Corporate Updates 26 June 2014


MCA has issued much awaited Clarification with regard to format of Annual Return applicable for the Financial Year 2013-14 and fees to be charged by companies for allowing inspection of records. It is, clarified that Form MGT-7 shall not apply to Annual Returns in respect of companies whose financial year ended on or before 1st April, 2014 and for annual returns pertaining to earlier years. These companies may file their returns in the relevant Form applicable under the Companies Act, 1956 i.e in accordance with the provisions of the Section 159-161 of the Companies Act, 1956. Going by this circular only listed companies will now required to get their Annual Return certified by the PCS as per the old provisions. Now Companies can allow inspections without levy of fee until the requisite fee is specified by companies in the Articles.


CBDT Notifies New Form of Return of Net Wealth called FORM BB in respect of assessment year (A.Y) 14-15 for return of net wealth referred to in section 14.  Return of net wealth required to be furnished in Form BB shall not be accompanied by a statement showing the computation of the tax payable on the basis of the return, or proof of the tax and interest paid, or any document or copy of any account or form of report of valuation by Registered Valuer required to be attached with the return of net wealth under any provisions of the Act. In the rules, in Appendix, after Form BA, Form BB shall be inserted.

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