Schedule for various Cut-Off Dates for the year 2016 pertaining to the Students

Note: Please note that Admission / Registration Applications, Examination Enrollment applications, Applications for claiming paper-wise Exemptions, Applications for Registration in De-novo / Extension etc. shall be accepted through online mode only. Therefore, it is clarified that on the scheduled cut-off date even if there is Holiday/Off-day, there shall be no change in the prescribed cut-off date, as online services can be availed 24x7 any time from any where at Institute’s website www.icsi.edu

Particulars of Cut-off Dates	Scheduled Cut-off Date
Declaration of Results of December 2015 Examination.	25.02.2016
Acceptance of Applications for Admission to    Executive / Professional Programmes ( for appearing in All modules in Dec 2016 Examination)	29.02.2016
Receipt of Examination Enrollment application (for appearing in June, 2016 Examination)	25.03.2016
Acceptance of Applications for Admission to Foundation Programme ( for appearing in Dec 2016 Examination)	31.03.2016 Extended to 01.04. 2016  keeping in view the difficulties faced by the students while registering for Foundation Programme Stage during              30th / 31st March, 2016.
Receipt of Enrollment application for appearing in June,2016 Examination (with late fee)	09.04.2016
Applying for Paper-wise Exemption on the basis of qualification for June 2016 Examination.	09.04.2016
Applying for Registration De Novo / Extension of registration ( for June 2016 Examination)	09.04.2016
Acceptance of Applications for Admission to Executive/ Professional Programme ( for appearing in Single module in Dec 2016 Examination)	31.05.2016
Declaration of Results of June 2016 Examination	25.08.2016
Acceptance of Applications for Admission to Executive/ Professional Programme ( for appearing in All modules in June 2017 Examination )	31.08.2016
Receipt of examination enrollment application (for appearing in Dec, 2016 Examination)	25.09.2016
Acceptance of Applications for Admission to Foundation Programme (for appearing in June 2017 Examination)	30.09.2016
Receipt of Examination Enrollment application for appearing in Dec, 2016 Examination (with late fee)	10.10.2016
Applying for Paper-wise Exemption on the basis of Qualification for Dec 2016 Examination.	10.10.2016
Applying for Registration De Novo / Extension of registration ( for Dec 2016 Examination)	10.10.2016
Acceptance of Applications for Admission to Executive/ Professional Programme (for appearing in Single module in June 2017 Examination)	30.11.20

Updates:

1. Subsidy by way of refund of excise duty and interest for setting up a new industrial undertaking is a capital receipt and not taxable as income. [CIT vs. Shree Balaji Alloys (SC)].
2. It is date on which option for conversion of debentures into shares is exercised that open offer obligation gets triggered under the Regulations. [VICTOR FERNANDES Vs SEBI [2016] 133 CLA 1 (SAT)].
3. Mere Non Completion / Registration cannot be the reason for denying benefit U/s 54. [ Rajeev B. Shah v. ITO (ITAT Mumbai)].
4. Clarification regarding attaining prescribed Age of 60 years/80 years on 31st March itself, in case of Senior/Very Senior Citizens whose date of birth falls on 1st April, for purposes of Income-tax Act,1961. [Circular No. 28/2016-IT].
5. MCA has released Limited Liability Partnership (Amendment) Rules, 2016 vide Notification which shall come into force on the date of their publication in the official Gazette. 

6 uncommon reasons for home loan rejection

1. Builder not approved 
This is one of the most common but unexpected reasons for the rejection of a home loan application. Not all banks give loans against the property of builders. It is, therefore, critical to understand from the builders themselves which banks have approved them and which have not. 

"It's possible that when you approach a bank or a housing finance company for getting a home loan, you might come to know that the very builder is not approved by it. If that is the case, then you might not only get the shock of your life, but it will also make it impossible for you to get a home loan from the concerned bank and you may have to go to a different bank for the same," says Parth Pande, co-founder of Finance Buddha, a marketplace for retail lending products. 

2. Builder approved but property not approved 
This is another unexpected reason for a home loan rejection. A builder, for instance, may figure in a bank's list of approved builders, but a specific project launched by him may not have been approved by the concerned bank. In addition, there are likely to be cases where particular phases of a project (if it's a large one) may not have bank approval. Thus, to avoid unexpected home loan rejections, it's important to check that apart from the builder, the entire project - including its different phases - has got the necessary bank approval. 

