Volume 2 Issue No.13/2010 Lexspeak        June 2010
Thought for the day
In the confrontation between the stream and the rock, the stream always wins…
NOT through strength but through persistence.
News from the Govt

Income Tax

FDI

SEBI

CBEC
Time Management Workshop

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Registration Form
Legal Term


Legal Term



Cy-pres


Meaning
As near as may be


Origin



French


Usage
The equitable doctrine that a deed or will whose terms cannot be carried out may be modified by a court so that the intent of the instrument’s maker can be fulfilled as closely as possible.

Statutory Compliance Chart


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Reminders

05 Jun– Service Tax Payment
 07 Jun– TDS/TCS Payment
 10 Jun– ExciseReturnMonthly
 15 Jun– PF Payment
 15 Jun– Adv. Tax-Companies
 15 Jun– Annual TDS Returns
 20 Jun– PT Payment
 20 Jun– VAT Payment
 21 Jun– E.S.I.C. Payment


Next to being shot at and missed, nothing is quite as satisfying as an income tax refund.


Hello
All,
Football fever is reaching a crescendo as almost the whole world is reverberating with the FIFA World Cup, 2010 song
“Tsa mina mina eh eh, Waka waka eh eh”.

According to Wikipedia, when translated from the Cameroonian Fang language,
‘Tsaminamina’ means ‘Come’ and ‘Waka waka’ means
‘Do it / perform a task / walk while working’. To us, the song seems to be a clarion call for action – for consistent and persistent action, whatever may be the impediments enroute. Action for us lies in learning while sharing and vice versa.

The corporate regulatory updates covering taxation, FDI, SCRA etc., are included in this issue, as also details about an interesting workshop on
‘Time Management’ that one of our business associates is conducting on 26th June, 2010. It is all about learning and growing together. Hope you find this 13th issue of Lexspeak useful !!

Do give us a feedback.

Click here to express yourself.

Sincerely,
Lex Valorem Team


Revised schedule for filing of returns, mode of payment, Issue of Deduction Certificate and New Form
-16 under Tax Deducted at Source (TDS)

The Central Board of Direct Taxes (CBDT) has amended the provisions relating to Tax Deducted at Source (TDS) with respect to date, mode of payment and filing of returns. Also new Form
– 16 for TDS on Salary has been introduced. The amended rules will apply only in respect of tax deducted on or after 1st day of April, 2010.


Download Notification



Download Press Release


I-T exemption limit for gratuity upped from Rs. 3.5 lakhs to Rs. 10 lakhs
The government has raised the income tax (IT) exemption limit on gratuity from Rs 3.5 lakhs to Rs 10 lakhs, with effect from 24th May, 2010.


Read More


Realty firms told to recast target-linked FDI deals
The changed FDI guidelines and new valuation methods introduced by RBI during April / May, 2010 have impacted FDI transactions of real estate companies that have sold convertible papers and notes to offshore funds and strategic players, which will convert into shares after a certain date.



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25% public float a must for listed cos

SEBI has begun insisting that every Public Company planning for listing or Companies whose securities are already listed on stock exchanges in India must have a public float of at least 25% of their securities. However existing companies can do so by increasing their public shareholding by a minimum of 5% every year till it reaches 25%.
….
Read More
 


Govt may dilute 25% pie norm

Within a span of 10 days Govt seems to be contemplating a somersault on the above requirement of 25% public float for public listed companies. It may be a case of status quo due to various reasons as analysed in the news items.


Read More


Determination of value in respect of sale of warehoused goods
CBEC has clarified the issue relating to determination of assessable value of imported goods that are warehoused and sold before being cleared for home consumption and issue relating to valuation of goods sold on
“high-seas-sales” etc.


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Time Management Workshop for Executives
One of our business associates, a well-known corporate trainer and a seasoned Toastmaster, Mr. Arnold Mascarenhas, CEO of Bull’s Eye Communications is conducting a half day workshop on
‘Time Management’ on Saturday the 26th June, 2010. Do register if interested.


Download Brochure



Download Registration Form

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
Lex Valorem India Pvt. Ltd.
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