RBI’s Challenge in Choosing Raghuram Rajan’s Successor.

“I want to share with you that I will be returning to academia when my term as Governor ends on September 4, 2016,” RBI Governor Raghuram Rajan said in a message to the RBI staff.

While his decision to quit came as a surprise to many, the government feels appointing an economist will send a strong signal to the international community and address concerns over the RBI’s monetary policy independence.

Rajan’s Achievements :

raghuram rajan rbi _loanyantra.com

In the two years of his term, Rajan has garnered immense popularity as a central banker, especially for his strong determination and strict policies of fighting inflation.

  • In his first speech as RBI governor, Rajan promised banking reforms and eased curbs on foreign banking, following which Sensex rose by 333 points or 1.83%. After his first day at office, the rupee rose 2.1% against the dollar.
  • Under him, the RBI adopted consumer price index (CPI) as the key indicator of inflation, which is the global norm, despite the government recommending otherwise.
  • India’s forex reserve is now stronger by about 30% than it was two years back.
  • Under Rajan, two universal banks have been licensed and eleven payment banks have been given the nod. This gave way to extend banking services to the nearly two-thirds of the population who were deprived of banking facilities.

Selection Challenges : 

Clearly, Modi cannot afford to settle for a low-profile RBI governor after Rajan. The prime minister will have to find someone who could bridge the trust deficit of international investors in the India story, which is what Rajan did.

Rajan has set very high benchmark for his successor and the responsibility to follow up on a few, politically sensitive high-risk calls. His successor will be watched for his/ her ability to continue with the reform-process in 3 areas after he took over as RBI governor —

  1. monetary policy,rbi challenges_loanyantra.com
  2. banking structure overhaul and
  3. the bad loan clean-up exercise.

A successor  is expected to be announced next month to end speculation and also give the person time to prepare for the new job. The decision will be made by Prime Minister Narendra Modi in consultation with Finance Minister Arun Jaitley.

In the RBI’s 81-year history, never once has a governor selection process attracted so much attention for political reasons. Hence, the new RBI chief will command global attention from the Day 1.

Real Estate Bill – A Bird’s View.

The Real Estate Regulation Act, which comes to effect from May this year, promises to secure the interests of home buyers and expunge corruption and inefficiency from the sector.

An industry estimate suggests that about 10 lakh buyers invest every year in a house. According to Union Ministry of Housing, a total of 76,044 companies are involved in the real estate sector. It is estimated to contribute about 9 per cent of GDP.

Real estate bill 2016 _ loanyantra.com

As a house buyer, these are the seven things you need to know about real estate bill

1 The Bill provides for mandatory registration of all projects with the Real Estate Regulatory Authority in each State. Real estate agents who intend to sell any plot, apartment or building should also register themselves with this authority.
2 It makes mandatory the disclosure of all information for registered projects like details of promoters, layout plan, land status, schedule of execution and status of various approvals.
3 It seeks to enforce the contract between the developer and buyer and act as a fast track mechanism to settle disputes.
4 Fifty per cent of the buyers’ investment has to be deposited into an escrow account that would be used only for the construction of that project.
5 The Bill prohibits a developer from changing the plan in a project unless two-thirds of the allottees have agreed for such a change.
6 Builders would be responsible for fixing structural defects for five years after transferring the property to a buyer.
7 In case builders still cause delays in transferring properties to buyers, the appellate tribunals would intervene and slap fines on them within 60 days.

Real Estate Bill – The Salient Features.

After a lot of opposition, deliberation and several amendments, the Rajya Sabha has, on 10 March 2016, approved the Real Estate (Regulation and Development) Bill, 2016 (Bill/Act) which substantially amends the original Real Estate (Regulation and Development) Bill, 2013.

The Bill largely seeks to protect the interest of the allottees/purchasers by promoting transparency, accountability and efficiency in the construction and execution of real estate projects by promoters. It also holds the promoters accountable for not registering their projects with the Real Estate Regulatory Authority (Regulatory Authority) or for providing insufficient information regarding their project. In addition to the promoter and allottees, the Bill also brings real estate brokers who facilitate the sale and purchase of units in a project within its ambit.

