Million registered companies not filing returns

The winding up procedure of private and Public limited are so stringent that the authorities may be including companies which are obsolete with technology outdated or government policy has turned the business of many companies to go inert need to classifies as most the MSME and big companies don’t file their income tax returns as there is no business and business activities are not happening or being stopped due to many reasons thus when within ten years no return is filed an Directors has given in writing that company has gone defunct then those companies must obviously be its artificial person designation may be written off from the ROC name clause. These small exercise can reduce the number of registered companies not filing returns. This matter was brought to the notice of  Dr Jitendra Singh, Minister of State DONER (IC), PMO, Personnel, Public Grievances & Pensions, Atomic Energy and Space, Government of India.

This matter pertains with Finance Minister and Minister of Company affairs but the companies which go defunct due to technology defunct or change in policy of the government or certain notification then those companies when go inert then those companies need to be given creamy defunct  status and within three year of their non filing of returns and business winding up must be made easy and fast.

Revenue Secretary Hasmukh Adhia has said that as many as 8-9 lakh registered companies not filing annual returns with the Ministry of Corporate Affairs, are a potential source of money laundering.

Speaking at the Enforcement Day event in New Delhi today, Mr Adhia said, the task force set up by PMO is monitoring these companies every 15 days. He said, some of these companies have been given notices.

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