MCA
MCA has issued Office Memorandum as recommendation and has invited Public Comments for integration of Name Reservation ( INC-1) with Spice E-Form under Companies Act, 2013. Spice E Form has been introduced whereby procedures of obtaining DIN by the proposed Directors, name reservation, incorporation, allotment of Pan has been integrated into one service, facilitating incorporation of Company. However, availing DIN allotment or name reservation services independently is also simultaneously available to cater to those stakeholder who wish to proceed with incorporation in a piecemeal manner. Therefore, Suggestions are invited from the Stakeholders for further simplification of processes aimed at further easing the starting of a business, which may be filed online at comments.nameintegration@mca.gov.in on or before 05/11/2017.
CBDT
CBDT has issued the notification to the prescribed the procedure to be followed w.r.t TDS on interest on deposits made under the Capital Gains Accounts Scheme, 1988 where the depositor has deceased. It has been brought to the notice of CBDT that in cases of deceased depositor who has made deposits under the Capital Gains Accounts Scheme, 1988, the banks are deducting TDS on the interest earned on such deposits in the hand of the deceased depositor and issuing TDS certificates in the name of the deceased depositor, which is not in accordance with the law. The Principal Director General of Income-tax (Systems) has specifies that in case of deposits under the Capital Gains Accounts Scheme, 1988 where the depositor has deceased TDS on the interest income accrued for and upto the period of death of the depositor is required to be deducted and reported against PAN of the depositor, and TDS on the interest income accrued for the period after death of the depositor is required to be deducted and reported against PAN of the legal heir, unless a declaration is filed under sub-rule(2) of Rule 37BA of the Income-tax Rules, 1962 to that effect.
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