Thursday, 15 February, 2018 - Wednesday, 28 February, 2018

Vistra India Update 346

February 16 - February 28, 2018


Centralised Communication Scheme, 2018

Finance Minister Arun Jaitley, in his Budget 2018 speech had announced that electronic assessment of tax returns would be launched in the country. Accordingly, CBDT has now notified Centralised Communication Scheme 2018 where in the Centralized Communication Centre shall issue notice under digital signature by electronic mail  to any person requiring him to furnish information or documents for the purpose of verification of information in his possession.  The response to the notice can be furnished in a machine readable structured format to be notified by CBDT. No person shall be required to appear personally or through authorized representative before the designated authority at the Centralized Communication Centre in connection with any proceedings.

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DTAA between Republic of India and the Government of the Republic of Kenya notified

Agreement between the Government of the Republic of India and the Government of the Republic of Kenya for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income was signed at Nairobi, Kenya on the 11th July, 2016 and Agreement entered into force on the 30th August, 2017. Central Government has now notified that all the provisions of said Agreement shall be given effect to in the Union of India.

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Revision/Update of Forms under various Rules of Companies Act, 2013

Ministry of Corporate Affairs (MCA) has amended various Rules of Companies Act, 2013 to revise/update/introduce the following forms:

Companies which are required to comply with Companies (Indian Accounting Standards) Rule, 2015 should forward their statement in Form AOC-3A

Revised Form ADT-1 (Notice to the Registrar by Company for appointment of Auditor) and Form ADT-2 (Application for removal of auditors from his /their office before expiry of term.

Revised Form URC-1 (Application by Company for registration under section 366(conversion from firm in to Company and LLP in to Company))

Revised Form MGT-6 (Return to the Registrar in respect of declaration under section 89 received by the Company) and Form MGT-15 (Form for filing report on Annual General Meeting)    

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Companies (Removal of Difficulties) Order 2018

With a view of removing difficulties in giving effect to the provision of section 169(1) and section 149(10) of the Companies Act, 2013 relating to appointment and removal of independent directors from the Board of Companies, Ministry of Corporate Affairs (MCA) has issued an order to provide that an independent director reappointed for second term under section 149(10) shall be removed by the Company by passing a special resolution and after giving him a reasonable opportunity of being heard.

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