MCA Updates
Companies (Removal of Names of Companies from the Register of Companies) Amendment Rules, 2023
The Ministry of Corporate Affairs has amended the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016. The notification will be effective from the 1st day of May, 2023.
Key Amendments:
- Application for removal of the name of a company under sub-section (2) of Section 248 has to be made to the Registrar, Centre for Processing Accelerated Corporate Exit (C-PACE) in Form No. STK-2 along with a fee of INR 10,000 (Indian Rupees Ten Thousand Only).
- The requirement is to attach “a copy of the special resolution duly certified by each of the directors of the company or consent of seventy-five per cent of the members of the company in terms of paid-up share capital as on the date of application” along with Form No. STK-2 has been removed
- The Registrar, Centre for Processing Accelerated Corporate Exit established under sub-section (1) of section 396, will be the Registrar of Companies for the purposes of exercising functional jurisdiction of processing and disposal of applications made in Form No. STK-2 and all matters related thereto under section 248 having territorial jurisdiction all over India.
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Income Tax Updates
Clarification regarding deduction of TDS under section 192 read with sub-section (IA) of section 115BAC of the Income-tax Act, 1961
The CBDT has directed that an employer shall seek information from each of its employees regarding their intended tax regime viz old or new regime and the TDS on salary shall be deducted according to the scheme of taxation opted by the employee.
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CBDT notifies Cost Inflation Index for Financial Year 2023-24
The Central BDT notifies Cost Inflation Index for Financial Year 2023-24 at 348 vide Notification No. 21/2023-Income Tax Dated: 10th April 2023. The Cost Inflation Index for Financial Year 2022-23 was 331 so the Increase in the Cost Inflation Index for FY 2023-24 is a mere 5.14%.
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GST Updates
Time limit specified for E-Invoice Uploading / IRN Generation on the IRP Portal
In order to ensure timely compliance, the government has restricted the time limit on reporting old invoices on the e-invoice Invoice Registration Portal (IRP) to 7 days in case of taxpayers with an annual turnover greater than or equal to 100 crores (“Specified taxpayers”). The specified taxpayers shall therefore not be able to report invoices older than 7 days on the e-invoicing portal.
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