Income Tax: Accounts of Those Filing I-T Returns Online Compromised

The government has disclosed that accounts of an unknown number of people who filed their income-tax returns online were illegally accessed. Replying to an RTI query, the finance ministry said a process of ‘multifunctional authentication’ has been designed and will be in place shortly to prevent illegal access to e-filers’ accounts.

It, however, said no instance of ‘hacking’, which implies a breach of security, has happened or reported in the case of e-filling website.

“There have been instances when authentication details of certain class of e-filers have been obtained by persons from sources other than the website and then the passwords were reset and the e-filing account accessed,” the ministry said.
 

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Investing: FMC Allows NSEL To Repay E-series Investors

The Forward Markets Commission (FMC), has permitted re-materialisation /closure of applications of e-series investors on the crisis-hit National Spot Exchange (NSEL). This will allow more than 33,000 NSEL investors to get the commodity back in physical form to sell and encash the money.

FMC said the auditor Choksy and Choksy had not found any default as the stocks of commodities matched those in demat form under the e-series contracts. It further said metals in demat form includes gold (910kg), silver (46 tonnes), platinum (19kg), copper (62 tonnes), zinc (61 tonnes), lead (49 tonnes) and nickel (17 tonnes).

Meanwhile, the Bombay High Court, while hearing a class action suit filed by Modern India, an NSEL investor, has agreed that borrowers of NSEL should be asked to make payment first.

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Housing loan: Lenders To Give 90% of Property Value as Home Loan

The National Housing Bank (NHB) is considering a proposal to increase loan-to-value (LTV) ratio to 90% of the property value from 80% currently. A home loan borrower can take a loan of Rs90 lakh for property valued at Rs1 crore. However, the proposal is for loans above Rs20 lakh that carry a mortgage guarantee cover.

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