Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

Commerce Ministry requests MCA to ease Compliance, exclude Certification of Returns by CA / CS

Tax Scan Team The Ministry of Commerce and Industry, in the light of letter received from the Federation of All India Vyapar Mandal has requested the Ministry of Corporate Affairs (MCA) to take measures to ease compliance under the Companies Act including change in last date of various forms and to exclude the Chartered Accountants and Company Secretaries from certifying the returns.

A letter submitted by the Federation of All India Vyapar Mandal a few days ago had suggested the following., (i) Doing away with the requirement of verification by a Chartered Accountant or Company Secretary in filing of returns under Companies Act, 2013 and introducing the practice of self-certification/ self-verification. (ii) Merging all the returns into a sin& Annual Return to reduce compliance burden on the companies, and (iii) Last date of filing for Form INN-22A and DIR-3 may be deferred and the same may be merged with Annual Return which is filed by 30th November every year.

The letter issued by the Joint Secretary has said to the MCA that “Government of India is committed to create a conducive business environment by streamlining regulatory structures I shall be grateful if you could look into the matter and do the needful to ease the compliance pressure on the industry.”

E- Form INC – 22A has been introduced by the MCA for the address validation of all registered companies under the Companies Act, 2013. This form was introduced by the MCA on the 21st of February, 2019.

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