Less than an year has passed since Lexspeak was born ……in 2009.

But we are glad we have great sources of inspiration like this apostle to draw our lessons in leadership from. Yes, we are referring to the Mahatma who was an epitome of
‘purposeful action’. There was eloquence in his silence as was action in his speech. He demonstrated
‘leadership by example’ and led the entire nation by
‘doing’ rather than just ‘preaching’.

Lexspeak continues its ‘purposeful journey’ – that of sharing information that may be relevant to all of you. You are invited to contribute too. If you want to learn more, then read and share more
!!

To read the earlier issues and articles

Click Here

Sincerely,
Lex Valorem Team

Extension of Due date of filing of Income-tax returns for A.Y. 2010-11
On consideration of the reports of disturbance of general life caused due to floods and heavy rains, the Central Board of Direct Taxes has extended the due date of filing of returns of income for the Assessment Year 2010-11 from 30th September, 2010 to 15th October 2010.
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Amendment of Appendix 22A, related to Bank Realisation Certificate (BRC)
The Ministry of Commerce and Industry has issued a public notice, amending Appendix 22A of Handbook Procedures (Volume 1) relating to Bank Realisation Certificate (BRC).
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Amendment of Appendix 25C and Appendix 25D of FTP 2009-14
Director General of Foreign Trade has made certain amendments to Appendix 25C and Appendix 25D of Handbook Procedures (Volume 1), 2009-14 w.r.t. Bank Guarantee and LUT applicable to DEPB and other Incentive Schemes.
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Classification of new services under the Export of Services Rules 2005 and Taxation of Services (Provided from Outside India and Received in India) Rules, 2006
CBEC has clarified that all the new services notified through the Finance Act 2010, as per attached list, falls in category (iii) of clause (3) of services listed in the Export of Services Rules 2005 and Taxation of Services (Provided from Outside India and Received in India) Rules, 2006, (residual category).
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List of New Services

All Industry Rates of Duty Drawback, 2010-11
The Ministry has announced the revised All Industry Rates (AIR) of Duty Drawback vide Notification No. 84/2010-Cus. (N.T.), dated 17/09/2010. The rates of drawback have been made effective from 20.9.2010.
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Download Notification

Conversion of free shipping bills to export promotion scheme shipping bills and conversion of shipping bills from one scheme to another
CBEC has allowed for Conversion of free shipping bills to export promotion scheme shipping bills and conversion of shipping bills from one scheme to another on case to case basis subject to certain conditions irrespective of whether the benefit of an export promotion scheme claimed by the exporter was denied to him by DGFT/DOC or Customs due to any dispute or not.

Earlier conversion was allowed only where the benefit of an export promotion scheme claimed by the exporter had been denied by the DGFT/MoC&I or Customs due to any dispute.
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Powers of adjudication of Central Excise Officers in Service Tax cases
CBEC has conferred the power of adjudication on Superintendents for cases involving service tax upto Rs. 1 lakh. Earlier these powers were delegated upto the level of Assistant Commissioners and Superintendents were not vested with any authority to adjudicate cases.
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