Companies (Amendment) Bill, 2014
Companies (Amendment) Bill, 2014
The Union Cabinet today gave its approval for moving of the following Official Amendments in the Companies (Amendment) Bill, 2014 :-
- Doing away with the requirement for filing a declaration by a company before commencement of business or exercising its borrowing powers and rationalizing the procedure for laying draft notifications granting exemptions to various classes of companies or modifying provisions of the Act in Parliament, in order to ensure speedier issue of final notifications.
These Official Amendments will address issues related to ease of doing business and put in place a speedier process for approval of draft notifications for providing exemptions etc. from specific provisions of the Act to a class of companies.
Minimum pension of Rs. 1,000/- per month in perpetuity to Pensioners of Employees’ Pension Scheme, 1995.
The Union Cabinet today gave its approval for continuation of the minimum pension of Rs. 1,000/- per month to the pensioners of Employees’ Pension Scheme, 1995 (EPS) beyond the financial year 2014-15 on perpetual basis. Currently, it is effective only upto March, 2015. The Cabinet also approved corresponding grant of continuous annual budgetary support for implementing the minimum pension which will be to the tune of Rs. 850 crore per year on a tapering basis.
- Providing a minimum pension of Rs. 1000/- per month is an effort to provide meaningful subsistence to pensioners who have served in the organized sector. The present proposal is likely to benefit approximately 20 lakh pensioners under EPS, 1995.
Central Board of Direct Taxes (CBDT) Decides to Fast Track All Applications Made by Voluntary Organisations/Trusts for Rendering Help to the Victims of Earthquake in Nepal.
All Such Applications to be Processed Within Two Working Days of Receiving the Completed Applications
The Central Board of Direct Taxes (CBDT) has decided to fast track all applications made by Voluntary Organisations/Trusts seeking approval u/s 11(1)(C) of the Income Tax Act, 1961 for rendering help to the victims of earthquake in Nepal. Approval under this section is required by the charitable institutions for application of their income outside India to promote international welfare. It will be the endeavor of the Department to process these applications within two working days of receiving the completed applications. The details of documents required to be submitted along with such applications have been uploaded on the website of Income Tax Department- http://www.incometaxindia.gov.in.
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