International Commercial Terms

We may sound cynical but how ironical that certain set of people are literally plundering
‘today’ for the ‘gift’ as if there was no tomorrow. The reference is obviously to all the
‘so-called’ newsmakers being reported day in and day out by our media who are grabbing our attention for all the wrong reasons. It is Christmas time
– a time of festivities and festoons that is symbolic of giving and sharing. But unfortunately what the scum of
‘scams, leaks and scandals’ stinks of is – sharing and giving on a
‘self-service’ basis. Is it Christmas bells ringing or bells of warning that the worst is yet to come ?

Well on a reflective mode, we think it is the lack of self-discipline and governance at every level
– individual, family, corporate, society, nation et al as a unit, that is the cause of the morass we are in. However, hope and change are eternal. Therefore, on a positive note, let us hope that the cheer and good spirit of the festive season brings the required change in thinking and our actions.

This issue carries ‘Govt. news’ as well as ‘articles’ in equal measure. Hope you find them useful and informative.

To read the earlier issues and articles

Click Here

Sincerely,
Lex Valorem Team

Easy Exit Scheme, 2011
ESS is back again but with a filing fee of Rs. 3,000 and filing window of only 30 days. MCA has reintroduced this scheme from 1st January, 2011 to 31st January, 2011 to enable inoperative companies to shut down expeditiously.
…

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Tightening grip on money laundering
‘Horse trading’ in politics has come into common parlance. But have you heard of
‘money mule’ RBI has instructed Banks to strictly adhere to Know Your Customer (KYC) norms to minimize the operations of
“Money mules”. To know who / what is a money mule, read RBI notification.
…

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Clarification from CBDT on TDS claims
CBDT has issued clarification regarding processing of ITR-1 (For Individuals having Income from Salary
/ Pension / Income from One House Property etc.) and ITR-2 (For Individuals and HUFs
not having Income from Business or Profession)
returns. These taxpayers’ TDS claims shall be accepted at the time of processing of the returns if it does not exceed Rs. four lakhs (now increased from three lakhs) and where the refund computed does not exceed Rs. Twenty five thousand.
…

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    Articles

Title to Immovable Property
Ms. Jayashri Murali, Advocate has penned an article which provides the broad parameters required to be noted by the purchaser prior to proceeding with the proposed purchase of the immoveable property.
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Section 212 of the Companies Act, 1956
& IFRS
At present it is difficult for the Indian Companies having foreign subsidiaries to comply with the provisions of Section 212. On implementation of IFRS (International Financial Reporting Standards) it is hoped that compliance with the said provisions will be easier. Mr. Vivek Hegde, PCS shares his views on the subject.
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Buyback of shares in Private Limited Companies
Mr. Vivek Hegde, PCS and Mr. Prabhat Joshi give an overview of the provisions of the Companies Act, 1956 and FEMA in respect of buy back of shares by a private limited company.
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