Corporate Updates – 03-05-2016

Real Estate (Regulation and Development) Act, 2016

The Real Estate (Regulation and Development) Act, 2016 came into force on May 01, 2016. Union Ministry of Housing and Urban Poverty Alleviation (HUPA) notified 69 of the total 92 sections of the Act to bring it into force from 1 May 2016. This culminates the eight year long efforts in this regard. As per the notification, Rules under the Act have to be formulated by the Union and State Governments within a maximum period of six months from the act coming into force that is by 31 October 2016 under Section 84 of the Act. Likewise, Regulatory Authorities, upon their constitution get three months time to formulate regulations concerning their day to day functioning under Section 85 of the Act and Real Estate Appellate Tribunals shall be formed within a maximum period of one year that is by 30 April 2017. These fast track Tribunals shall decide on the disputes over the orders of Regulatory Authorities in 60 days time.


CBDT vide Press release dated 29-04-2016 made public the data on the total number of taxpayers in the country, income disclosed in IT returns by various category of taxpayers and number of PAN holders in the country. Under the ‘time series’ data, between 2000-01 to 2014-15 financial years, discloses the actual direct taxes collection made by the department, direct tax to GDP ratio, the cost of collecting the revenue for the government, number of effective assesses and workload and disposal of IT cases. The department has also published statistics filed by taxpayers in their return of income for Assessment year 2012-13. It also discloses the Permanent Account Number (PAN) allocation across various categories and gender by the end of 2013-14 fiscal.

News from NIRC of ICSI

Registration open for Regional Residential Conference to be held on May 20-21, 2016 (Friday and Saturday) at INFINITY RESORT, JIM CORBETT, Dist. Ramnagar, Dhikuli, Uttarakhand- 244715. Fee : Non-Residential – Rs. 2000/-; Residential : Rs. 8,250/-, Online payment option available. PCH –8.

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