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PAN UPDATE Requirement for obtaining PAN card u/s 139A of IT Act, 1961 eased for corporate assessees Posted On: 14 APR 2018 10:44AM by PIB Delhi In case of a company, an application for incorporation, allotment of Permanent Account Number (PAN) and allotment of Tax Deduction and Collection Account Number (TAN) may be made through a Common Application Form submitted to the Ministry of Corporate Affairs (MCA). In these cases, the Certificate of Incorporation (COI) issued by MCA contains a mention of both PAN and TAN. Finance Act, 2018 amended section 139A of the Income-tax Act, 1961 removed the requirement of issuing PAN in the form of a laminated card. Hence, it is clarified that PAN and TAN mentioned in the COI issued by MCA shall also be treated as sufficient proof of PAN and TAN for the said company assessees.
Conodnation Of Delay Scheme 2018- Way Out– Removal Of Disqualification Of Directors As MCA issued the list of approx 309, 614 Director who has been disqualified under section 164(2) and whose DIN has been blocked by the MCA. Due to this action many representations made from industry, defaulting companies and their directors seeking an opportunity for the defaulting companies to become compliant and normalize operations. With a view to give them opportunity the CG has decided to introduce a scheme namely “Condonation of Delay Scheme 2018” [CODS-2018].” Time Period: The Condonation of Delay Scheme 2018 shall be into from w.e.f. 01st January, 2018 and shall remain in force upto 31st March, 2018 (Companies have to comply with the scheme within this period of 3 months). For more information, Please feel free to connect us FINANZA MANAGEMENT SERVICES LLP
*MCA files Prosecution against 780 listed Companies for Non-Filing of Financial Statements and Annual Returns* The Government has taken any steps against listed companies which are not functioning. Ministry of Corporate Affairs (MCA) has filed prosecution against 780 listed companies under various sections of Companies Act, 2013 due to non-filing of Financial Statements and Annual Returns. As on 31st December 2015, there were 15.19 lakh registered companies in India. Of these, 10.7 lakh companies were active in which 7, 269 were listed companies. There were only 7, 270 active listed companies out of 17.21 lakh registered companies as on December 2017 whereas in December 2014 there were 7, 261 active listed companies out of 14.39 lakh registered companies in India. This was stated by Union Minister of State for Law & Justice and Corporate Affairs P.P. Chaudhary in Lok Sabha today.
*MCA extends Condonation of Delay Scheme 2018 (CODS 2018) to 30.04.2018* MCA has extended the much desirous Condonation of Delay Scheme 2018 (CODS 2018) till 30.04.2018 vide General Circular No. 02/2018 dated 28th March 2018.. This was much needed as many of the companies were not able to opt for the scheme as the formalities for new director addition (in case of other directors being disqualified), Changing Efiling Status to Active from Under Process of Striking Off etc were not completed even till today.
MCA recently came up with some sort of relief, which says that if all the directors of a company shall stand vacated due to disqualification u/s 164(2)(a)read with section 167(1) then following options are available with the company: 1. The Promoters has the power to appoint new Directors u/s 167(3) and in all such cases, the issue of role check shall arise; 2. The ROCs also has the facility to add the signatory from back end with prior approval of Regional Director. For that, following documents shall be required: 1.NOC from outgoing Director, 2.Copy of EGM, and 3.Consent of new Director who is going to be appointed. The ROC’s/RD’s has to approve the above application within one week from the date of receipt of application. For more information, Please call to us Kapil Sharma +91-9990032660