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Updates Of the Day 1.Key points for ROC filings: 1. MGT-14 for Approval of accounts and draft board report a. Pvt Co. - Not Required b. Public Co. - Required 2. New forms AOC-4 (earlier 23 AC/23ACA) and MGT-7 (earlier 20B) are introduced for annual filings. 3. Board report from this financial year and onwards is required to be approved and filed in new format as per Companies Act 2013 and including various disclosures as per Section 134 and summary of annual report in MGT9. 4. Auditor shall be appointed for a period of 5 years subject to ratification every year in AGM. ADT-1 shall also be filed for 5 financial years. 5. Auditor of the company must be present in AGM (also mention in Minutes of the company). 6. All the attachments of E-form should be duly signed, don't file SD copy. 7. MGT 7 i.e. annual return is now in e-form. No physical annual return like previous year in 20B is required. e-form shall be signed by Company Secretary of the company or if there is no Comp

Asense of relief has set in among foreign investors as the government moves all out to eliminate their concerns on taxation. True to his word, finance minister Arun Jaitley has taken definitive steps in the past few days to end a set of things, which came to represent a term he himself had made famous - tax terrorism. After putting the minimum alternate tax ( MAT) devil to rest, the government is planning to end large disputes including those with Cairn India and Shell through executive or judicial resolutions. Market participants see these as steps in the right direction, which will be beneficial to the economy in the long run. Another encouraging sign seen by tax consultants is that during the course of transfer pricing assessments for the assessment year ( AY) ending March 2012, which are currently under way, no new ‘ hot issues’ have been unearthed by the taxman so far. The adjustment orders for AY2012, are expected between January and March 2016. Dinesh Thakkar, chairman and

The government might soon make it mandatory to furnish a permanent account number ( PAN) for cash transactions over a certain limit, Finance Minister Arun Jaitley reiterated on Sunday, in a Facebook post. The bulk of Indians’ black money was within the country, he said. There was aneed to change the national attitude, so that plastic currency becomes the norm and cash an exception. The government was working with various authorities to incentivise this change. The government has already said it is targeting undisclosed money abroad, with stringent action against those who’d chosen not to take advantage of the three- month compliance window in this regard, that ended on September 30. The minister said the monitoring regime of the income tax department had been strengthened and its capacity to access information and apply technology- driven analytical tools to expose evasion had been enhanced. In the 2015- 16 Budget, Jaitley had proposed making PAN details mandatory for all sal

To discourage the increasing trend of companies and individuals filing criminal cases in civil disputes, the Supreme Court issued strict directions to subordinate courts to prosecute such “vexatious litigants” and order monetary compensation for victims of such “malicious prosecution”. “While no one with a legitimate cause or grievance should be prevented from seeking remedies available in criminal law, a complainant who initiates or persists with a prosecution, being fully aware that the criminal proceedings are unwarranted and his remedy lies only in civil law, should himself be made accountable, at the end of such misconceived criminal proceedings, in accordance with law,” ordered a bench of justices JS Kehar and R Bhanumathi. Quoting the provision from criminal law — which provides for courts to award compensation to a person falsely prosecuted — the bench said: “One positive step that can be taken by the courts, to curb unnecessary prosecutions and harassment of innocent par

The Income Tax department does not withhold refunds of small taxpayers nor does it generally select their tax returns for scrutiny and detailed analysis, the CBDT has said in an attempt to dispel two of the biggest concerns of this category of assesses. The chief of the apex policy-making body of the I-T department, CBDT chairperson Anita Kapur, said she would like to bust the myth and “fear psychosis“ that once people file their tax returns, they automatically come on the radar of the taxman and then they are tracked. Kapur, in an interview to PTI, said in cases of neatly filed electronic Income Tax Returns (ITRs), the department has set a deadline of six months for refunds to be generated and sent to the taxpayer. “We tell the taxpayers that in e-file returns we take a maximum of six months to process it if you have a clean return and no TDS mis-match. But then there is a misinformation campaign that we hold refunds. I will say we don't hold refunds for small taxpayers. “Fo

Union cabinet is likely to consider this week an interest subvention scheme to provide cheaper credit to exporters & expansion of the Merchandise Exports from India Scheme The government may extend export incentives such as cheap credit to even large players in sectors like pharmaceuticals, chemicals and electronics, in a desperate bid to revive the sector after nine straight months of exports fall due to weak global demand and overvalued rupee. The Union cabinet is likely to consider this week an interest subvention scheme to provide cheaper credit to exporters and expansion of the Merchandise Exports from India Scheme (MEIS), an official privy to developments told ET. In the first five months of the current fiscal, exports fell 16.17% year on year, impacting the country's industrial growth as well as employment in a number of sectors, setting alarm bells ringing in the commerce ministry . While the ministry had moved a cabinet note on this last month, the Cabinet coul

FDI policy to be simplified, FIPB to meet twice a month for faster nod India is rolling out the red carpet for overseas investors with sweeping foreign investment policy reform and quicker approvals while Prime Minister Narendra Modi's monthly review of projects is ensuring that delays are getting resolved quickly . In his first interview after taking over as economic affairs secretary, Shaktikanta Das told ET that the Foreign Investment Promotion Board (FIPB) will now meet twice a month to speed up approvals, signaling the clear intent of the government to push ahead with reforms on a wide range of issues. The foreign direct investment (FDI) policy is being reviewed to make it simple and put the maximum possible sectors on the automatic route, obviating the need for government approval. The government is also responding to the Reserve Bank of India's call for quicker transmission of monetary policy.Das said small savings rates could be reset more frequently as opposed