Salient Features

The salient features of the Bill are the following:

  1. Real Estate Regulatory Authority
  • Under the Bill, instead of a regular forum of consumers, the purchasers of real estate units from a developer would have a specialised forum called the “Real Estate Regulatory Authority” which will be set up within one year from the date of coming into force of the Act. In the interim, the appropriate Government (i.e., the Central or State Government) shall designate any other regulatory authority or any officer preferably the Secretary of the department dealing with Housing, as the Regulatory Authority.
  1. Registration with the Regulatory Authority
  • The promoter has to register their project (residential as well as commercial) with the Regulatory Authority before booking, selling or offering apartments for sale in such projects. In case a project is to be promoted in phases, then each phase shall be considered as a standalone project, and the promoter shall obtain registration for each phase.
  • Further, in case of ongoing projects on the date of commencement of the Act which have not received a completion certificate, the promoter of such project shall make an application to the Regulatory Authority for registration of their project within a period of three months of the commencement of the Act.
  • The following types of projects shall not be required to be registered before the Regulatory Authority:
    1. Where the area of land proposed to be promoter does not exceed 500 square meters or the number of apartments to be constructed in the project does not exceed eight apartments. However, the appropriate Government (Central and State Government) may, if it considers appropriate, reduce the threshold limit below 500 square meters or eight apartments;
    2. Projects where the completion certificate has been received prior to the commencement of the Act;
    3. Projects for the purpose of renovation or repair or re-development which does not involve marketing, advertising, selling and new allotment of any apartment plot or building.
  • The application for registration must disclose the following information:
    1. Details of the promoter (such as its registered address, type of enterprise such proprietorship, societies, partnership, companies, competent authority);
    2. A brief detail of the projects launched by the promoter, in the past five years, whether already completed or being developed, as the case may be, including the current status of the projects, any delay in its completion, details of cases pending, details of type of land and payments pending;
    3. An authenticated copy of the approval and commencement certificate received from the competent authority and where the project is proposed to be developed in phases, an authenticated copy of the approval and commencement certificate of each of such phases;
    4. The sanctioned plan, layout plan and specifications of the project, plan of development works to be executed in the proposed project and the proposed facilities to be provided thereof and the locational details of the project;
    5. Proforma of the allotment letter, agreement for sale and conveyance deed proposed to be signed with the allottees;
    6. Number, type and carpet area of the apartments and the number and areas of garages for sale in the project;
    7. The names and addresses of the promoter’s real estate agents, if any, and contractors, architects, structural engineers affiliated with the project; and
    8. A declaration by the promoter supported by an affidavit stating that:     a) he has a legal title to the land, free from all encumbrances, and in case there is an encumbrance, then details of such encumbrances on the land including any right, title, interest or name of any party in or over such land along with the details;  b) the time period within which he undertakes to complete the project or the phase; and   c) 70% of the amounts realised for the real estate project from the allottees, from time to time, shall be deposited in a separate account to be maintained in a scheduled bank to cover the cost of construction and the land cost and shall be used only for that purpose.
  1. Carpet Area

Under the Bill, developers can sell units only on carpet area, which means the net usable floor area of an apartment. This excludes the area covered by the external walls, areas under services shafts, exclusive balcony or verandah area and exclusive open terrace area, but includes the area covered by the internal partition walls of the apartment.

  1. 70% of realisation from allottees in a separate bank account
  • The Act mandates that a promoter shall deposit 70% of the amount realised from the allottees, from time to time, in a separate account to be maintained in a scheduled bank. This is intended to cover the cost of construction and the land cost and the amount deposited shall be used only for the concerned project.
  • The promoter shall be entitled to withdraw the amounts from the separate account, to cover the cost of the project, in proportion to the percentage of completion of the project. However, such withdrawal can only be made after it is certified by an engineer, an architect and chartered accountant in practice that the withdrawal is in proportion to the percentage of completion of the project.
  • The promoter is also required to get his accounts audited within six months after the end of every financial year by a practicing chartered accountant. , Further, he is required to produce a statement of accounts duly certified and signed by such chartered accountant, and it shall be verified during the audit that (i) the amounts collected for a particular project have been utilised for the project; and (ii) the withdrawal has been in compliance with the proportion to the percentage of completion of the project.
  1. Acceptance or refusal of registration
  • Upon receipt of an application by the promoter, the Regulator Authority shall within a period of 30 days, grant or reject the registration.
  • Upon granting a registration, the promoter will be provided with a registration number, including a login Id and password for accessing the website of the Regulatory Authority and to create his web page and to fill in the details of the proposed project.
  • If the Regulatory Authority fails to grant or reject the application of the promoter within the period of 30 days, then the project shall be deemed to have been registered.
  • The registration, if granted, will be valid until the period of completion of the project as committed by the promoter to the Regulatory Authority. This period shall be extended by the Regulatory Authority for a period not exceeding one year in aggregate, only due to force majeure and on payment of such fee as may be specified by regulations made by the Regulatory Authority.
  1. Revocation or lapse of registration
  • The Regulatory Authority may revoke the registration granted on receipt of a complaint or suo moto or on the recommendation of the competent authority in case (i) the promoter makes a default in doing anything required under the Act or the rules or regulations made thereunder; (ii) the promoter violates any terms of the approvals granted for the project; and (iii) the promoter is involved in any kind of unfair practice of irregularities.
  • In the event the registration is revoked by the Regulatory Authority or it lapses, the Regulatory Authority shall:
    1. debar the promoter from accessing the website in relation to the project, specify his name in the list of defaulters on its website and also inform other Regulatory Authorities in other States and Union territories about such cancellation;
    2. facilitate the remaining development works to be carried out by competent authority or the association of allottees or in any other manner as may be determined by the Regulatory Authority. However, the association of allottees shall have a first right of refusal for carrying out the remaining development works; or
    3. direct the scheduled bank holding the project bank account, to freeze the account and thereafter take such further necessary actions, including consequent de-freezing of the account, for facilitating the remaining development works in the manner mentioned above.
  1. Website of the Regulatory Authority
  • The promoter shall, upon receiving his login Id and password, create his web page on the website of the Regulatory Authority and enter all details of the proposed project including:
    1. details of the registration granted by the Regulatory Authority;
    2. quarterly up-to-date list of the number and types of apartments or plots or garages, as the case may be, booked;
    3. quarterly up-to-date status of the project along with the list of approvals obtained and approvals pending subsequent to commencement certificate; and
    4. such other information and documents as may be specified by the regulations made by the Regulatory Authority.
  1. Advertisement or prospectus issued by the promoter
  • The advertisement or prospectus issued or published by the promoter should prominently mention the website address of the Regulatory Authority, where all details of the registered project have been entered and include the registration number obtained from the Regulatory Authority and other similar details.
  • Where any person makes an advance or a deposit on the basis of the information contained in the notice, advertisement or prospectus and sustains any loss or damage because of any incorrect, false statement included in these, he shall be compensated by the promoter in the manner as provided under the Act. Also, if the person affected by such incorrect, false statement contained in the notice, advertisement or prospectus, intends to withdraw from the proposed project, his entire investment (along with interest at such rate as may be prescribed and compensation in the manner provided under the Act), will be returned to him.

