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Team up with the right people

BSMART is an organization of 100+ professionals which include diversely-experienced Chartered Accountants, Company Secretaries, Lawyers, MBAs and a dedicated support staff with state-of-the-art infrastructure. Our services span a diverse range starting from domestic & foreign funding in the form of equity, debt & strategic investment, financial structuring , mergers & acquisitions, legal consultancy, registrations under various Acts, licensing, secretarial compliance , IPO guidance , liaisoning , project management consultancy, auditing services – internal, statutory, GST, tax audits, etc., accounting services, FEMA compliance, setting up of entities in India, Income Tax and GST consultancy and compliance, SOP implementation, succession planning and so on. Headquartered in Pune, BSMART has offices in Mumbai and London.

Updates

VARIOUS DUE DATES EXTENDED

PARTICULAR

EXTENDED DUE DATES

The due date for filing Income Tax Returns where Audit is not applicable has been extended to

10 January 2021.

The due date for filing Tax Audit Report is

15 January 2021.

Vivaad se Vishwas scheme has been further extended to

31 January 2021.

The due date for filing Income Tax Returns where Audit is applicable has been extended to

15 February 2021.

Due dates for filing Annual Return (GSTR-9) and Reconciliation Statement (GSTR-9C) for 2019-20 has been extended to

28 February 2021.

OBJECT OF THE FACILITY

In the view of the unprecedented and extreme COVID-19 situation, the Central Government has approved ‘Scheme of grant of ex-gratia payment of difference between compound interest and simple interest by way of relief for the period from 1st March 2020 to 31st August 2020 to borrowers in specified loan accounts. (01.03.2020 to 31.08.2020)

Eligibility Criteria

1. Borrowers, who have loan accounts having sanctioned limits and outstanding amount not exceeding Rs.2 Crore (Aggregate of all facilities with lending institutions) as on 29.02.2020 shall be eligible under the scheme

·   MSME Loans

·   Education loans

·   Housing Loans

·   Consumer durable Loans

·   Automobile Loan

·   Personal Loans to Professionals

·   Consumption Loans

2. Any Borrower whose aggregate of all facilities with lending institutions should be less than Rs.2 Crores (sanctioned Limits or outstanding amount) and Account should be standard as on 29th February 2020, will be eligible for ex-gratia payment under this scheme.

Period To Be Reckoned

 

Period to be reckoned for creating of difference between compound interest and simple interest would be

·  For Operative Accounts : From 01.03.2020 to 31.08.2020 (Six Months/184 Days )

·  For Closed Accounts: From 01.03.2020 to the date of closure of such account.

Benefit Under The Scheme

The lending institutions shall credit the difference between compound interest and simple interest with regard to eligible borrowers in respective accounts irrespective of whether such borrowers have fully availed or partially availed or not availed of the moratorium period.

Interest Rate

The rate of interest would be prevailing on 29.02.2020 i.e.in case the rate of interest has changed thereafter it shall not be reckoned for the purposes of computation.

Mode of Calculation of Simple and Compound    Interest

 

 

Education loans, Housing loans, Consumer Durable Loans   ,Credit Card Dues, Auto Loans ,Personal Loans ,Consumption Loans and MSME (Term Loans ) :,simple Interest and Compound Interest on the outstanding amount at the end of 29.02.2020 will be calculated after ignoring all repayments in the loan account during the period to be reckoned.

MSME( Cash Credit Account /Overdraft facilities )

(i)   Simple interest for the period will be calculated on daily product basis at the rate of interest as on 29.02.2020.

(ii) Compound interest will be calculated for the period at the rate of interest as on 29.02.2020 and compounding will be done on monthly rests.

Due Date For Crediting Ex-gratia

The Lending Institution should complete the exercise of crediting the ex-gratia amount on or before 05.11.2020.

Grievance Redressal Mechanism

Every Lending Institutions shall put in place a grievance redressal mechanism for the eligible borrowers for redressal of their grievances arising out of the present Scheme within one week from the date of issuance of these Scheme guidelines.

PARTICULAR

EXTENDED DUE DATES

Due dates for filing Annual Return (GSTR-9) and Reconciliation Statement (GSTR-9C) for 2018-19

31 December 2020

The due date of furnishing Income Tax Returns for taxpayers whose accounts are required to be audited for F.Y.2019-20 extended to

31 January 2021

Due date for furnishing of Income tax return for taxpayers whose accounts are not required to be audited for F.Y.2019-20 extended to

Area of our services

BSMART provides end to end services related to Secretarial Compliances and Registrations. The brief list is as follows – Company Registrations, LLP Registrations, Annual Filing and regulatory compliance …
Read More –

BSMART has an in-house team of advocates and we are also associated with some of the top legal firms in India. We also assist in Drafting of Various Agreements such as Partnership Deed, HUF Deeds, Trust Deeds….
Read More –

BSMART assists its clients in restructuring their Business to ensure that they fetch optimum valuations. BSMART also helps in providing end to end services pertaining to Mergers & Acquisitions: Advisory& Assistance
Read More –

AUDIT ASSISTANCE

BSMART assists clients with audit functions providing comprehensive year-round audit procedure, which goes well beyond the routine transactions. We help our clients with Statutory Audit, Tax Audit, GST Audit…
Read More –

ACCOUNTS OUTSOURCING

BSMART’s FAM department provides tailor made solutions for its clients and different options to choose from. The clients may either prepare accounts and get it reviewed from our experts……
Read More –

