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News INCOME TAX

  • Jun 28, 2018
  • Govt to ask CAs to update information on directors during filing of annual results

    In its bid to crack down on shell companies, the Ministry of Corporate Affairs (MCA) will soon ask the company secretary and chartered accountant of the companies concerned to update the information related to their directors at the time of filing of annual results, a senior MCA official said.The information will include details such as passport, PAN number and contact details along with the physical address of directors.The official said the ministry is expecting more than 30 lakh companies and directors to register.Earlier this month, the task force on shell companies identified 2.25 lakh companies as shell firms. These companies are being struck off under section 248 of the Companies Act 2013 for not filing financial statements for 2015-16 and 2016-17.The Registrar of Companies is in the middle of issuing notices to these entities, and if they fail to file returns over the next few months, they may get de-registered.