real-estate-bill-2016_loanyantra.com

  1. Limit on receipt of advance payment

A promoter shall not accept a sum more than 10% percent of the cost of the apartment, plot, or building, as the case may be, as an advance payment or an application fee, from a person without first entering into a written agreement of sale with such person and register the said agreement of sale, under any law for the time being in force.

  1. Restriction on addition and alteration in the plans
  • The promoter cannot make any addition or alteration in the approved and sanctioned plans, structural designs, specifications and amenities of the apartment, plot or building without the previous consent of the allottee.
  • The promoter also cannot make any other addition or alteration in the approved and sanctioned plans, structural designs and specifications of the building and common areas within the project without the previous written consent of at least two-thirds of the allottees, other than the promoter, who have agreed to take apartments in such a building.
  1. Structural defect

In case any structural defect or any other defect in the workmanship, quality or provision of services or any other obligations of the promoters is brought to the notice of the promoter within a period of five years by the allottee from the date of handing over possession, the promoter shall rectify such defect without any further charge, within thirty days. If the promoter fails to rectify such defect within such time, the aggrieved allottee shall be entitled to receive appropriate compensation in the manner as provided in the Act.

  1. Restriction on transfer and assignment

The promoter shall not transfer or assign his majority rights and liabilities in respect of a project to a third party without obtaining prior written consent from two-thirds of the allottees, except the promoter, and without the prior written approval of the Regulatory Authority.

Please note that the allottee, irrespective of (i) the number of apartments or plots booked by him or booked in the name of his family; or (ii) in the case of other persons such as companies/firms/any association of individuals, by whatever name called, booked in its name or booked in the name of its associated entities/related enterprises, shall be considered as one allottee only.

  1. Refund of amount in case of delay in handing over possession

In case the promoter is unable to hand over possession of the apartment, plot or building to the allottee (i) in accordance with the terms of the agreement of sale; or (ii) due to discontinuance of his business as a promoter on account of suspension; or (iii) revocation of his registration or for any other reason, then the promoter shall be liable, on demand being made by the allottee, to return the amount received by him from the allottee with interest and compensation at the rate and manner as provided under the Act. This relief will be available without prejudice to any other remedy available to the allottee.

However, where an allottee does not intend to withdraw from the project, he shall be paid interest by the promoter for every month of delay, till the handing over of the possession, at a prescribed rate.

