify the MSME status of their vendors, collect UDYAM certificates, and validate them using OCR technology.

By using Firmway’s software, enterprises can ensure that they are not only making timely payments to MSMEs but also saving them from incorrect information pass by MSME vendors.

The software efficiently streamlines the process of identifying MSMEs, consequently eliminating the need for manual verification and significantly reducing the chances of making mistakes.


In conclusion, the Indian government’s initiative to promote timely payments to MSMEs. Firmway’s MSME confirmation software and, consequently, go hand in hand in promoting the growth and development of this vital sector. Additionally, the software provides a simple and efficient solution to the challenge of identifying MSME vendors. Consequently, it aids enterprises in taking advantage of the tax benefits offered by the government.

  • Data collection with customized forms and follow-ups
  • MSME confirmations to help you know whether an entity is an MSME or not

It is time for all our readers to accelerate processes in their respective companies through efficient automation. Click here if you wish to take help.

Business Automation

Business Automation – Game Changer

What is Business Process Automation?

Business Process Automation (BPA) is the use of technology to automate business processes and reduce human intervention. It basically automates the workflows of the enterprise to make it faster and more efficient. Automated business is the key digital transformation strategy for today’s businesses. A BPA solution can help businesses as:

  • It automates repeatable tasks so that employees can focus on more productive tasks.
  • It replaces manual tasks that are prone to human errors. Thus, it increases the accuracy of the tasks.

Types of BPA

It is upon the organization to decide the level of automation it wants to achieve. Following are the four different types of Business Process Automation that organizations can implement:

  • Basic Automation: This involves automating simple and fundamental tasks using basic automation tools. Additionally, it requires little to no coding, eliminating errors and accelerating the process. Examples of basic automation include file transfer and order entry.
  • Process Automation: Process automation involves automating business processes for bringing transparency and uniformity. This is handled by dedicated software that enhances productivity and efficiency while also providing valuable insights into the business. Automating the hiring process, employee onboarding, logistics and supply chain management etc. are examples of process automation.
  • Advanced Automation: Advanced automation supports more complex processes within the organization. It further coordinates between humans and machines to handle complex tasks. ­­­­­­It relies on machine learning, natural language processing and analysis, etc. for automating business processes. Safety monitoring, error detection and recovery, and repair diagnostics are some examples of advanced automation.
  • Intelligent Automation: Powered by Artificial Intelligence, business intelligence automation enables the machine to learn and stimulate human intelligence and make decisions accordingly. Intelligent automation has use cases in several industries. It can pull data from the database, update records etc. Further, it can be used by insurance companies to extract data from claims form and port information to the CRM.

Benefits of Business Automation

Achieving automation with the best automation software for business can unlock the following benefits:

  • Lower Operating Costs: As business automation automates manual and redundant tasks, consequently, it directly reduces the operating costs of businesses.
  • Faster ROI: Automated business improves the speed of operations and processes. This provides a better and faster return on initial  investment in automation.
  • Being More Competitive: To remain competitive, businesses must enhance operational efficiency. In doing so, they should focus on core competencies and prioritize objectives. Automation is the key to achieving these goals.
  • Reduced errors and increase in speed: Business process automation reduces errors due to reduced manual intervention. This further helps in speeding up the reconciliation exercise.
  • Increased Profits: Profits tend to increase as the business moves from manual redundant tasks towards more productive tasks.

Business Automation with Firmway

Business automation software that allows you to automate accounting functions. This includes:

It is time for all our readers to accelerate processes in their respective companies through efficient automation. Click here if you wish to take help.

Struck off Companies

Identifying Struck Off Companies: A simple Guide to What You Must Know

What is the Meaning of Struck Off Companies?

The term struck-off on the other hand, implies that the Registrar of Companies (ROC) has removed the name of a company from the register of companies for certain reasons. Once the register removes the company’s name, the company’s legal existence is lost. Then it cannot continue its operations until it restores its name in the register.

The striking of a company’s name can happen either voluntarily; furthermore, it can occur due to a compulsory strike-off by the ROC.

Voluntary Striking Off:

Here, the company decides to shut down its operations and liquidate the company. However, the company shall file an application with the ROC for dissolution and consequent striking off the name of the company.

Compulsory Striking Off:

If the company fails to comply with the requirements of the law or any rules or regulations made henceforth, the ROC may strike off the name of the company from the register considering the intensity of the contravention.

Disclosure Requirements for Struck-Off Companies

While we understood the struck-off meaning, however, it is important to understand the associated disclosure requirements. As per the requirements of the Ministry of Corporate Affairs (MCA) then companies need to disclose their transactions with struck-off companies. This disclosure requirement is effective beginning from FY 2021-22 Further, they shall disclose their relationships with the company as part of additional regulatory information.

