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