  1. Other Relevant Provisions
  • The same rate of interest will be payable by the allottee and   the promoter in the event of their respective defaults.
  • In the absence of any local laws, an association or society or cooperative society, as the case may be, of the allottees, shall be formed within a period of three months of the majority of allottees who have booked their plot or apartment or building, as the case may be, in the project.
  • After the promoter executes an agreement for sale for any apartment, plot or building, no mortgage or charge can be created by the promoter on such apartment, plot or building. If any such mortgage or charge is created, then notwithstanding anything contained in any other law for the time being in force, it shall not affect the right and interest of the allottee who has taken or agreed to take such apartment, plot or building.
  • The promoter may cancel the allotment only in terms of the agreement for sale. However, the allottee may approach the Regulatory Authority for relief, if he is aggrieved by such cancellation and such cancellation is not in accordance with the terms of the agreement for sale, is unilateral and without any sufficient cause.
  • The promoter shall obtain insurance as may be notified by the appropriate Government, including but not limited to the title of the land and building and construction of the project. The promoter shall also be liable to pay the premium and charges in respect of the insurance.
  • The promoter shall execute a registered conveyance deed in favour of the (i) allottee in respect of the apartment, plot or building; and (ii) association of allottees of competent authority in respect of the undivided proportionate title in the common areas, and hand over possession of the same within the period as specified under the local laws. In the absence of any local law, such conveyance deed shall be carried out by the promoter within three months from date of issue of the occupancy certificate.
  • The promoter shall compensate the allottees in case of any loss caused to him due to defective title of the land in the manner as provided under the Act, and such claim for compensation shall not be barred by limitation provided under any law for the time being in force.
  • Every allottee shall take physical possession of the apartment, plot or building as the case may be, within a period of two months of the occupancy certificate issued for the said apartment, plot or buildings.
  • The Regulatory Authority shall make a recommendation to the appropriate Government on (i) creation of a single window system for ensuring time-bound project approvals and clearances for timely completion of the project; and (ii) creation of a transparent and robust grievance redressal mechanism against acts of omission and commission of competent authorities and their officials.
  1. Real Estate Appellate Tribunal
  • In addition to the establishment of the Regulatory Authority, the Bill also proposes to establish a Real Estate Appellate Tribunal (Appellate Tribunal) within one year from the date of commencement of the Act.
  • Any person aggrieved by any direction or decision made by the Regulatory Authority or by an adjudicating officer, may make an appeal before the Appellate Tribunal within a period of 60 days from the date of receipt of a copy of the order or direction.
  • The Appellate Tribunal shall deal with the appeal as expeditiously as possible and endeavour shall me made to dispose of the appeal within a period of sixty days from the date of receipt of appeal.
  • The Appellate Tribunal shall have same powers as a civil court and shall be deemed to be a civil court. An appeal against the order of the Appellate Tribunal may be filed before the jurisdictional High Court within a period of sixty days from the date of communication of the decision or order of the Appellate Tribunal.
  1. Adjudicating Officer

For adjudging the compensation to be paid by the promoter in accordance with the provisions of the Act, the Regulatory Authority shall appoint (in consultation with the appropriate Government) one or more judicial officers as deemed necessary, who is or has been a District Judge, to be an adjudicating officer for holding an inquiry in this regard. However, such an appointment will be made after giving any person concerned a reasonable opportunity of being heard.

  1. Offences and Penalty
  • Stringent penal provisions have been prescribed under the Act against the promoter in case of any contravention or non-compliance of the provisions of the Act or the orders, decisions or directions of the Regulatory Authority or the Appellate Tribunal which are the following:
    1. If promoter does not register its project with the Regulatory Authority – the penalty may be up to 10% of the estimated cost of the project as determined by the Regulatory Authority;
    2. If promoter does not comply with the aforesaid order of the Regulatory Authority –  imprisonment of up to three years and a further penalty of up to 10% of the estimated cost, or both; and
    3. In case the promoter provides any false information while making an application to the Regulatory Authority or contravenes any other provision of the Act – the penalty may be up to 5% of the estimated cost of the project or construction.

These penal provisions have also been prescribed for any contravention or violation committed by the real estate agent or the allottee.

  • If any allottee fails to comply with, or contravenes any of the orders, decisions or directions of the Regularity Authority, there may be a penalty for the period during which such default continues, which may cumulatively extend up to 5% of the cost of the plot, apartment or building, as the case may be, as determined by the Regulatory Authority. Further, if any allottee fails to comply with, or contravenes any of the orders or directions of the Appellate Tribunal, this may entail imprisonment up to one year or with fine for every day during which such default continues, which may cumulatively extend up to 10% of the cost of the plot, apartment or building, as the case may be, or with both.
  1. Overriding effect

The provisions of this Act shall have an overriding effect in case there is any inconsistency between the provisions contained in this Act and in any other law (including a state law) for the time being in force.

The Maharashtra Housing (Regulation and Development) Act 2012 has been repealed by the Central Government.

Comment

In essence, the Bill intends to increase transparency and accountability in the real estate sector, by providing mechanisms to facilitate and regulate the sale and purchase of commercial and residential units/projects and timely completion of projects by the promoters.

Now, the challenge before the Government would be to establish the Regulatory Authority (or any other authority, in the interim) within the timeline prescribed under the Act in order to start implementing the provisions of the Act.

Real estate bill 2016 – What you should know.

