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June 2023

Regulatory Referencer

By Pramod Prabhudesai | Rutvik Sanghvi | Sonalee Godbole
Chartered Accountants
Reading Time 7 mins
DIRECT TAX The Central Government notifies that all the provisions of the Agreement and Protocol for the elimination of double taxation and the prevention of fiscal evasion and avoidance with respect to taxes on income between India and Chile shall be given effect to in the Union of India - Notification No. 24/2023 dated 3rd May, 2023 COMPANIES ACT, 2013 1. Establishment of C-PACE to provide hassle-free filing, timely and process-bound striking off companies from MCA Registry: The MCA vide Notification No. S.O. 1269(E) dated 17th March, 2023 has established the Centre for Processing Accelerated Corporate Exit (C-PACE) to facilitate the quick, transparent and process-bound exit of companies. With the establishment of C-PACE, the striking-off process of companies has been centralised, resulting in reduced stress on the MCA Registry. Also, this initiative is expected to ensure hassle-free filing and timely striking off names of companies from the Register. [ Press release dated 13th May. 2023] 2. MCA brings more clarity on filing of overdue financials before applying for striking-off: The authority has notified an amendment to strike-off rules. The amendment provides more clarity on filing requirements of overdue financials before applying for strike-off. As per the amended norms, all pending and overdue financial statements under sect
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