The following are the disclosures required:

  1. Name of the company being struck off
  2. Nature of transactions. This can include:
    • Receivables
    • Investment in securities
    • Payables
    • Shares held by the struck-off company
    • Any outstanding balance

3. Balance outstanding

4. Relationship with the company

Steps to Identify Struck-Off Company on MCA

To identify struck-off companies from the register firstly, you can visit the Ministry of Corporate Affairs website. Follow the below steps to identify:

  1. Visit the MCA portal
  2. Navigate as follows: MCA Services >> Master Data >> View Company / LLP Master Data
  3. Add a company name or CIN number and enter the captcha
  4. Check the status of the company.

How Firmway Identifies Struck-Off Companies?

Finding the companies on the MCA website can be cumbersome and time-consuming, especially if you transact with multiple companies. The solution, therefore, is to identify such companies with Firmway!

Firmway allows for bulk searches using the list of struck-off companies; consequently this helps in determining if it hasn’t been struck off. Following are the steps to identify companies using Firmway:

  1. Download the template, Input & upload the party list with the Name or PAN
  2. Automate Matching the Name with the list shared by MCA
  3. Highlight the risk associated in the percentage
  4. Automate scrutinize the data highlighted with the MCA list for 100% verification

Firmway has a data repository storing 1-year data. Its software checks and share the probability % and helps you identify how many companies are there in the list of struck-off companies. Ease your search with Firmway and ensure accurate disclosures!

New TDS Rules

What, Why & How for the New TDS Rules That Will Be In Effect From July 1, 2021

What, Why & How for the New TDS Rules That Will Be In Effect From July 1, 2021


The Assessment Year (AY) 2020-21 accumulated 6.83 crores Income Tax Returns (ITR) out of a working population of about 66.22 crores. And these are only individuals. With 10.07 lac active companies in India, the number of ITRs filed is alarmingly low.

In order to bring an end to this menace, the Government of India in its Union Budget 2021 has proposed to levy a higher rate of tax deducted at source (‘TDS’) and tax collected at source (‘TCS’) on non-filers of the income tax return.

According to the Finance Minister’s Budget, this new TDS rule will take effect from July 2021.


-All Companies who are liable to deduct TDS on Vendors

-Companies with a turnover of more than 10 crores who are liable to collect TCS from customers



Section 194Q (TDS) & Section 206C(1H) (TCS)

– Section 206C(1H) – w.e.f 01st July 2021, a seller with a turnover of more than Rs. 10 Cr in the previous financial year needs to collect 0.1% TCS on sale made to a resident buyer over and above 50 Lakhs

– Section 194Q – w.e.f 01st July 2021, a buyer having a turnover of over Rs. 10 Crore in a previous financial year need to deduct 0.1% TDS on purchase made from a resident seller over and above 50 Lakhs


Section 194Q shall not apply to a transaction on which:

(a) tax is deductible under any of the provisions of this Act; and

(b) tax is collectable under the provisions of section 206C other than a transaction to which section 206C(1H) applies.

Section 206AB – Escalated TDS & Section 206CCA – Escalated TCS

TDS is to be deducted and TCS is to be collected at twice the rate specified, or twice the rate in force or 5%, whichever is higher, if

– The person to whom payment is being made (Section 206AB) OR to whom the sale is being made (Section 206CCA) has not filed ITR for the last two FY for which the ITR filing deadline has expired, and

– In these two FY’s, TDS deducted and/or TCS collected of that person was Rs 50 thousand or more in each FY.


– Section 206AB shall not apply where the tax is required to be deducted under the following sections of the Act:


*The above requirement (Pt 1 & 2) is not applicable to vendors.

Further, with ITR acknowledgements and PAN Number, you can search the ITR filing status on the Income-tax website –

As evident from the above checklist, fulfilling compliance with these provisions is no mean task. The most cumbersome part of it would involve reaching out to all customers and vendors, endless follow-ups, validating the data, which is imperative to the compliance process. For large organizations, this could easily take weeks, putting their finance team under undue pressure.

With Firmway, you can save significant time and efforts by automating the entire process of collection of ITR acknowledgements and declarations. It will reach out to all your party, follow up with them, collect and validate the data through smart forms and give you a dashboard to track the response. This will ensure your compliance procedure is complete well within the deadline.

To get started, simply fill out this form and our representative will get back to you within 24 hours. In case of any specific questions, you can reach out to us at [email protected] or give us a call at 9769599848.
Budget 2021 On Corporate Finance

Budget 2021 On Corporate Finance

Budget 2021 On Corporate Finance

Budget measures: Direct and Indirect Tax changes

  1. Relief granted on dividend income earned by shareholders:
    1. Advance tax liability will now be computed on dividends only after declaration or receipt whichever is earlier;
    2. TDS exemption on dividends paid by SPVs to REITs and InvITs;
  2. TDS related provisions have been made more stringent:
    1. TDS at 0.1% to levied on the purchase of goods above INR 5 mn a year, where the turnover of the buyer exceeds INR 100 mn
    2. The rate of TDS/ TCS shall be higher than 2x actual rate, or 5%, in case of non-filing of ITR for the last 2 years
  3. Late deposit of employee contribution to labor welfare funds would not be allowed as a deduction to the employer.
  4. Tax Audit applicability based on turnover limit has been increased from INR 50 mn to INR 100 mn, with 95% of receipts and payments being digital;
  5. GST minor compliance changes – Form 9 substituted with self-reconciliation and Form 9C being scrapped.