The real estate sector in India has always been looked upon as an unorganized sector governed by diverse state laws and particularly lacking the transparency and accountability of the promoters/developers to the buyers vis- a- vis the completion of the projects resulting in delays on committed schedules. To protect the interest of the buyers and infuse some uniformity in these diverse state enactments, the Government of India has recently passed the Real Estate Regulatory Act, 2016 (“Act“) which seeks to protect the interest of the buyers of residential and commercial real estate units by promoting transparency, accountability and efficiency in the construction and execution of real estate projects by developers/promoters. The major portions of the Act have been made effective from May 01, 2016 kick-starting the process of making rules as well as putting in place institutional infrastructure to protect the interests of the consumers.

One of the major requirements under the Act is the compulsory registration of every project by developers/promoters with Real Estate Regulatory Authority (RERA) including those that have not got completion or occupancy certificates. The Act contains several provisions to address the lacunae in the real estate sector, largely by way of establishing a disclosure framework and setting strict liabilities for promoter irregularities.

real estate bill
Real estate bill

Set out below are the major changes or introductions envisaged by the Act:

Registration with Real Estate Regulatory Authority: Registration has been made mandatory for all the real estate projects with the RERA, if the total area of land proposed to be developed exceeds 500 square meters or if more than eight apartments are proposed to be developed inclusive of all phases. Projects cannot be advertised, booked or sold in any form prior to registration and obtaining the necessary construction approvals. Real estate agents are also compulsorily required to obtain registration from RERA.  RERAs shall be established within a period of one year and till the time being the Government will be specifying the relevant authorities for the purpose of registration under the Act.

Legal & Commercial Restrictions on the Promoters/ Developers:

  • Any transfer or assignment of majority rights and liabilities by the promoter to a third party is subject to prior written consent from two-thirds of the allotees and RERA.
  • The promoter is prohibited from creating any charge or encumbrance on any apartment after executing an agreement for the same.
  • The promoter is responsible for structural defects or other deficiencies for a period of 5 years from the date of delivery of possession.
  • The promoter cannot make any addition or alteration in the approved and sanctioned plans, structural designs, specifications and amenities of the apartment, plot or building without the previous consent of the allottee and 2/3 rd of the allotees in case of common areas/amenities.
  • Prior to execution and registration of a sale agreement, a cap of 10% of the cost of the apartment, plot, or building has been imposed as an advance payment or an application fee .

Delay in Handover:  Delay in handing over the developed property and failure to achieve the committed schedules by the promoters was seen as the major problem faced by the buyers. The Act now prescribes that in case the promoter is unable to hand over possession of the apartment, plot or building to the allottee in accordance with the terms of the agreement of sale or for any other reason, then (i) the promoter will be liable, on demand, to return the amount received by him from the allottee with interest and compensation; or (ii) in case the allottee does not want to withdraw, then he will be entitled for the interest amount for the delayed period.

Change in Pricing Norms:  In order to protect the buyers from the abuse of any ambiguous sale tactics, the requirement of sale of units on the basis of carpet area criterion has been imposed. Carpet area essentially means the net usable floor area of an apartment and excludes the area covered by the external walls, areas under services shafts, exclusive balcony or veranda area and exclusive open terrace area, but includes the area covered by the internal partition walls of the apartment.

Warranties on the legal title: In an attempt to protect the buyers from any dispute or adverse claims on the authenticity of the title over the land or the project, the promoter is now required to declare and authenticate the legal title to the project land.

Legal Recourse: No civil court has a jurisdiction to entertain any suit or proceeding (including injunction proceeding) in respect of any matter which RERA or the adjudicating officer or the appellate tribunal is empowered by or under the Act. The Act provides for time bound resolution of complaints and disputes by the RERAs and the real estate appellate tribunals.

Stringent Penalties: Till now only buyers were the sufferers in case of any delay in the completion of project. But now as a deterrent measure to ensure the compliance of the Act and timely completion of all the obligations of the promoters, stringent penal provisions including penalty may be up to 10% of the estimated cost of the project in case of defaults by the promoters; up to 5% of the estimated cost of the project in case of any default in disclosures and/ imprisonment of up to three years with or without fine have been prescribed under the Act. Additionally, the penal provisions have also been prescribed for any contravention or violation committed by the real estate agent or the buyer in certain cases.

Shortcomings: Few missing aspects still need to be looked into and supplemented to the Act like (i) the adequate measures to curb the black money usage in real estate transactions and (ii) the accountability of Governmental officers in relation to delay in providing approvals and permissions.

It is required that once  implemented, the upshot of the requirement of maintaining a separate account for depositing 70% of the receivables should be closely monitored so that the same does not result in promoters opting for bank or other mode of finances and thereby ultimately raising the price!

