Volume 2 Issue No. 25 / 2010 Lexspeak  December – 2010
Thought for the day
Yesterday is history. Tomorrow is a mystery. And today? Today is a gift. That’s why we call it the present.
News from the Govt

MCA

RBI

CBDT
Articles

Title to Immovable Property

Section212 of Companies Act, 1956 & IFRS

Buyback of shares in Private Limited Companies
INCOTERMS 2000

   International Commercial Terms


The Incoterms® rules are the International Chamber of Commerce (ICC) rules for the use of domestic and international trade terms.



FCA

Free Carrier ….. Named Place


Meaning


Risk passes to buyer, including transportation and insurance costs on the buyer’s collecting vehicle; it is the buyer’s obligation to receive the seller’s arriving vehicle unloaded.

Statutory Compliance Chart


December 2010

S

M

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Reminders


05 Dec – ServiceTax Payment

– Monthly
07 Dec – TDS/TCS Payment

10 Dec – Excise Return

– Monthly

15 Dec – PF Monthly Payment

15 Dec
Advance Tax
Payment

20 Dec – PT Payment

20 Dec – VAT Payment
21 Dec – ESIC Payment

25 Dec – PF Return
– Monthly


They can’t collect legal taxes from illegal money.

Hello All,

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.


Download Circular


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.


Download Circular


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.


Download Instructions



    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.


Read More


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.


Read More


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.


Read More

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
Lexx Valorem India Pvt. Ltd.
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