Corporate Updates – 30-12-2015

MCA:

Today is the last date for annual filing forms (AOC – 4, AOC – 4XBRL, AOC – 4CFS, & MGT – 7) i.e 30th December, 2015 and it has been clarified by the MCA that no further extension would be accorded after this date. All stakeholders are requested to complete their filing accordingly. Further, to avoid late filing fees and further action under the provisions of the Companies Act, 2013, Companies are requested to file their Annual Return & Financial Statement by today itself.

CBDT:

CBDT has amended the Rule 37 BB of the Income-tax Rules has been amended to strike a balance between reducing the burden of compliance and collection of information under section 195 of the Act. Significant changes made through the amended Rules is that No Form 15CA and 15CB will be required to be furnished by an individual for remittance which do not require RBI approval under its Liberalised Remittance Scheme (LRS). Further the list of payments of specified nature mentioned in Rule 37 BB which do not require submission of Forms 15CA and 15CB has been expanded from 28 to 33 including payments for imports and CA certificate in Form No. 15CB will only required to be furnished in respect of such payments made to non-residents which are chargeable to tax and the amount of payment during the year exceeds Rs. 5 lakh. The amended Rules will become applicable from 01.04.2016.

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