SIX REASONS TO FILE YOUR INCOME TAX RETURN EVEN WHEN YOU DON’T HAVE TAXABLE INCOME

Whether a return should be filed or not depends on your income level. When total income is within the minimum exemption limit, it’s not compulsory to file a tax return. The minimum exemption limit is INR 2.5 lakh if you are less than 60 years old. For those who between 60 and 80 years of age, income is exempt up to INR 3 lakh. And for those who are 80 years and above INR 5 lakh is the exemption.

It may come as a surprise that return filing may be mandatory or beneficial in some circumstances where you do not have taxable income. Let’s understand in detail.

YOU OWN FOREIGN ASSETS OR FOREIGN BANK ACCOUNTS:

Return filing is mandatory if you are resident as per income tax act and own foreign assets Or where you have financial interest in an entity located outside India or have a foreign bank account. This applies even though you have less than taxable income or no income at all. Non-reporting of foreign assets has attracted a lot of attention from the tax department. Penal provisions apply if your status is resident and you do not report them. You must file a return and report all your foreign holdings.

SIX REASONS TO FILE YOUR INCOME TAX RETURN EVEN WHEN YOU DON'T HAVE TAXABLE INCOME


REASON – 1: WHEN YOU BUY/SELL SHARES:

Sale purchase of equity shares result in capital gains. Many a times retired individuals or housewives trade in equity shares but do not report their gains or losses. Not that it is mandatory to do so when your total income is below exemption limit. But if you have short term capital losses, you can adjust them against capital gains. And in case losses are not fully adjusted they can be carried forward for 8 years and adjusted against capital gains in future. These losses can be carried forward by submitting your tax return for the year to which they belong.

REASON – 2: WHEN YOU ARE SEEKING A REFUND:

The only way to claim a refund of taxes is by filing an income tax return. This applies to NRIs who have less than taxable income but is subject to TDS on rent payments. Or where, you could not submit Form 15G/Form 15H timely and TDS were deducted. Tax is already deposited by way of TDS, and the deductor cannot refund this TDS to you. It can only be claimed by filing a tax return. All returns seeking a refund must compulsorily be filed online.

REASON – 3: CLAIM DEDUCTIONS VIA RETURN:

We know that the minimum exemption limit is INR 2.5 lakh. But is this limit before or after allowing deductions? If you are claiming any deductions under section 80, those must be claimed through a tax return. So, INR 2.5 lakh exemption is the gross income level. If your income before deductions is more than this limit, you should file a tax return and claim deductions in the return. This applies even if there is no tax payable.

REASON – 4: REPORT EXEMPT INCOME:

Sometimes, we earn a large income which is exempt from tax such as commuted pension or tax-free gratuity or long-term capital gains from shares and we do not file a tax return or do not report them.

REASON – 5: ANNUAL INFORMATION REPORT (AIR):

The government tracks investments and expenses of PAN holders via AIR submitted by banks and financial institutions. Explaining the source of a large investment or expense made via exempt income, may be easier when such income is reported in your tax return.

REASON – 6: PLANNING TO APPLY FOR A LOAN OR A VISA:

The most trusted indicator of your earnings is your tax return. Visa authorities’ may ask for copies of your return. Lenders also request for tax return copies as proof of your income capacity. Sometimes, tax returns also have to be submitted for applying for a credit card. So even though, you may have less than taxable income you can benefit by filing your returns regularly.

Disclaimer: These are few of the important reasons to file your income tax return even when you don’t have taxable income. Expert advice and user discretion is recommended prior to application of the contents of this document to specific situations.

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Online Market Place for Home Loan Eligibility Test

In the last century, the invention and introduction of the computer and the internet services have paved the way for various new business ideas and services, which were not even uttered before in the history of mankind. Immediately after these inventions came into the scene, the mobile phones and tablets, which not only helped in revolutionizing the communication systems also gave births to several scopes in the business segment and one of these is the online marketing. The impact of these innovations and applications has been so useful that the online marketing has already earned the accolade of being the most vital issue in present day business transactions. This has also touched the banking industry in a great way and now the entire banking facilities can be availed on the laptop or even through the smartphones, sitting in the own living room.

Home Loan Eligibility

It is well-known fact that the loan division, especially the home loan, is one of the most important revenue-earning options for any bank or financial institutions, which offer structured financial support for the eligible customer in buying of any new property or in the balance transferring of any existing loan. Nowadays, a person can easily avail all these services through the online home loan marketplace, where a wide range of offers, from various banks and financial institutions, can be seen and selected.

Eligibility Issue for Home Loan

Any person, whoever wants to buy a home as a lifetime asset or potential investment, may require financial support to fulfill the dream, and banks are there to provide necessary support on the basis of the eligibility of that concerned person. The online home loan marketplace offers the important service, through a well-structured online tool, where the intended individual can check the eligibility on his own by just following the instructions given on the website. It could have been noted that the eligibility and the quantum of the loan amount are decided on the basis of eligibility of the concerned personnel ant it varies from person to person. Three major types of categories are there in considering a loan proposal: salaried, self-employed and professional individual and the lending authority takes a look into the financial and social credential of the applicant and then finalizes the loan and the amount.