FINANCIAL CONSULTANCY

BSMART provides advisory services on financial arrangement to various business houses. Some of the provided services are preparation of project report and liaison with Term Lending Institutions/Financial..
Read More –

DIRECT AND INDIRECT TAX CONSULTANCY

BSMART provides consultancy services to our clients by formulating effective strategies for optimizing taxes, implementing innovative tax planning & effectively maintaining compliance in tax regime..
Read More –

SETTING UP OF ENTITIES IN INDIA

BSMART provides services right from setting up of the entity in India to commencement of operations and beyond. These include advisory on type of entity to be set up, modes of setting up, assistance in availment of registrations…
Read More –

SOP [STANDARD OPERATING PROCEDURE]

BSMART provides tailor made SOP formation and implementation focusing on client needs. We help simplify the working of critical and routine business processes to achieve desired quality and consistency….
Read More –

IPO GUIDANCE

IPO or Initial Public Offer gives investors the prospect to acquire an edge early in companies and gain higher investment returns during a shorter time span. We keep track of companies entering the capital markets…..
Read More –

FINANCIAL HEALTH CHECK [FHC]

In the dynamic world of a business, BSMART plays a key managerial role by taking care of the financial health of an organization. At BSMART, we have developed a unique product – FHC (Financial Health Check)…
Read More –

Why Us?

Building a good client experience does not happen by accident. At BSMART, for more than two decades now we have been bringing smiles to the faces of all our stakeholders. Through our integrated service lines, we help our clients to capitalize on new opportunities, assess and improve existing practices to deliver growth. Our high-performing teams of professionals help them in fulfilling statutory and regulatory requirements, optimize performance and ultimately meet stakeholder needs. We strongly believe in sustainable growth and in order to offer services of the highest quality to our clients, we make sure to indulge in continuous improvement of our performance, investing in our people and foster innovation.

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Address -

HEAD OFFICE:
Parmar Trade Centre, 3rd Floor, 12 Cannought Road, Sadhu Vaswani Chowk, Pune – 411 001.
Tel: 020-48648899 / 48638899

Mumbai Branch:
Office #405, Trade World ‘B’ Wing, Kamala Mills Compound,
Lower Parel (West), Mumbai – 400 013. Tel:+91 22 22017031/32

London Office:
BSMART London LTD.
71-75, Shelton Street, London, Greater London,
WC2H 9JQ, UNITED KINGDOM

Contact Us

About BSMART

BSMART is an organization of 100+ professionals which include diversely-experienced Chartered Accountants, Company Secretaries, Lawyers, MBAs and a dedicated support staff with state-of-the-art infrastructure. Headquartered in Pune, we have offices in Mumbai and London.

Area of our services

SECRETARIAL COMPLIANCES & REGISTRATIONS

BSMART provides end to end services related to Secretarial Compliances and Registrations. The brief list is as follows – Company Registrations, LLP Registrations, Annual Filing and regulatory compliance …
Read More –

LEGAL ADVISORY & AGREEMENT DRAFTING SERVICES

BSMART has an in-house team of advocates and we are also associated with some of the top legal firms in India. We also assist in Drafting of Various Agreements such as Partnership Deed, HUF Deeds, Trust Deeds….
Read More –

BUSINESS RESTRUCTURING, MERGERS & ACQUISITION

BSMART assists its clients in restructuring their Business to ensure that they fetch optimum valuations. BSMART also helps in providing end to end services pertaining to Mergers & Acquisitions: Advisory& Assistance
Read More –

DIRECT AND INDIRECT TAX CONSULTANCY

BSMART provides consultancy services to our clients by formulating effective strategies for optimizing taxes, implementing innovative tax planning & effectively maintaining compliance in tax regime..
Read More –

SETTING UP OF ENTITIES IN INDIA

BSMART provides services right from setting up of the entity in India to commencement of operations and beyond. These include advisory on type of entity to be set up, modes of setting up, assistance in availment of registrations…
Read More –

SOP [STANDARD OPERATING PROCEDURE]

BSMART provides tailor made SOP formation and implementation focusing on client needs. We help simplify the working of critical and routine business processes to achieve desired quality and consistency….
Read More –

IPO GUIDANCE

IPO or Initial Public Offer gives investors the prospect to acquire an edge early in companies and gain higher investment returns during a shorter time span. We keep track of companies entering the capital markets…..
Read More –

FINANCIAL HEALTH CHECK [FHC]

In the dynamic world of a business, BSMART plays a key managerial role by taking care of the financial health of an organization. At BSMART, we have developed a unique product – FHC (Financial Health Check)…
Read More –

Why Us?
0 +
Team Size
0 +
Clients
0 +
Years of Experiance
0
Locations
Industry sectors we cover

Address -

HEAD OFFICE:
Parmar Trade Centre, 3rd Floor, 12 Cannought Road, Sadhu Vaswani Chowk, Pune – 411 001.
Tel: 020-48648899 / 48638899

Mumbai Branch:
Office #405, Trade World ‘B’ Wing, Kamala Mills Compound,
Lower Parel (West), Mumbai – 400 013. Tel:+91 22 22017031/32

London Office:
BSMART London LTD.
71-75, Shelton Street, London, Greater London,
WC2H 9JQ, UNITED KINGDOM

Contact Us