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
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.
Thanks & Regards,
Meetesh Shiroya
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