Eligibility Test

The online marketplace for the home loan is the most helpful and perfect place for an individual to check the eligibility, before making the formal appeal to any specific bank for the home loan. It is quite an easy process; one has to enter the website of the online site and opt for the test, where some relevant information of the intended person has to be provided, which will automatically show the result of the test instantly. If prima facie the person qualifies for the loan then a number of offers, from different banks, will be presented before the person for the selection of the right instrument, which may be deemed to be fit according to the financial status of the concerned individual.

Inventive, Trustworthy Online Marketplace For New Or Existing Home Loan With Flexible Interest Rates

In the current financial structure, one can find lots of banks and financial institutions, who are offering versatile home loan packages for the ready to occupy house or for an old apartment or for refinancing of an old residential property, which is a great help for any potential buyer to get the proper support in clinching the financial issues. Even in the last century, it was not so popular issue in the business plan of any bank, but in this new millennium, the home loan or any such loan from the bank is a very common matter, which is already a business of billions of dollars.

Home loan interest rates

In the initial years, the client used to visit the bank to meet the concerned person there to discuss the details of the home loan and its eligibility issues, along with the rate of interests, repayment period, mode of payment, EMI calculation etc., which are vital and inseparable part of any home loan. But nowadays, while there is a stiff competition prevailing between the banks and home financing agencies or institutions, all these institutions are quite aggressive in their hunt for newer customer base and prefer to visit the client’s place with an aspiration to wrap up the business.

Online Marketplace

Since the invention of the computer and the internet, an immense opportunity has opened up in front of the society in getting all relevant information and support just by clicking the mouse or surfing the network of the web-world. Any person, who wants to have a fresh home loan or intends to have a balance transfer of any existing loan, can take the advantage of the online quotes and eligibility tests in an online home loan marketplace, which would be time saving, as well as, trustworthy enough in providing realistic information and quotations from various financial institutions. The gamut of service of these online marketplaces for home loans is so vast that anyone can get the most updated information regarding the latest interest rates trends and flexibility of the banks in their structuring of the interest and repayment schedule, which helps the customer to get a decision in balance transferring of any existing loan.

We are living in the era of specialization and it appears that almost every single issue in our society and daily life and the banking service, especially the home loan, is not an exception in this regard. It is true that every bank is having their own set of packages or offers for the home loan, but they are not adverse to provide customized support for their valued clientele, with flexible interest rates and other relevant issues. All these offers from various banks can be authentically and easily found in the online home loan marketplace, even if the property is yet to be finalized. The immense popularity of the aforementioned online marketplaces has already proved their potential in providing trustworthy support on all relevant issues of the home loan, which not only helps the individual but the institutions to a great extent.

Online Quotes for Fresh Home Loan and Balance Transfer

It’s a new world, the systems of various sectors have changed a lot and people are now having plenty of avenues in fulfilling their dreams, such as; buying of homes, cars, appliances, dresses, gadgets, furnishings etc., which can now be bought with different kinds of financial instrument by banks and financial institutions. Home is a lifetime aspiration of any person and makes the biggest investment, however, the resource mobilization for the same is always been a point of worry until recently, but nowadays there are several banks and financial institution, who used to provide financial support in the form of housing loan, which is considered a great help for any intended buyer of home. Although there are some differences in technicalities and other features, which vary from bank to bank, but some important issues are almost same in all cases.

Online Quotes for Fresh Home Loan and Balance Transfer

Home loan and Other Features

Home loan is now one of the strongest tools for commercial banks and other such financial institutions as an important means of revenue generation. Banks are usually having some standard products or packages of home loan, at the same time; they make necessary changes in their existing packages or in the interest rates to woo potential customers. In the earlier times, the client used to visit the bank to discuss the finer details of the available home loans and other issues, but nowadays, due to stiff competition banks are providing a more comfortable way for their clients and their personnel visits the customer’s place to get the business. The advents of the computer and the internet technology have opened up the scopes for the banks, as well as, for the buyer to get all relevant issues through the online mechanism.

While the respective bank’s website provides useful information about the home loan, but usually a potential buyer always tries to compare other probabilities from other banks, which will be helpful for them to select the best loan program, as per their specific requirements. There is another mechanism, known as the online marketplace for home loans and related issues; where one can find multiple offers of various banks, including rates of interest, riders, loan repayment facilities, flexible EMIs, prepayment modalities etc., which are quite helpful for any customer to formulate a comparative idea about the issue.