Has the Budget made managing Corporate Finance somewhat easier?

  1. Relief on dividend income is a welcome move since this helps CFOs to pay dividends more tax-efficiently, making future investments in their companies more lucrative;
  2. Additionally, dividend relief to REITs and InvITs shows the government’s commitment to continue providing support to the conglomerates operating in real estate and infrastructure space (eg. Logistics);
  3. However, the government seems to be more and more unforgiving to defaults in TDS/ TCs norms. Companies/ CFOs ought to take note and ensure compliances accordingly;
  4. With easing of tax audit norms (both income and GST), it has reduced the compliance burden for smaller and subsidiary companies of larger MNC groups, whose turnover is within the limits, helping the CFOs to focus on running financing operations of the group.


CFOs ought to take note of the changes in the Budget and plan their next financial year accordingly. The budget may come off as somewhat bittersweet, however, relief in dividend provisions, including for REITs and InvITs, is an indicator for the government’s push to bring more investment into India. TDS provision becoming more stringent comes as no surprise given the current risk of non-compliance (monetary penalties in addition to the risk of prosecution of managerial personnel of the defaulting companies).

Atmanirbhar Bharat Abhayan – Benefits for MSME

Atmanirbhar Bharat Abhayan – Benefits for MSME


Existing MSME Classification

Criteria: Investment in Plant & Machinery or Equipment

Mfg. EnterprisesInv. < Rs. 25 lacInv. < Rs. 5 cr.Inv. < Rs.10 cr.
Services EnterpriseInv. < Rs. 10 lacInv. < Rs. 2 cr.Inv. < Rs. 5 cr.

Revised MSME Classification

Composite Criteria : Investment And Annual Turnover

Manufacturing & ServicesInv. < Rs. 1 cr.
Turnover < Rs.5 cr.
Inv. < Rs. 10 cr.
Turnover < Rs.50 cr.
Inv. < Rs. 20 cr.
Turnover < Rs.100 cr.

Major Benefits for MSME

  • Collateral Free automatic loan to MSME up to 20% of entire outstanding credit as on 29th February 2020. Borrowers up to Rs 25 crore outstanding & turnover up to Rs. 100 crore are eligible. Loans for 4 years with a moratorium of 1 year of principal repayment. No guarantees required. Scheme can be availed till 31st October 2020.
  • CGTMSE with the support of 4000 Cr from Govt, will give partial credit guarantee to bank to allow them to give debt to promoters of MSME, who then will infuse the fund as equity.
  • 50,000 crore equity infusion for expansion of MSME through Funds of Funds.
  • Government will facilitate provision of Rs 20,000 crore subordinate debts for Stressed MSME which are NPA or stressed.
  • Receivables from Govt and CPSEs to be released in 45 days.
  • Global tenders will be disallowed in Government procurement tender upto Rs 200cr.
  • E market linkage for MSME to be promoted.

Tax Changes

  • All TDS and TCS rates reduced by 25% for Non-Salaried Resident Payments. Reduction is applicable from 14th May 2020 to 31st March 2021.
  • All refunds to non-corporate business & profession to be issued immediately.
  • All Income tax returns due date extended to 30th November 2020.
  • Tax audit due date extended to 31st October 2020.
  • All assessment getting barred on 30th September 2020 extended to 31st December 2020
  • All assessment getting barred on 31st March 2021 extended to 30th September 2021
  • Vivid Se Vishwas Scheme extended to 31st December 2020 without any additional payments.

EPF Benefits

Establishment Under Pradhan Mantri Garib Kalyan Package (PMGKP):

  • EPF relief extended for the month of June, July & August and will be paid by Government.

Other Establishment covered by EPFO

  • Statutory PF contribution of both employer and employee will be reduced to 10% from 12% for next 3 months (except CPSEs & PSU’s employer’s contribution).


  • Government will launch a Rs 30,000 crore Special Liquidity Scheme for NBFCs/HFCs/MFIs. Under this scheme investment will be made in both primary and secondary market transactions in investment grade debt paper of NBFCs/HFCs/MFIs. Securities will be fully guaranteed by Government.
  • Rs 45,000 crore Partial Credit Guarantee Scheme 2.0 for NBFCs/HFCs/MFIs. First 20% of loss will be borne by Government. AA paper & below will be eligible for investment.
  • PFC/REC to infuse liquidity of Rs 90,000 cr to DISCOMs against receivables
  • Central Public Sector Generation Companies shall give rebate to Discoms which shall be passed on to the final consumers (industries).


  • Treat COVID-19 as an event of ‘Force Majeure’under  RERA.
  • Extend the registration and completion date suo-moto by 6 months.
  • Regulatory Authorities may extend this for another period of upto 3 months, if needed.
  • Issue fresh ‘Project Registration Certificates’ automatically with revised timelines.
  • Extend timelines for various statuary compliances under RERA.


  • PSU contracts to be extended for upto 6 months so that contract may be completed including for PPP contracts.