Changes in the Income tax act: one of the condition for resident of India was leading to creation of shell companies i.e. during a financial year, a company shall have management of its affairs wholly in India. This provision was leading to creation of shell companies.
Ministry of Corporate Affairs (MCA) and Central Board of Direct Taxes (CBDT)both signed MoU for the automatic and regular exchange of tax information.
SEBI requested exchanges to verify credentials/fundamentals of suspect companiesthrough an independent auditor. If exchanges do not find proper fundamentals about the existence of the company, the stock can be delisted.
The Ministry of Corporate Affairs cancelled registrations of over 1.62 lakh companies for not filing financial returns for the immediate two preceding fiscals.
The Indian government had requested theReserve Bank of India (RBI) for the freezing of accounts of the defaulting companies who have long exceeded the stipulated time limit, for the filing of Financials Statements and returns, under the Companies Act.
JPSC Notes brings Prelims and Mains programs for JPSC Prelims and JPSC Mains Exam preparation. Various Programs initiated by JPSC Notes are as follows:-
- JPSC Mains Tests and Notes Program
- JPSC Prelims Exam 2024- Test Series and Notes Program
- JPSC Prelims and Mains Tests Series and Notes Program
- JPSC Detailed Complete Prelims Notes