N&P Associates

N&P Associates To continue to be a preferred firm providing exemplary legal & Taxation solutions committed to integrity with an inimitable and entrepreneurial work culture.

😍😍😍
23/08/2022

😍😍😍

31/03/2020

MCA update for Non Active Director due to non filing of DIR-3 KYC

Dated : 31.03.2020

DIN holders of DINs marked as ‘Deactivated’ due to non-filing of DIR-3KYC/DIR-3 KYC-Web and those Companies whose compliance status has been marked as “ACTIVE non-compliant” due to non-filing of Active Company Tagging Identities and Verification (ACTIVE) eform are encouraged to become compliant once again in pursuance of the General Circular No. 11 dated 24th March, 2020 & General Circular No. 12 dated 30th March 2020 and file DIR-3KYC/DIR-3KYC-Web/ACTIVE as the case may be between 1st April, 2020 to 30th September, 2020 without any filing fee of INR 5000/INR 10000 respectively.

31/03/2020

2% TDS on Cash Withdrawal of 20 Lakhs from Bank from 1 April 2020, else produce IT Returns

Threshold of Rs. 20 lakhs and Rs. 1 crore of cash withdrawal

A new proviso has been inserted to Section 194N, which changes the threshold limit for deduction of tax from Rs. 1 crore to Rs. 20 lakh if the person, has not filed return of income (ITR) for three previous years immediately preceding the previous year in which cash is withdrawn, and the due date for filing ITR under section 139(1) has expired.

The deduction of tax for person who has not filed ITR shall be at the rate of

a) 2% from the amount withdrawn in cash if the aggregate of the amount of
withdrawal exceeds Rs. 20 lakhs during the previous year; or
b) 5% from the amount withdrawn in cash if the aggregate of the amount of withdrawal exceeds Rs. 1 crore during the previous year.

The Bank will have to undergo Tedious task of asking all account holder who are withdrawing cash more than 20 Lakhs to submit the Income Tax Returns for the past 3 years. Further bank not only has to ask if Income Tax Returns are filed but have to check if they are filed with in due date as per section 139(1)

The Section 194N does not apply when the cash is withdrawn by following persons

Any government body
Any bank including co-operative banks
Any business correspondent of a banking company (including co-operative banks)
Any white label ATM operator of any bank (including co-operative banks)
Any other person notified by the government
In the case of a payment made by a taxpayer through a bearer cheque issued to third party, in excess of Rs 1 crore in a financial year, the recipient of the cash is not the account holder, but a third party. In such a case, the payment is not made by the bank to the account holder.

31/03/2020

No Change in Financial Year 2019-20 ends on 31 March 2020 Government Press Release.

The government, Ministry of Finance has clarified that there is no change in Financial Year 2019-20 and it ends on 31 March 2020

05/12/2019

MCA deactivates 19,40,313 Director Identification Numbers
_________________________________
The Ministry of Corporate Affairs (MCA) deactivated 19,40,313 Director Identification Numbers (DINs) in the MCA21 Database due to non-filing of Know Your Client (KYC), as on 28.11.2019. This was stated by Shri Anurag Singh Thakur, Minister of State for Finance & Corporate Affairs, in a written reply to a question in Rajya Sabha today.

The Minister further stated that the MCA21 Database does not contain information regarding employment details of directors/DIN holders.

Informing the House, the Minister stated that the terms “Ghost Directors” and “Shell Companies” are not defined in the Companies Act, 2013. However, during the Financial Year 2017-18 and 2018-19, Registrar of Companies (ROCs) had struck off 3,38,963 companies u/s 248 of the Companies Act, 2013 for failing to file Financial Statements or Annual Returns and total number of 4,24,454 directors were disqualified under the provisions of section 164(2)(a) read with Section 167(1) of the Companies Act, 2013.

Address

D 142 Sector 7
Noida
201301

Website

Alerts

Be the first to know and let us send you an email when N&P Associates posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Shortcuts

Share

Category