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