Updates:

1. Due date of filing DVAT return in form DVAT-16, DVAT-17 & DVAT-48 for Q1 of 2016-17 extended to 31.08.2016. Circular no. 11 of 2016-17 dated 28.07.16.
2. MCA issues Limited Liability Partnership (Amendment) Rules, 2016. Form 14 (intimating Registrar of Firms, for conversion of firm into LLP) revised. Notification of 13.4.16.
3. Where bar to suit by a company arises under an article of the articles of association of the company, there can be no ratification by the official liquidator. [Subiksha Trading service limited vs. Azim Premji [2016] 133 CLA 31. HC of Mumbai].
4. Surplus investment in mutual funds cannot render principle of Mutuality inapplicable. [CIT-3 Vs. M/s. Air Cargo Agents Association of India (Bombay high Court)].

INSTITUTE FOR CORPORATE ACHIEVERS: Schedule for various Cut-Off Dates for the year 20...

INSTITUTE FOR CORPORATE ACHIEVERS: Schedule for various Cut-Off Dates for the year 20...: Note: Please note that Admission / Registration Applications, Examination Enrollment applications, Applications for claiming paper-wise ...

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