Skip to main content

IT dept to share vital data with MCA to nail down shell cos

By

The tax authorities will now relay audit reports of corporates and specific information from their I-T returns as also PAN data to the ministry of corporate affairs, as the government plans to crack down harder on shell companies.
Coming down heavily on shell companies, the Ministry of Corporate Affairs (MCA) has already cancelled registrations of over 1.62 lakh companies for non-filing of financial statements for the immediate two preceding fiscals.
The Central Board of Direct Taxes (CBDT), the apex policy making body of the I-T department, in an order has asked the Principal Director General of Income Tax (Systems) to share "bulk information" to the MCA.
Bulk information would mean Permanent Account Number (PAN) data of corporates, their Income Tax returns (ITRs), audit reports and statement of financial transactions (SFT) received from banks relating to corporates.
Also the tax department would share identified PAN Challan Identification Number (CIN) as well as PAN Director identification number (DIN) with the MCA.
The Registrar of Companies (RoCs) have removed 1,62,618 companies from the register as on July 12, 2017 after following the due process under Section 248 of the Companies Act, 2013.
Section 248 provides powers to the RoC to remove the name of a company from the register on various grounds including non carrying out any business for two preceding financial years.
Out of the 1,62,618 companies that have been struck-off the register, the registration of 33,000 were cancelled by RoC (Mumbai).
Among others, RoC (Delhi) has deleted 22,863 companies from the register and 20,588 firms were deregistered by RoC (Hyderabad).
 
To facilitate the process of furnishing information, CBDT would enter into a Memorandum of Understanding (MoU) with MCA to detail "the mode of transfer of data, maintenance of confidentiality, mechanism for safe preservation of data, weeding it out after usage and information which shall be furnished by MCA to Income-tax Department.
 
"The frequency and time line for furnishing information shall be decided by Principal Director General of Income-tax (Systems) in consultation with MCA and included in the said MoU.
 
The Economic Times, New Delhi, 28th July 2017

Comments

Post a Comment

Popular posts from this blog

Budget: Startup sector gets new Fund of Funds, FM to allocate Rs 10K cr

By
  The Indian startup sector received a boost with Finance Minister Nirmala Sitharaman announcing the establishment of a new fund of funds (FoF) in the Budget 2025. The minister unveiled a fresh FoF with an expanded scope, allocating Rs 10,000 crore. The initial fund of funds announced by the government with an investment of Rs 10,000 crore successfully catalysed commitments worth Rs 91,000 crore, the minister said.   “The renewal of the Rs 10,000 crore commitment to the Fund of Funds for alternative investment funds (AIFs) is a significant step forward for the Indian startup and investment ecosystem. The initial Rs 10,000 crore commitment catalysed Rs 91,000 crore in investments, and I fully expect this fresh infusion to attract an additional Rs 1 lakh to Rs 1.5 lakh crore in capital,” said Anirudh Damani, managing partner, Artha Venture Funds.   Damani further added that this initiative will provide much-needed growth capital to early-stage startups, further strengthenin...
Post a Comment
Read more

After RBI rate cut, check latest home loan interest rates of top banks for loans above Rs 75 lakh

By
  The Reserve Bank of India (RBI) has reduced the repo rate by 25 basis points from 6.50% to 6.25% in its monetary policy review as announced on February 7, 2025. After the RBI repo rate cut, banks such as SBI, Canara Bank, PNB, and Union Bank among others have cut their repo linked lending rates. Most other banks are also expected to cut their lending rates in line with the RBI rate cut. After banks cut their lending rates, their home loan borrowers will have to pay less interest. Normally, when a lender cuts the lending rate, borrowers get two options: Either to go for a reduction in EMIs or reduce the tenure of the loan. The second option will help the borrowers clear their home loan outstanding faster. In case, the borrower goes for reduction in EMI then the lower lending rate of the lender would mean lower Equated Monthly Installment (EMI) for borrowers.   EMI is the amount you will pay on a specific date each month till the loan is repaid in full.A repo rate-linked home ...
Post a Comment
Read more