3. Valuation-related rejections 
Imagine a scenario where one is buying a house in the resale market. Both the buyer and the seller mutually decide the price of the property and the buyer decides to go for a home loan to fund the purchase. 

"The bank or the housing finance company, however, would sanction the home loan on the basis of the valuation of the property as ascertained by it rather than the price decided by the buyer and the seller. If the valuation amount is higher than the mutually-decided price of the property, then there is no issue. However, if the value of the property is lower, then the bank may choose to give a lower loan amount than required, or may even reject the home loan application altogether," informs Pande. 

4. If previous tenant was a defaulter 
Many housing finance companies (HFCs) these days blacklist both the defaulter and his residential address. Therefore, if you are staying in a house which is in a bank's defaulters' list because of the previous tenant who defaulted on a loan or credit card payment, there are high chances of your home loan application getting rejected. However, even if a particular address is not in the defaulters' list, then there is a possibility that the very locality is not in the good books of the banks/HFCs because of some other reasons. Your loan application may get rejected in such a case. 

 5. Credit history issues 

Many people do not check their credit scores and are mostly oblivious to the same. For instance, a survey conducted by credit health improvement company Credit Sudhaar sometime back had revealed that more than 85% of the respondents were unaware of credit bureaus, while a whopping 92% didn't know their credit scores. No wonder loan rejection because of credit score issues comes as a surprise to many loan takers. 

Surprisingly, even people with a credit score of 700 and above (out of 900) are sometimes denied credit because of past mistakes. For example, there may be some old payments or charges missed by them which they have forgotten about, or they might have settled a loan long back. But the same can have a negative impact on one's credit history and this alone can lead to the rejection of a home loan. It's very important, therefore, that customers regularly check their credit scores and fix issues, if any, around their poor credit history immediately. 

6. Unstable employment 
Lenders place a lot of importance on job stability and certain banks even insist that an applicant needs to be employed with a concern for three years or more to be eligible for a home loan. 

Conclusion 
It is clear that there are many uncommon/unexpected reasons for the rejection of a home loan application, and one can't be 100% sure of getting a loan even if one is earning a handsome salary or maintains a good credit score. 

UPDATES

CBDT

The Finance Act, 2016 has amended the definition of “Distributed Income”, with effect from 01.06.2016, to mean the consideration paid by the Company on buy back of shares as reduced by the amount, which was received by the Company for issue of such shares, determined in the manner as may be prescribed. In this regard, draft rules providing for determination of amount received by Company for use of its shares under different circumstances have been formulated and uploaded on the Ministry’s website (www.finmin.nic.in) and website of the Income-tax Department (www.incometaxindia.gov.in) for comments from stakeholders and general public.

The Central Board of Direct Taxes has invited Comments/ Suggestions on draft rules. Further, Comments/ suggestions may be sent by 31st July, 2016 electronically at the email address, ustpl1@nic.in.

CBDT:

The Central Board of Direct Taxes has introduced Digital Signature Certificate (DSC) based application procedure for allotment of PAN and TAN to corporate. Under the new process PAN and TAN will be allotted within a day. This is aimed at ensuring ease of doing business.

Similarly, a new Aadhaar e-Signature based application process for Individual PAN applicants has been made available on the portals of PAN service providers M/s NSDL eGov. Introduction of Aadhaar based e-Signature through M/s NSDL eGov in PAN application not only ensures paperless hassle free PAN application process but also seeding of Aadhaar in PAN which will curb the problem of duplicate PAN to a great extent.

7 lakh tax notices to be sent for non-PAN high-value transactions

I-T dept steps up measures to check tax evasion

New Delhi, Jul 21:  

To check evasion, the Income Tax Department has decided to act on certain high-value non-PAN transactions that were reported to it under the annual information returns.

Letters will be issued to the parties of 14 lakh non-PAN transactions — forming part of identified 7 lakh high risk clusters — that are being scrutinised by the department closely, said an official release.

“The Department will be issuing letters to the parties of these transactions requesting them to provide their PAN number against these transactions,” the release added. Under the annual information returns, various high-value transactions were being reported to the department. These include reporting of cash deposits of ₹10 lakh or more in a savings bank account, sale/purchase of immovable property valued at ₹30 lakh or or more, etc. Many of these transactions do not have PAN linked to them.

For the convenience of the parties to whom these letters are addressed, a new functionality on the e-filing portal has been developed wherein they can own up transactions and provide structured response electronically.

