PAN mandatory for service tax registration

New Delhi, Mar 18 (PTI) Permanent Account Number (PAN) is now mandatory for private
 firms for getting service tax registration besides email and mobile number.

"Applicants, who are not government departments shall not be granted registration in the absence of PAN," according to an order issued by the Finance Ministry.

The registration shall mandatorily require that the PAN number of the proprietor or the legal entity being registered should be quoted in the application except for government departments, it said.

ANNUAL FUNCTION OF ICA AND CS YOUTH FEST HELD ON 20TH MARCH,2015

https://www.facebook.com/ica.lucknow/media_set?set=a.645964562197260.1073741836.100003511657151&type=3

UPDATES:

1. CBDT authorizes CIT (E) to act as a prescribed authority for 10(23) with effect from 15th November 2014.

2. Single Saral trading and demat account opening form for resident individuals for trading in cash segment. Single address proof. [SEBI CIR/MIRSD/1/2015 of 04.03.2015].

3. Entertainment tax subsidy granted to cinema halls is capital receipt, rules Delhi High Court- [CIT vs. Bougainvillea Multiplex Entertainment Center (P.) Ltd (2015).55 taxmann.com 26 (Delhi)].

4. MCA is releasing 4 more e-forms under the Companies Act, 2013 w.e.f 11.03.2015 . MGT - 3 - Notice regarding place where foreign register of member is kept. MGT - 15 - AGM report under section 121(1). PAS - 6 - New form not in rules so far. DPT - 3 - Return of deposits.

5. Dealer in whose account payment wrongly deposited to apply online for correction and submit reason and request by affected dealer to him. [DVAT Circular of 09-03-2015].

6. Banks to finance stamp duty, registration and other documentation charges where cost of  house/dwelling unit is up to Rs10 lacs. [RBI Circular of 05-03-2015].

ANNUAL FUNCTION OF ICA ON 20TH MARCH, 2015

RBI eases norms for home loan up to Rs. 10 lakh dated 05.03.2015

Housing Loans: Review of Instructions

Date: Mar 05, 2015

RBI/2014-15/491
DBR.BP.BC.No.74/08.12.015/2014-15

March 5, 2015

All Scheduled Commercial Banks
(excluding RRBs)

Dear Sir,

Housing Loans: Review of Instructions

A. Inclusion of stamp duty and other charges in LTV ratio

Please refer to our circular DBOD.No.BP.BC.78/08.12.001/2011-12 dated February 3, 2012 on ‘Housing Loans by Commercial Banks – Loan to Value (LTV) Ratio’ whereby banks were advised that they should not include stamp duty, registration and other documentation charges in the cost of housing property so that the effectiveness of LTV ratio is not diluted.

2. It has been brought to our notice that these amounts form around 15% of the cost of the house and place a burden on the borrowers from economically weaker sections (EWS) and low income groups (LIG). With a view to encourage availability of affordable housing to such borrowers, it has been decided that in cases where the cost of the house/dwelling unit does not exceed Rs.10 lakh, banks may add stamp duty, registration and other documentation charges to the cost of the house/dwelling unit for the purpose of calculating LTV ratio.

B. Construction linked disbursal of housing loan

3. Please refer to our circular DBOD.BP.BC.No.51/08.12.015/2013-14 dated September 3, 2013 on “Housing Sector: Innovative Housing Loan Products – Upfront disbursal of housing loans”, in terms of which banks were advised that disbursal of housing loans sanctioned to individuals should be closely linked to the stages of construction of the housing project/houses and upfront disbursal should not be made in cases of incomplete/under-construction/green field housing projects.

4. In context of the above stipulation, some banks have represented that they are not able to extend home loans to the allottees in the project developed by Government Bodies/ Statutory Housing Authorities, as the payment schedule prescribed by such authorities are not linked to the stages of construction. Such authorities allot flats to the individual alottees with the following payment modes:

·        One time lump-sum payment within 1 to 3 months after allotment.

·        Time linked payment plan not linked to the stages of construction.

5. On a review, banks are advised that in cases of projects sponsored by Government/Statutory Authorities, they may disburse the loans as per the payment stages prescribed by such authorities, even where payments sought from house buyers are not linked to the stages of construction, provided such authorities have no past history of non-completion of projects.

Yours faithfully,

(Sudarshan  Sen)
Chief General Manager-in-Charge

NEW BATCH FOR CS EXECUTIVE STARTING FROM 9TH MARCH

HAPPY HOLI TO ALL OF YOU