Taxes are paid in the sweat of every man who labors.
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
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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.
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.
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.
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.
LLP Annual Filing in e – form
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.
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.
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.
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.
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