The parties can log in to their e-filing Web site and by quoting a Unique Transaction Sequence Number provided in the letter sent to them, can link their transaction with their PAN easily.

They will also be able to give a response to this letter electronically by choosing the option of either owning up the transaction or denying the transaction as their own. The responses received from such parties online will be examined by the department. It will initiate further necessary action in those cases where no replies are received.

The Income Tax Department has details of about 90 lakh such transactions for the period 2009-10 to 2016-17.

(This article was published on July 21, 2016

Updates:

Updates:

1. Secured creditor is entitled to proceed only against the secured assets mentioned in the notice under sub-section (2) of section 13. [AXIS BankV. SBS Organics (P.) LTD. And Another [2016] 132 CLA 313 (SC)].
2. 28.07.2016 is the last date to file DVAT Returns in Form 16 & Form CST 1 for the Quarter ending 30th June, 2016.
3. Central Civil Services (Revised Pay) Rules, 2016 shall be deemed to have come into force on the 1st day of January, 2016. Notification G.S.R. 721(E) dated 25.07.2016.
4. SEBI through its Circular has asked intermediaries to upload KYC documents with the central server for all new individual accounts that will be opened from August 1.
5. Govt notifies pay scale as per 7th Pay Commission recommendations.Notification  No. 1-2/2016-IC dated 25.07.2016

Tax Saving Proof required from Employee

 

In exercise of the powers conferred by sections 192, 200 and 206C, read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-

1.   (1) These rules may be called the Income-tax (11th Amendment) Rules, 2016.

(2) They shall come into force from the 1st day of June, 2016.

2. In the Income-tax Rules, 1962 (hereafter referred to as the said rules), after rule 26B, the following rule shall be inserted, namely:-

“26C. Furnishing of evidence of claims by employee for deduction of tax under section 192.-

(1) The assessee shall furnish to the person responsible for making payment under sub-section (1) of section 192, the evidence or the particulars of the claims referred to in sub-rule (2), in Form No.12BB for the purpose of estimating his income or computing the tax deduction at source.

(2) The assessee shall furnish the evidence or the particulars specified in column (3), of the Table below, of the claim specified in the corresponding entry in column(2) of the said Table:-

Table

Sl. No	Nature of claims	Evidence or particulars
(1)	(2)	(3)
1.	House Rent Allowance.	Name, address and permanent account number of the landlord/landlords where the aggregate rent paid during the previous year exceeds rupees one lakh.
2.	Leave travel concession or assistance.	Evidence of expenditure.
3.	Deduction of interest under the head “Income from house property”.	Name, address and permanent account number of the lender.
4.	Deduction under Chapter VI-A.	Evidence of investment or expenditure.”.

3. In the said rules, in rule 30,-

(a) in sub-rule (2A), for the words “seven days”, the words “thirty days” shall be substituted;

(b) in sub-rule (4), for the portion beginning with the word “shall” and ending with the words “ has been credited”, the following words, figures, letter and brackets shall be substituted, namely:-

“shall submit a statement in Form No. 24G to the agency authorised by the Principal Director of Income-tax (Systems) in respect of tax deducted by the deductors and reported to him.”;

(c) after the sub-rule (4), the following sub-rules shall be inserted, namely:-

“(4A) Statement referred to in sub-rule (4) shall be furnished-

(a) on or before the 30th day of April where the statement relates to the month of March; and

(b) in any other case, on or before 15 days from the end of relevant month.

(4B) Statement referred to in sub-rule (4) shall be furnished in the following manner, namely:-

(a) electronically under digital signature in accordance with the procedures, formats and standards specified under sub-rule (5); or

(b) electronically alongwith the verification of the statement in Form 27A or verified through an electronic process in accordance with the procedures, formats and standards specified under sub-rule (5).

(4C) The persons referred to in sub-rule (4) shall intimate the number (hereinafter referred to as the Book Identification Number) generated by the agency to each of the deductors in respect of whom the sum deducted has been credited.”;

(d) for sub-rule(5) , the following rules shall be substituted, namely:-

“(5) The Principal Director General of Income-tax (Systems) shall specify the procedures, formats and standards for the purposes of furnishing and verification of the statements and shall be responsible for the day-to-day administration in relation to furnishing of the information and verification of the statements.”.

