Volume 2 Issue No. 21 / 2010 Lexspeak     October – 2010
Thought for the day
The only good is knowledge and the only evil is ignorance
News from the Govt

FDI

CBEC

DGFT

RBI

Others
Legal Term


Legal Maxim



De minimis


Meaning
Minimum importance


Origin



Latin


Usage
Essentially it refers to something or a difference that is so little, small, minuscule or tiny that the law does not refer to it and will not consider it. In a million dollar deal, a $10 mistake is de minimis.

Statutory Compliance Chart


October 2010

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Reminders

05 Oct – ServiceTax Payment
– Monthly
05 Oct – ServiceTax Payment

– Quarterly

07 Oct – TDS/TCS Payment

10 Oct – Excise Return

– Monthly

15 Oct – PF Monthly Payment

15 Oct – TDS/TCS Return

– Quarterly

15 OctIncome Tax Return

(extended)

20 Oct – PT Payment t

20 Oct – VAT Payment
21 Oct – ESIC Payment

25 Oct – PF Return
– Monthly

25 Oct – Service Tax Return

– Half yearly
ROC filing by companies
Annual Accounts
– 30days from AGM
Annual Returns
– 60days from AGM


Today, it takes more brains and effort to make out the income-tax form than it does to make the income.

Hello All,

‘Navaratri-Dussehra’ is a ‘9 nights-10 days’
package of festivity and celebration across India in
various forms – durga pooja, display of dolls and
dandiya.
The 10 day festival is believed to culminate in the killing of the demon Ravana by Lord Rama which essentially stands for
‘victory of good over evil, right over wrong’.
Sthree-shakti (woman-power) is upheld through the worship of the Goddess who personifies
knowledge, valour and victory.

We do hope the various news updates & information knick-knacks packaged for you are useful. Highlight of this issue is the consolidated circular on FDI effective from 1st October, 2010.

LV Team wishes all its readers Happy Navaratri and Dussehra
!!

To read the earlier issues and articles

Click Here

Sincerely,
Lex Valorem Team


Consolidated FDI Policy by DIPP
The Ministry of Commerce and Industry has released a consolidated circular on Foreign Direct Investment (FDI) replacing earlier circular. The present consolidated circular is effective from 1st October, 2010. Along with the circular there is also a press release which is a consolidation of issues addressed/clarified in the said circular.




Download Circular



Download Press Release


Customs Circular corresponding to Foreign Trade Policy (FTP), 2009-14
The Annual Supplement to the Foreign Trade Policy (FTP), 2009-2014 and the Handbook of Procedures (Vol.I) have been notified by the DGFT vide notification No. 1(RE-2010)
/ 2009-2014 dated 23rd August 2010 and Public Notice 1(RE-2010)/2009-14 dated 23rd August 2010 respectively. Accordingly customs has issued a circular to give effect to the changes in the FTP.




Download Circular


Exemption of Customs Duty on certain goods imported from Nepal
Customs, vide its Notification No.104/2010 dt.1st October, 2010, has exempted certain goods, which are imported from Nepal, from whole of the customs duty subject to the conditions, if any.




Download Notification


Re-crediting of 4% Special Additional Duty (SAD)
DGFT, vide its Circular, issued a clarification on the procedure to re-credit 4% SAD of Customs in DEPB, VKGUY, FPS, FMS, MLFPS scrips.




Download Circular


Furnishing remitter details in pass book
/ pass sheet / account statement for credits received by customers through NEFT
/ NECS / ECS

….A very generic mention as ‘NEFT’ or ‘NECS’ does not help customers in identifying the source of credits. Therefore RBI has directed the banks to furnish remitter details in pass book/pass sheet/account statement for credits received by customers through NEFT/NECS/ECS.


….

Download Circular


Discontinuance of services relating to Official Search Report under the Trade Marks Rules, 2002
Government of India had issued a draft notification in the Gazette dt.7th September, 2010 which, on finalization, will discontinue the services relating to Official Search Report under the Trade Marks Rules, 2002. Once the notification is effective, the public can freely access the trademark database for search which will bring greater transparency.


….

Download Public Notice


FAQs relating to Work Related Visas, Conference Visas & Tourist Visas

After receiving several queries on Work Related Visas, Conference Visas and Tourist Visas, Ministry of Home Affairs has released FAQs on these, which consists of frequently asked questions w.r.t. some issues and reply to the same.

                                                   ….

Download FAQs on Work Related Visa

….

Download FAQs on Conference Visa

….

Download FAQs on Tourist Visa

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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