Corporate Updates 26 May 2014


1. MCA has given the much needed relief to the Foreign Nationals and clarified that PAN details are mandatory only for those foreign nationals who are required to possess “PAN” in terms of provisions of the Income Tax Act, 1961 on the date of application for incorporation Where the intending Director who is a Foreign National is not required to compulsorily possess PAN, it will be sufficient for such a person to furnish his/her passport number, alongwith undertaking on the prescribed format stating that provisions of mandatory applicability of PAN are not applicable to the person concerned.

2. MCA in continuation of the General Circular dated 12-05-2014 has extended the time limit for all reserved names as on 31-03-2014 for another 15 days from the date of this circular. To view and download the circular please click here.

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