ITAT isn't precluded from considering additional ground raised by assessee even if it isn't raised before CIT(A)
March 16, 2015[2015] 54 taxmann.com 69 (Bombay)/[2015] 229 Taxman 392 (Bombay)
IT : Even if Commissioner (Appeals) may or may not have rendered any view on issue raised, does not mean that Tribunal is precluded in law from considering same after it is specifically raised by assessee before it
Mere report of Valuation Officer isn't sufficient to reopen an assessment of builder
March 14, 2015[2015] 54 taxmann.com 341 (Gujarat)/[2015] 229 Taxman 341 (Gujarat)
IT : Report of Valuation Officer would not constitute any additional information; therefore, re-opening of assessment under section 147 was not valid
No penalty on disallowance of capital gains if disclosure was made to identify investment and stock-in-trade
March 14, 2015[2015] 54 taxmann.com 211 (Delhi)/[2015] 229 Taxman 433 (Delhi)
IT : Where assessee had disclosed all particulars relating to capital gain on sale of shares in return and balance sheet, no penalty could be levied under section 271(1)(c) merely because Assessing Officer treated such capital gain as business income of assessee
PFA
TDS not deductible on judgment debtby CA Sandeep Kanoi |
Islamic Investment Co. v. UOI) [2002] 122 TAXMAN 719 (BOM Argument of the learned counsel on behalf of the Food Corporation of India that since the amount of Rs. 10,31,344 has admittedly been paid on account of interest, it retains its character as interest and, therefore, the Food Corporation of India must be allowed to […]
PFA
In the case of Zaheer Mauritius v. Director of Income-tax (International Taxation) -II, [2014] 47 com 247 (Delhi)) it was held that gains arising to a non-resident investor from sale of compulsorily convertible debentures ('CCDs') in an Indian company do not assume the character of interest and should be treated as capital gains. |
CIBIL TransUnion score, a puzzle for many and hassle for some, cleared!!!! CIBIL stands for Credit Information Bureau (India) Limited, which, in association with Dun & Bradstreet and TransUnion provides information w.r.t. a person's credit discipline to financial institutions looking forward to sanction loans and/or issue Credit cards. |
CIBIL TransUnion conundrum, cleared
CIBIL TransUnion score, a puzzle for many and hassle for some, cleared!!!!
CIBIL stands for Credit Information Bureau (India) Limited, which, in association with Dun & Bradstreet and TransUnion provides information w.r.t. a person's credit discipline to financial institutions looking forward to sanction loans and/or issue Credit cards.
CIBIL was incorporated in August 2000 on the basis of recommendations made by Siddiqui Committee and in November 2007 CIBIL TransUnion score, also referred to as CIBIL score, was introduced to financial institutions.
Financial institutions refer a person's CIBIL score before approving one's loan/Credit card application. However, CIBIL score is not the only criteria basis which a financial institution approves or declines a loan/Credit card application but it is one of the major factors, a prerequisite, which a financial institution considers before going ahead w.r.t. a loan/Credit card application.
What makes your CIBIL score?
CIBIL maintains a person's credit history w.r.t. loans and/or Credit cards being used and/or used in past by a person.
Credit history mainly refers to the amount of loan/Credit card limit, time taken to repay, whether instalments paid timely, whether loan/Credit card closed normally or under settlement etc.
A good credit history translates into a better CIBIL score. CIBIL score ranges from 300 to 900. A score less than 750 is seen as negative by financial institutions wherein they normally decline a person's loan/Credit card application or charge a high rate of interest due to high risk associated with a person because a score less than 750 may mean that a person did not pay the instalments timely and/or settled a due by paying an amount lower than what was actually due and/or applied for loan/Credit card in many financial institutions etc.
When one applies for a loan/Credit card then probably the first thing which a financial institution refers is a person's CIBIL score, if the CIBIL score is more than 750 then there are approximately 80% chances that a person's loan/Credit card application will get approved subject to other eligibility considerations being in place, however, in case if one's CIBIL score is less than 750 then mostly financial institutions decline a person's loan/Credit card application outright.
Many times we wonder as to what could be the reason behind a financial institution declining our application despite we having the repayment capacity, proper income, assets etc.? it is CIBIL SCORE.
To a financial institution a low CIBIL score means high risk.
What impacts our CIBIL score?
- Amount of loans and/or number of Credit cards held.
- Whether payment is being made on time.
- Number of times one has applied for a loan and/or Credit card.
- The extent to which the available credit facility is being utilised.
- Somebody else's loan/Credit card default mapped on our CIBIL report.
- Settled loans/Credit card not removed by the respective financial institution from our CIBIL report etc.
Can we improve our CIBIL score?
YES WE CAN but how?
- Buy your CIBIL score once every six months or at least once every year and review the same to make sure that the information appearing therein is correct.
- Take care of the aforementioned issues.
- Do not apply for loans unless you genuinely need them.
- Consult a professional in order to manage your loans/Credit cards efficiently and hence have an improved CIBIL score.
(Author Details- CA Sahil Jolly – Jolly & Co. Chartered Accountants, Contact: +91-9999830077, Email : casahiljolly@gmail.com)
- See more at: CIBIL TransUnion conundrum, cleared
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