1. The total number of income tax returns filed by personal income tax filers, - individuals and HUF- rose 94% between FY15 and FY23. As many as 74.6 million PIT returns were filed in FY23, as against 38.4 million in FY15.
2. SEBI tweaked guidelines pertaining to anti-money laundering standards, whereby partners holding a 10 per cent stake in a firm will come under the definition of beneficial owners. Earlier, the requirement was 15 per cent.
3. SEBI issued a circular amending the Foreign Portfolio Investors (FPI) Rules, in terms of additional granular disclosures to lift the veil off the Ultimate Beneficial Owners (UBO). The entities have only 90 days to comply with the mandates, which will be closing November 2023.
4. MCA imposed a substantial penalty of ₹3 lakhs on M/s. My Wheels Private Limited for its failure to maintain a registered office as required by law. This case sheds light on the legal obligations of companies and the consequences of non-compliance with statutory provisions.
5. ROC Karnataka has imposed a penalty of Rs. 49.70 lakh on Atlas Logistics Private Limited for delayed appointment of a company secretary, as mandated by Section 203 of the Companies Act, 2013.
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