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Under the erstwhile Companies Act, 1956 the power was vested with the Regional Director to direct a Company to change its name within 12 months from the date of incorporation or change of name. Under Section 16 of the Companies Act, 2013, no such time limitation has been specified. |
It has been clarified that applications made under the old Act which were earlier rejected by the RD on the ground of being time barred, cannot be made afresh under the 2013 Act as extinguished limitation cannot be considered to be revived even if no limitation has been laid down in the section. |
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Where the 7 year period for making the transfer to Investor Education and Protection Fund (IEPF) Authority is completed during the period September 7, 2016 to May 31, 2017, the due date for transfer of shares by Companies will be 31st May, 2017. |
As the modalities for transfer of shares from company to Demat account of IEPF Authority are yet to be finalised, Opening of Special Demat account is being considered. Till such time, the due date for transfer of shares stands extended. Revised date shall be notified soon. |
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Section 139AA of Income Tax Act, 1961 provides for mandatory quoting of Aadhar Number/Enrolment ID of Aadhar Application form for filing the return of income or for making an application for allotment of PAN, w.e.f. 1st July, 2017. |
Such provisions shall not be applicable to an individual who does not possess the Aadhar number or the Enrolment ID and is: |
- Residing in the States of Assam, J&K and Meghalaya;
- A non -resident as per IT Act
- Of the age of 80 years or more during the previous year
- Not a citizen of India
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Section 115BA provides that, subject to fulfilment of certain conditions prescribed, the income tax payable on the total income of a domestic company, for any PY relevant to the AY beginning on or after the 1st day of April, 2017, shall, at the option of such person, be computed at 25%. Such option can be exercised in Form 10-IB which shall be furnished electronically either under digital signature or electronic verification code. |
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In case of minors where both the parents are deceased, TDS on the Interest income accrued to the minor is required to be deducted and reported in the hands of the minor and cannot be clubbed against the income of any other relative. Income tax returns can be filed by the minor through his/her guardian. |
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TDS with respect to the payments made by certain entities or bodies or authorities is not required to be deducted as their income is unconditionally exempted under the Income Tax Act and are thereby not required to file Return of Income tax. Revised list of exempted entities from TDS has been notified. |
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Amendment has been made to the Mega Exemption Notification of CBEC exempting the services of life insurance business provided under Pradhan Mantri Vaya Vandana Yojana Scheme from service tax leviable on it. |
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Note: The contents of this Newsletter are only a summary and has not dealt with any issue in detail. Any action taken or proposed to be taken must be in consultation with professionals and not merely based on the articles / news updates. S. C. Sharada & Associates disclaims all liability on action taken without professional advice. |
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