Compliance Chambers

REGULATION OF REAL ESTATE SECTOR BECOMES A REALITY ENDING NINE YEAR WAIT Ending the nine year long wait, regulation of real estate sector involving over 76,000 companies across the country becomes a reality from tomorrow i.e May 1, 2017, with the Real Estate (Regulation & Development) Act,2016 coming into force. With all the 92 Sections of the Act coming into effect from tomorrow, developers shall get all the ongoing projects that have not received Completion Certificate and the new projects registered with Regulatory Authorities within three months i.e by July end. This enables the buyers to enforce their rights and seek redressal of grievances after such registration. Minister of Housing & Urban Poverty Alleviation Shri M.Venkaiah Naidu in his tweets on the occasion said today; “Real Estate Act coming into force after a nine year wait marks the beginning of a new era making buyer the King while developers benefit from the confidence of the King in the regulated envir

The Reserve Bank of India (RBI) has extended another opportunity to the Indian Citizens who have yet not declared their undisclosed income to declare under the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS). RBI in a press release said, "It has now been decided by the Government of India, in case of persons who had filed the declaration by depositing tax, surcharge and penalty under PMGKDS on or before March 31, to allow extension of time till April 30, 2017 for banks to upload details into RBI's E-Kuber system and for depositors to make commensurate deposits, if not already done." Text of the notification In exercise of the powers conferred by clause (c) of section 199B of the Finance Act, 2016 (28 of 2016) (hereinafter referred to as the Act), the Central Government hereby amends the conditions specified in clause 5 of the Pradhan Mantri Garib Kalyan Deposit Scheme notified vide Notification No. S.O.4061 (E) dated December 16, 2016, amended vide

The Indian Trusts (Amendment) Act, 2016 passed by the Parliament and received the assent of the President on 26 th day of July 2016 has become effective with effect from 17 th April 2017. Amendment:     Substitution of Old Section 20 by New Section For section 20 of the Indian Trusts Act, 1882 (hereinafter referred to as the principal Act), the following section shall be substituted, namely:— Where the trust-property consists of money and cannot be applied immediately or at an early date to the purposes of the trust, the trustee shall, subject to any direction contained in the instrument of trust, invest the money in any of the securities or class of securities expressly authorised by the instrument of trust or as specified by the Central Government, by notification in the Official Gazette: Provided that where there is a person competent to contract and entitled in possession to receive the income of the trust-property for his life, or for any greater estate, no i

                                                   THE EMPLOYEE'S COMPENSATION (AMENDMENT) ACT, 2017 Brief about the Act: The Act provides for payment of compensation to the worker injured during the course of employment or contracted by any occupational disease peculiar to that employment. The liability for payment of compensation arises under the following situations: ·        A workman is entitled to get compensation from his employer if he is injured while on duty and   during the course of his employment with his employer. ·        If a workman dies due to the accident while off duty and during the course of his employment with his employer, his dependents are entitled to receive the amount of compensation from his employer. ·        If a workman contacts occupational diseases enlisted in Schedule III of   this Act, while on duty and during the course of his employment with his employer, the said disease   shall be deemed to be an injury by accident.  The