Balance Transfer

If a person, after some time, feels that the interest rates and other terms & conditions are not very lucrative, whereas, there are some other banks, who are providing very supportive and beneficial offers, he can opt for the transferring of the existing loan from the present bank to the other bank for better profit. The relevant information, regarding specific issues of balance transfer of the existing loan, can be obtained in the online marketplace, where the person can get the competitive rates and terms, which are of great help in finalizing the decision of the intended transfer. One of the most imperative supports can be attained in the online marketplace of home loans; the eligibility test of the person concerned, which is a real benefit for taking the decision.

Comprehensive And End-to-End Online Home Loan Process

It’s a “digital” world now, where one cannot even think about a day or an issue, without the touch of the computer technology, in getting a job done with comfort and ease. The technological advancement has gifted the computer and the internet to the human society and these are now almost becoming the mandatory parts of our daily life, as well, as in other sectors, especially in the industry, business and service sectors. This has paved the way for the next big introduction of digital technology through the mobile phones and tablets, which has not only revolutionized the communication system but also introduced the online marketing option, which is an enormous business proposition in present day and already has got a huge response from the various sections of the society. The banks and financial institutions have taken this opportunity and are trying this technological advancement in their day to day operations and also in specific business purposes; one of these is the online marketplace for home loans.

End-to- end Online Home Loan

The Service Profile

The home loan is considered as the most vital instrument of any bank or financial institution because it helps in mobilizing a good amount of business and financial transaction, which is the principal intention of the banking business. Whereas the bank is depending on the home loan division in such a way that they usually make their executives visit the potential clients to acquire the business and in this regard now the online marketing system is of great help for these organizations.

The online home loan marketplace provides almost all sorts of information regarding the home loan that is helpful for the intending client to formulate an idea about the finer points of the loan proposals and various packages. At any of these online home loan marketplaces; one can have the pleasure to obtain information of different banks and financial institutions, which help the individual customer to make his mind in selecting the most lucrative and appropriate offer. These marketplaces are not only providing the general information, but also provide other special terms & conditions of the bank, such as; the rates of interests, calculations of EMIs, probable tenure of the loan, balance transfer facility, penalty, payment terms, foreclosure of the loan etc., which are the most vital ingredients of any home loan proposal.

Conclusion

An individual, who wants to buy a new home or an older property and needs to have a financial support, in the form of a home loan; the online marketplace is the best option, where almost the end to end service of any loan is being offered. The customized support, according to the requirements of the client, is the most valuable and supportive service of these online home loan marketplaces because they provide almost the turnkey assistance in getting the intended loan from a specific bank. The most important part of this service is that one can avail the entire range of the services, just by entering into the website of any of these online home loan marketplaces, without even stepping out of his comfort zone.

Issues With Respect To Online Home Loan Marketer

In this world, everybody wants to have a little home of his own and puts the best effort to get the same at any cost. The majority of the potential buyers are finding it very difficult to have the chosen property, mostly due to lack of financial ability, therefore; they need to get a support for translating their specific dreams into sheer reality. While in the earlier days; people used to take monetary assistance from private money lenders or were dependent on family, friends or well-wishers, nowadays, there are lots of commercial banks, who provide financial support at a very low interest and on lucrative terms. To some extent, various kinds of loans, including the home loan, are considered as one of the most important parts of the business of banks and financial institutions, which helps them in investing the deposited money as loans, to get a good return on the said investment.

Online Home Loan Marketer (1)

Home Loan & Online Facilities

Home loan is the most useful financial instrument of a bank or financial institution, which paved the way for a massive development in the realty sector almost all over the world and created lots of new jobs and business opportunities. The demands of the homes and apartments or commercial spaces have taken a great leap forward; courtesy: customized home loan availability from the banking institutions, which was not the scenario even three decades ago. The tough competition and pressure of the economy have compelled the bank to reach out to their potential customer, which has been effectively done by the loan executives of the respective organization.

It can be noted that these days, the online facilities are taking a vital role in propagating and clinching of home loan business to a great extent. The great introduction of the computer and the internet technology has opened up the gigantic scopes in almost all sectors, such as; industry, agriculture, education, trading, service sectors etc., which are all an important part of our society. Immediately after the computer, there came the mobile phones and tablets and with these gadgets and support; the online business has taken the center stage of business development, especially in the banking sector.

Issues of Online Home Loans

There are lots of online marketplace of home loans, which normally provide information and sell various kinds of loan packages of different banks and institutions, which is a great support for the intending customer in getting all sorts of information and checklists about the home loans. While these online marketers provide information about the finer points of the home loans; they help their visitors to check their respective eligibility test, before applying for the loan. One, who is not quite happy with an existing loan of a specific bank and wants to have balance transfer of that rest loan amount; the online home loan marketplace is the best provision. Here the concerned person can get the chance of comparing the rates of interests and other terms & conditions of various banks, which is helpful in taking the right and intended decision.