DISQUALIFIED DIRECTORS

The Income Tax Department has notified the updated forms for Assessment Year 2025-26. Here’s a quick guide to help you identify the correct form based on your income type and tax situation.

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The court also temporarily revived the identification numbers of the disqualified directors to allow them to function in other active companies.

Union Minister P P Chaudhary, however, he said that not a single company has been deregistered on the charges of money laundering by the government.

As part of clamping down on illicit fund flows, the corporate affairs ministry has disqualified more than 3.09 lakh directors of companies which failed to submit annual filings for a long time.

A draft of the scheme finalised by MCA has been placed before the Delhi High Court in response to various writ petition by directors against their disqualification.

Asserting that genuine corporates will not face action, the minister of state for corporate affairs said non-compliant companies are tarnishing the image of good ones.

The government could consider coming up with some solution for the aggrieved directors since no recourse is currently available under the Companies Act 2013.

As part of its crackdown on black money and follows up on the note ban, govt has disqualified more than 3 lakh directors of companies that have fallen behind in statutory filings.

These directors won’t be able to hold board seats in other companies as well and may have to resign soon from them, potentially impacting other firms as well.

As part of its crackdown against shell cos, govt had cancelled the registration of around 200,000 and restricted bank account operations of such firms.