Compliance Chambers

Vide Finance Act, 2017, a new clause (ab) was inserted in sub-section (1) of section 12A of the Income-tax Act, 1961 (‘the Act’) w.e.f 01.04.2018 to the effect that where a trust or an institution, which has been granted registration under sections 12A or 12AA of the Act has subsequently adopted or undertaken modification of the objects and such modification does not conform to the conditions of such registration, then such trust or institution shall be required to obtain registration again by making an application within a period of thirty days from the date of such adoption or modification of the objects. As per the Memorandum related to Delegated Legislation laid on the floor of the Parliament along with the Finance Bill, 2017, the form and manner in which an application of registration u/s 12(1)(ab) shall be made to the Principal Commissioner or Commissioner for registration of the trust or institution subsequent to modification of its objects, is required to be prescribed

On the eve of Deepawali, Employees’ Provident Fund Organisation (EPFO) is pleased to introduce a new facility for its esteemed members having Universal Account Number (UAN) and other relevant details to link their respective UAN with Aadhaar online. This, in turn, would facilitate the members, a better and speedy EPFO services. The facility has been made available at EPFO’s website www.epfindia.gov.in >> Online Services >> e-KYC Portal>> LINK UAN AADHAAR. Using the facility, EPFO members can online link their respective UAN with Aadhaar. While using the facility, the member will have to provide his/her UAN. An OTP will be sent to his/her mobile linked with UAN. After OTP verification, the member will have to provide his/her Aadhaar Number. Another OTP will be sent to his/her mobile/email linked with Aadhaar. After OTP verification, if UAN details are matched with Aadhaar details, then UAN will be linked with Aadhaar. After linking, the EPFO member may avail o

The Ministry of Corporate Affairs has issued Notification for the commencement of Section 247 of the Companies Act, 2013 [Valuation by Registered Valuers] with effect from 18th October 2017. The Companies (Registered Valuers and Valuation) Rules, 2017 (Rules), which have been finalized after public consultation and detailed deliberations with stakeholders have also been issued simultaneously. The Rules, inter alia, provide for Registration of Valuers for the conduct of valuation under the Companies Act, 2013. The Valuers, who may be individuals or partnership entities or companies, would be required to be registered with the authority specified by the Central Government. The Rules provide for registration of different category of aVluers and lay down the requirements for their eligibility, qualifications and experience. The Registered Valuers are also required to be members of the Registered Valuers Organisations (RVOs), recognised by the authority under the Rules.  The eligibili