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

Household debt up, but India still lags emerging-market economies: RBI

By
  Although household debt in India is rising, driven by increased borrowing from the financial sector, it remains lower than in other emerging-market economies (EMEs), the Reserve Bank of India (RBI) said in its Financial Stability Report. It added that non-housing retail loans, largely taken for consumption, accounted for 55 per cent of total household debt.As of December 2024, India’s household debt-to-gross domestic product ratio stood at 41.9 per cent. “...Non-housing retail loans, which are mostly used for consumption purposes, formed 54.9 per cent of total household debt as of March 2025 and 25.7 per cent of disposable income as of March 2024. Moreover, the share of these loans has been growing consistently over the years, and their growth has outpaced that of both housing loans and agriculture and business loans,” the RBI said in its report.Housing loans, by contrast, made up 29 per cent of household debt, and their growth has remained steady. However, disaggregated data sho...
Post a Comment
Read more

External spillovers likely to hit India's financial system: RBI report

By
  While India’s growth remains insulated from global headwinds mainly due to buoyant domestic demand, the domestic financial system could, however, be impacted by external spillovers, the Reserve Bank of India (RBI) said in its half yearly Financial Stability Report published on Monday.Furthermore, the rising global trade disputes and intensifying geopolitical hostilities could negatively impact the domestic growth outlook and reduce the demand for bank credit, which has decelerated sharply. “Moreover, it could also lead to increased risk aversion among investors and further corrections in domestic equity markets, which despite the recent correction, remain at the high end of their historical range,” the report said.It noted that there is some build-up of stress, primarily in financial markets, on account of global spillovers, which is reflected in the marginal rise in the financial system stress indicator, an indicator of the stress level in the financial system, compared to its p...
Post a Comment
Read more

Retail inflation cools to a six-year low of 2.82% in May on moderating food prices

By
  New Delhi: Retail inflation in India cooled to its lowest level in over six years in May, helped by a sharp moderation in food prices, according to provisional government data released Thursday.Consumer Price Index (CPI)-based inflation eased to 2.82% year-on-year, down from 3.16% in April and 4.8% in May last year, data from the Ministry of Statistics and Programme Implementation (MoSPI) showed. This marks the fourth consecutive month of sub-4% inflation, the longest such streak in at least five years.The data comes just days after the Reserve Bank of India’s (RBI) Monetary Policy Committee cut the repo rate by 50 basis points to 5.5%, its third straight cut and a cumulative reduction of 100 basis points since the easing cycle began in February. The move signals a possible pivot from inflation control to supporting growth.Food inflation came in at just 0.99% in May, down from 1.78% in April and a sharp decline from 8.69% a year ago.A Mint poll of 15 economists had projected CPI ...
Post a Comment
Read more