Volume 2 Issue No.11/2010 Lexspeak         May 2010
Thought for the day
“Wisdom begins in wonder”
News from the Govt

RBI

FDI

MCA

Service Tax

Others
Legal Term


Legal Term



In Limine


Meaning
at the threshold


Origin



Latin


Usage
Referring to a motion before a trial begins. A motion to suppress illegally obtained evidence is such a motion.

Statutory Compliance Chart


May 2010

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Reminders

 05 May– Excise Duty
Payment
 07 May– TDS/TCS Payment
 10 May– ExciseReturnMonthly
 15 May– PF Payment
 20 May– PT Payment
 20 May– VAT Payment
 21 May– E.S.I.C. Payment


Taxes are paid in the sweat of every man who labors.


Hello
All,
Some of the important regulatory changes / updates / court rulings during the preceding two weeks have been compiled in this 11th issue of Lexspeak. Shortly all the earlier issues of this News Letter will be made available on our revamped website. Look out for the same
!Do give us a feedback.

Click here to express yourself.

Sincerely,
Lex Valorem Team


Revised Pricing Guidelines for Foreign Direct Investment (FDI) in India – Transfer of Shares / Preference Shares / Convertible Debentures by way of Sale.
Effective from 4th May, 2010, RBI has issued revised pricing guidelines in respect of transfer of shares of listed and unlisted companies from a resident to a non-resident and vice versa.


Download Circular


Liberalization of Current Account Transactions
RBI has liberalized the provisions relating to Foreign Exchange Management (Current Account Transactions) Rules, 2000 with respect to payment of royalty and lump-sum payment under technical collaboration agreements.


Download Notification



Download Circular


Watchdog panel to keep leash on FDI
The Government is likely to subject all investments to scrutiny through new oversight body to ensure that foreign investments do not slip into closed sectors undetected.


Read More


Revised E-Forms
Revised e-forms have been notified by Ministry of Corporate Affairs (MCA) which will be effective from 9th May, 2010. New version of Form 10, Form 17, Form 18, Form 19, Form 1A, Form 1B, Form 2, Form 20, Form 21, Form 3, Form 35A, Form 37, Form 39, Form 5, Form 8, Form 62, Form 68, Form 25A, Form 1(statement of amounts credited to investor education and protection fund), Form of annual return of a foreign company having a share capital are available at MCA Portal.



Read More


LLP Annual Filing in e – form
-11

Ministry of Corporate Affairs (MCA) has notified e-form – 11 for filing annual accounts of all Limited Liability Partnership (LLPs) whose financial year closes on 31st March every year. Such LLPs are required to file their annual audited accounts within 60 days from the date of financial year closure. This year, filing of form – 11 before 30/05/2010 is mandatory for all LLPs incorporated before 01/10/2009 and optional for other LLPs if they are opting closure of books of accounts on 31/03/2011 (as 1st Financial Year) instead of on 31/03/2010.



Read More


Clarification regarding availment of CENVAT credit on input services

Central Board of Excise & Customs (CBEC) has clarified the issue relating to availment of CENVAT credit by an Associated Enterprise in certain cases like when debit is made in the books of accounts or book adjustments are made.
….
Download Circular


FII earnings aren’t taxable, rules HC

Bombay High Court in its ruling has clarified that the taxability of business income earned in India by registered FIIs will not be taxable if the FIIs do not have a permanent establishment in the Country.


Read More


Parliament Passes Employees’ State Insurance (Amendment Bill), 2009
The Parliament has passed the Employees’ State Insurance (Amendment) Bill, 2009. This ensures coverage of more workers under the ESI Scheme in the organised sector and as well as in unorganised sector.


Read More

Note: The contents
of this News Letter are only a summary and has not dealt with
any issue in detail. Any action taken or proposed to be taken
must be in consultation with professionals and not merely based
on the articles / news updates. Lex Valorem disclaims all
liability on action taken without professional advice
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