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Separate accounts for each project Rera makes it mandatory for the promoters to deposit 70 per cent of the unused fund collected for a project in a separate bank account.Such funds can only be used for the purposes of construction and land cost Required to pay compensation Developers are required to refund or pay compensation to the allottees with an interest rate of State Bank of India´s highest marginal cost of lending rate plus two per cent, within 45 days of it becoming due.Interest rates are expected to range anywhere around 11-12 per cent Compulsory registration of projects The Act provides for mandatory registration of all projects with the Real Estate Regulatory Authority (Rera) in each state.Real estate agents who intend to sell  any plot, apartment or building should also register themselves with this authority.Every project, measuring more than 500 square metres or more than eight apartments, will have to be registered with Rera Punishment for delay Under the cla

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Income tax assessment of a company which takes overasick unit with liabilities was examined by the Supreme Court in its recent judgment in the case, Mc dowell Co vs CIT. The sick company, Hindustan Polymers Ltd (HPL), was amalgamated with Mcdowell. HPL owed alot of money to banks and financial institutions.However, they waived interest on them.The interest was shown as expenditure by HPL. Mcdowell claimed benefit on that account, invoking Section 72A of the Income Tax Act. According to that provision, the company which takes over the sick company is allowed to set off losses of the amalgamated company as its own losses, subject to certain conditions.The assessing officer treated the income at the hands of the company and adjusted it from the accumulated losses.Mcdowell challenged it before the tribunal which ruled in its favour, stating income was that of HPL, which was a different entity.But the Karnataka High Court held that the tribunal was wrong in treating the waiver of intere

The government will soon make quoting of Aadhaar number compulsory for key managerial personnel and directors in regulatory filings under the Companies Act.The move, primarily aimed at tackling the issue of bogus identities, comes atatime when the authorities are bolstering measures to deal with the menace of shell companies, suspected to be used for laundering illicit funds.Moving towards implementation of the Aadhaar card requirement under the companies law, the corporate affairs ministry has already asked individual stakeholders to obtain Aadhaar at the earliest for “integrating their details with MCA21”.MCA21 is the portal through which filings required under the Companies Act are submitted to the ministry.A source said the ministry has started work for implementing a framework to make quoting of Aadhaar compulsory in the filings made under the companies law. “We will roll it out pretty fast. It will be done in a phased manner,” the source added. Business Standard New Delhi, 01

Jaitley hints at minimal disruption, says gains from lower rates should be passed on to consumers. Finance minister Arun Jaitley said rates under the new goods and services tax (GST) regime will not be “significantly different“ from existing levels, suggesting there will be minimal disruption when it is rolled out on July 1. But any savings should be passed on to consumers, he said. “We are now in the final stages of fixing tariffs for different commodities. The formula under which it is being done has also been explained and therefore nobody is going to be taken by surprise,“ he said. “It's not going to be very significantly different,“ he said, adding that rules and regulations governing GST have been framed. GST is one of India's most significant economic reforms in decades and will erase barriers bet ween states to create a common market that will lower costs and increase efficiencies, thus potentially boosting growth by 4.2%, according to a US Federal Reserve p