Corporate Updates – 12-04-2017


Central Board of Direct Taxes, has tied up with Ministry of Corporate Affairs (MCA) to issue Permanent Account Number (PAN) and Tax Deduction Account Number (TAN) in 1 day. Applicant companies has to submit a common application form SPICe (INC 32) on MCA portal and once the data of incorporation is sent to CBDT by MCA, the PAN and TAN are issued immediately without any further intervention of the applicant. CBDT has also introduced the Electronic PAN Card (E-PAN) which is sent by email, in addition to issue of the physical PAN Card, to all applicants including individuals where PAN is allotted. Applicant would be benefited by having a digitally signed E-PAN card which they can submit as proof of identity to other agency electronically directly or by storing in the Digital Locker

The Bombay High Court

The Bombay High Court has issued a circular directing the practitioners not to useprefixes like Mr/ Ms/ Mrs/ M/s in the title of legal proceedings. The circular, is in pursuance of the observation by Justice GS Patel while hearing an arbitration case, that for companies, both private limited and public – practitioners are habituated to affixing the abbreviation ‘M/s’ before the name of the entity, which is completely incorrect. The judge had observed that a company is not a firm, and the prefix is only ever used for a firm and that in the title of legal proceedings, no prefixes are ever to be permitted, and, for that matter, prefixes ‘Mr/ Ms/ Mrs’ are also not to be used. The Section Officer concerned and clerk of centralised filing and lodging department, while scrutinising the pleadings, shall verify the compliance of the aforementioned directions scrupulously.

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