4. In the said rules, in rule 31A, for sub-rule (2), the following sub-rule shall be substituted, namely:-

“(2) Statements referred to in sub-rule (1) for the quarter of the financial year ending with the date specified in column (2) of the Table below shall be furnished by the due date specified in the corresponding entry in column (3) of the said Table:

Table

Sl. No.	Date of ending of quarter of financial year	Due date
(1)	(2)	(3)
1.	30th June	31st July of the financial year
2.	30th September	31st October of the financial year
3.	31st December	31st January of the financial year
4.	31st March	31st May of the financial year immediately following the financial year in which the deduction is made”.

5. In the said rules, in rule 37CA,-

(a) in sub-rule (3), for the portion beginning with the word “shall” and ending with the words “ has been credited”, the following words, figures, letter and brackets shall be substituted, namely:-

“shall submit a statement in Form No. 24G to the agency authorised by the Principal Director of Income-tax (Systems) in respect of tax collected by the collectors and reported to him.”;

(b) after sub-rule (3),the following sub-rules shall be inserted, namely:-

“(3A) Statement referred to in sub-rule (3) shall be furnished-

(a) on or before the 30th day of April where the statement relates to the month of March; and

(b) in any other case, on or before 15 days from the end of relevant month.

(3B) Statement referred to in sub-rule (3) shall be furnished in the following manner, namely:-

(a) electronically under digital signature in accordance with the procedures, formats and standards specified under sub-rule (4); or

(b) electronically along with the verification of the statement in Form 27A or verified through an electronic process in accordance with the procedures, formats and standards specified under sub-rule (4).”;

(c) for sub-rule(4), the following sub-rule shall be substituted, namely:-

“(4) The Principal Director General of Income-tax (Systems) shall specify the procedures, formats and standards for the purposes of furnishing and verification of the statements and shall be responsible for the day-to-day administration in relation to furnishing of the information and verification of the statements.”.

6. In the said rules, in Appendix II,-

(a) after Form 12 BA, the following form shall be inserted, namely:-

“FORM NO.12BB

(See rule 26C)

Statement showing particulars of claims by an employee for deduction of tax under section 192

1. Name and address of the employee:

2. Permanent Account Number of the employee:

3. Financial year:

Details of claims and evidence thereof
Sl. No.	Nature of claim		Amount(Rs.)	Evidence/ particulars
(1)	(2)		(3)	(4)
1.	House Rent Allowance:(i) Rent paid to the landlord (ii) Name of the landlord (iii) Address of the landlord (iv) Permanent Account Number of the landlord Note: Permanent Account Number shall be furnished if the aggregate rent paid during the previous year exceeds one lakh rupees
2.	Leave travel concessions or assistance
3.	Deduction of interest on borrowing:(i) Interest payable/paid to the lender (ii)Name of the lender (iii) Address of the lender (iv) Permanent Account Number of the lender (a) Financial Institutions(if available) (b) Employer(if available) (c) Others
4.	Deduction under Chapter VI-A(A) Section 80C,80CCC and 80CCD (i) Section 80C (a) …………….. (b) …………….. (c) …………….. (d) …………….. (e) …………….. (f) …………….. (g) …………….. (ii) Section 80CCC (iii) Section 80CCD (B) Other sections (e.g. 80E, 80G, 80TTA, etc.) under Chapter VI-A. (i) section………………. (ii) section………………. (iii) section……………… (iv) section………………. (v) section……………….
	Verification
	I,…………………..,son/daughter of……………………….. do hereby certify that the information given above is complete and correct.
	Place………………………………………….
	Date……………………………………………	(Signature of the employee)
	Designation ……………………………….….	Full Name:………………”;

(b) in the Form No. 24G, in point 7, under the heading “Details of State”, after Tamil Nadu at serial number 31 and before Tripura at serial number 32, the figures, letter and word “31A. Telangana” shall be inserted;

(c) in Form No. 24Q, in Annexure-II, after entry 356, the following shall be inserted, namely:-

357	In case of House Rent Allowance claim-Name and Permanent Account Number of the landlord if aggregate payment during the previous year exceeds rupees one lakh
358	In case of deduction of interest under the head “Income from House property” – Name and Permanent Account Number of the lender ( if available)”;

(d) in Form No. 26Q, in the Annexure, in Notes, in point 7, under the heading “List of section codes is as under”, before section 193, the following shall be inserted, namely:-

1	2	3
192A	Payment of accumulated balance due to an employee	192A”;

(e) in Form No. 27Q, in the Annexure, in Notes, in point 4, under the heading “List of section codes is as under”, before section 194E, following shall be inserted:-

1 2 3 192A Payment of accumulated balance due to an employee 192A