Corporate Updates – 03-08-2016


CBDT vide order dated 29th July, 2016 has extended the due-date for filing Income-Tax Returns for Assessment Year 2016-17 from 31st July,2016 to 5th August,2016. The order is applicable to all taxpayers throughout India, who are liable to file their Income-Tax Returns by 31st July, 2016. The extension has been granted in consideration of the Bank strike on 29th July, 2016 and Bank holiday on 31stJuly, 2016, in order to avoid any inconvenience to the taxpayers.


RBI has released guidelines for ‘on tap’ licensing of Universal Banks in the Private Sector. The guidelines state that individuals with 10 years senior-level experience are eligible to promote a bank but large industry houses have been excluded as eligible entities, although they can invest up to 10 percent. It also prescribes the minimum voting equity capital requirements, the pattern of shareholding in the bank and the procedure for application for setting up banks in the private sector. The validity of the in-principle approval issued by RBI has also been revised from 12 months to 18 months from the date of granting in-principle approval and would thereafter lapse automatically.

News from NIRC of ICSI

1. Today, NIRC of ICSI is organising a Session on "Real Estate (Regulation and Development) Act, 2016” by CS S. Prabhakar, from 5.30 PM onwards, at NIRC Auditorium, ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi-110 005. No fees; PCH – 2.

2. NIRC of ICSI is organising a Workshop on "NCLT Rules, 2016 & NCLAT Rules, 2016" on Saturday, the 6th August, 2016 (Registration starts at 9.00 AM) from 10.00 am onwards at Auditorium, ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi Fee : Rs. 400/- per delegate (Inclusive of Service Tax) upto 04-08-2016 thereafter Rs. 500/- including Corporate Members of NIRC, Online Payment / Registration Facility Available; Free For Members of Yuva Corporate Membership Scheme of NIRC; Program Credit Hours: 04.

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