MCA
The Ministry of Corporate Affairs has issued circular clarifying the position in respect of due date of transfer of shares to Education and Protection Fund (IEPF) Authority and extended the due date. The modalities for transfer/ transmittal of shares from companies accounts to the demat account of the IEPF Authority are being finalized with the depositories. IEPF Authority is considering to open special Demat account and till opening of demat accounts, the due date for transfer of shares stands extended. In view of this, a revised due date for transfer/ transmittal of shares shall be notified soon. Companies, are advised to complete all formalities, as laid down in the aforesaid Rules without waiting for the fresh dates. Companies which have already published notice in newspaper and send notices to the shareholders, need not give the fresh notices again due to this extension.
CBDT
Ministry of Finance (Department of Revenue) has issued circular to exempt certain funds or authorities or Boards or bodies, from the requirement for tax deduction at source, on the ground that their income is anyway exempt under the Income-tax Act. Section 10 of the Income-tax Act, provide that the person whose income is unconditionally exempt under that section and who are also statutorily not required to file return of income as per section 139 of the Income-tax Act. Accordingly, LIC Fund, IRDA, Prasar Bharati, Prime Minister’s National Relief Fund, Provident Fund and New Pension Scheme Trust are few of the funds or authorities eligible for the exemption.
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