Volume 2 Issue No.15/2010 Lexspeak        July 2010
Thought for the day
“To become truly great, one has to stand with people, not above them”
News from the Govt

RBI

Service Tax

CBEC
Legal Term


Legal Term



Malum in se


Meaning
an act that is wrong in itself


Origin



Latin


Usage
In its very nature being illegal because it violates the natural, moral or public principles of a civilized society.

Statutory Compliance Chart


July 2010

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Reminders

05 Jul– ServiceTax Monthly
/
             Quarterly
Payments
 07 Jul– TDS/TCS Payment
 10 Jul– ExciseReturnMonthly
 15 Jul– PF Monthly Payment
 15 Jul– Quart. TDS Returns
 20 Jul– PT Payment
 21 Jul– ESIC Payment
 25 Jul– PF Monthly Returns
 31 Jul– Filing of Income Tax
Returns (Non Corporate
Assessees without TaxAudit)


People try to live within their income so they can afford to pay taxes to a government that can’t live within its income.


Hello
All,
The Football Series came to a spectacular end, with Spain snatching sweet victory from the Dutch at the finals of the sizzling FIFA 2010 that held sway over the minds and hearts of millions of fans across nations for days (and nights too for some of us) together. The sporting extravaganza was all about
achieving greatness together‘ which is also the spirit guiding this journey of constant sharing and learning.

RBI, the apex bank of India has religiously compiled all the relevant circulars
/ instructions w.r.t different subjects under the Master Circular Series. Like every year, these are effective from 1st of July through a 12 month period, to be replaced again with a fresh Master Circular. For your benefit, especially our fellow-professionals, we have picked the most relevant ones for publication in this 15th issue of Lexspeak. This could well be preserved for quick reference. You will find the same also listed under
‘Resource Centre’ of our website.

Do give us a feedback.

Click here to mail Your feedback for this issue.

Sincerely,
Lex Valorem Team


Master Circulars from RBI
Reserve Bank of India (RBI) has issued the much awaited Master Circulars on various subjects effective from the 1st day of July, 2010 with a sunset clause of one year. Topics covered are Foreign Investments in India, Overseas Direct Investments, External Commercial Borrowings and lots more. Some of the relevant circulars are listed below with links.

1.
Foreign Investment in India
2.
Direct Investment by Residents in Joint Venture (JV) / Wholly Owned
Subsidiary (WOS)
abroad

3.
Establishment of Liaison/ Branch / Project Offices in India by Foreign
Entities
4.
External Commercial Borrowings and Trade Credits
5.
Compounding of Contravention under FEMA,1999
6.  Export of
Goods & Service

7.
Import of
Goods & Service

8.
Guarantees & Co-Acceptances
9.
Foreign Contribution (Regulation) Act, 1976 – Obligations of Banks in

Regulating Receipt of Foreign Contributions by Associations
/

Organizations in India
10.Acquisition & Transfer of Immovable Property in India by NRIs/PIO/
 Foreign Nationals of Non – Indian Origin
11.Know Your Customer (KYC) norms / Anti- Money Laundering (AML)
standards/ combating of Financing of Terrorism (CFT)/ obligation of
banks under PMLA, 2002
12.Miscellaneous Remittances from India – Facilities for Residents
13.Lending to Micro, Small & Medium Enterprises (MSME) Sector



Download All Circulars


Issuance of Non-Convertible Debentures (NCDs)
The Reserve Bank of India (RBI) has issued directions to agencies dealing in securities and money market instruments for issuance of Non-Convertible Debentures (NCDs) of original or initial maturity period up to one year. The directions will come into effect from 2nd August, 2010.


Download Circular


Accounting Codes for new taxable services effective from 1st July, 2010
New heads of Accounts under the head “0044 – Service Tax” have been allotted to the new taxable services effective from 1st July, 2010


Download Circular


Refund of 4% Additional Duty
of Customs (4% CVD) – Special Drive for clearance of pending 4% SAD refund claims.

The Central Board of Excise and Customs (CBEC) In order to enable
timely payment of refund in case of 4% CVD, has simplified the procedure for refund claims as on 31.3.2010 at major Custom Houses.
….

Download Circular

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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