Professional Updates

Draft format of a statement of account STK-8 Statement of Accounts  in form STK-8 is required to be prepared by a company when it goes for closure. This statement of accounts should be signed by at least two directors (or MD/Secretary & Director if there is MD/secretary appointed) of the company and required to be certified by a Practicing Chartered Accountant. Form STK-8 (a statement of accounts) containing assets and liabilities of the company made up to a day, not more than thirty days before the date of application for closure in form STK-2. As per rule 4(3) The application in Form STK 2 shall be accompanied by along with STK-8 – indemnity bond duly notarized by every director in Form STK 3; An affidavit in Form STK 4 by every director of the company; a copy of the special resolution duly certified by each of the directors of the company or consent of seventy-five per cent of the members of the company in terms of paid up share capital as on the date of application; a statement

Partial relaxation for electronic filing of form 10F CBDT wide notification no 03/2022 dated 16th July 2022 had notified filing of form 10F [Information to be provided under sub-section (5) of section 90 or sub-section (5) of section 90A of the Income-tax Act, 1961] electronically on income tax portal. Which required PAN based login. Mandatory electronic filling of 10F created hurdle for non-resident payees and resident payers, as in certain cases, a non-resident payee is not required to obtain PAN under the Act. As mandatory obtaining PAN in India created unnecessary burden on NRIs. On consideration of the practical challenge being faced by non-resident (NR) taxpayers not having PAN in making compliance as per the notification 03/2022, and with a view to mitigate genuine hardship to such taxpayers, it has been decided by the CBDT that  Non-resident taxpayers who are not having PAN and  not required to have PAN as per relevant provisions of the Income-tax Act,1961,  are exempted fr

Tamil Nadu labour welfare fund contribution rate 2023 Tamil Nadu Labour Welfare and Skill Development department issued order no 161 dated 02/12/2022 to revise rate of contribution to labour welfare fund. Vide order no 161 rule 11A of The Tamil Nadu Labour Welfare Fund Rules, 1973 amended and rate of contribution revised as follows: Every employee shall contribute a sum of Rs 20/- per year Employer shall contribute a sum of Rs. 40 per year per employee Government shall contribute Rs. 20 per year per employee Attached herewith notification No. SRO A-26(b)/2022 for ease reference: Click here