Volume 2 Issue No. 5/2010


Volume 2 Issue No.5/2010	Lexspeak	February 2010

Thought for the day

“Education’s purpose is to replace an empty mind with an open one”.


	News from the Govt


	RBI

	Income Tax

	MCA

	DGFT

	Others


	Articles

	FIRC

	Transfer of Property Act

	MSMEs

	RBI AND FEMA


	Legal Term

Legal Term

Supra

Meaning
Above

Origin

Latin

Usage
It is an academic and legal citation signal used when a writer desires to refer a reader to an earlier-cited authority. For example, an author wanting to refer to a source in his or her third footnote would cite: See supra note 3. or for text in that note: See supra text accompanying note 3.

Statutory Compliance Chart

	February 2010

S	M	T	W	T	F	S
	1	2	3	4	5	6
7	8	9	10	11	12	13
14	15	16	17	18	19	20
21	22	23	24	25	26	27
28

Reminders 05 Feb- Service Tax Payment 05 Feb– Excise Duty Payment 07 Feb– TDS/TCS Payment 10 Feb– ExciseReturn-Monthly 15 Feb– PF Payment 20 Feb– P.T. Payment 20 Feb– VAT Payment 21 Feb– E.S.I.C. Payment

Taxation: how the sheep are shorn

Hello
All,Mere accumulation of information is not learning. At best it could be a Repository. But to make it meaningful and educative, one needs to unlearn a few things and make space to upload new information, new insights and new perspectives that are gathered through various sources.

Empty redundant data to make way for relevant information ! Read this 5th issue of Lexspeak ! In addition to the regular dose of regulatory changes effected by several Ministries, it carries some simple articles penned by budding professionals including the take-away from a recently attended interactive session with RBI officials in Bangalore which provides immense practical insight into FDI matters.

Do give us a feedback.

Click here to express yourself.

Sincerely,
Lex Valorem Team

Now more cash can be carried
while travelling abroad
As part of the exercise providing greater flexibility to
the resident individuals travelling abroad, RBI has
enhanced the existing limit of Rs. 5000 to Rs. 7500.

…Download
Circular

Govt moots tax pass-throughs
for VC firms
The Government has mooted a proposal to give tax pass-throughs
to venture capital firms in a move that will boost
entrepreneurship and small companies in a big way.

Adjustment of advance tax in
respect of FBT for assessment year 2010-11 against
Advance tax
Government circular clarifies that Advance tax paid on
fringe benefits prior to abolition of FBT can be
adjusted against advance Income tax payable by assesses
for the AY 2010-2011. This is sure to provide relief for
assesses during Q4.

…Download
Circular

ICSI told to suggest changes in LLP structure
Further to some procedural changes with regard to LLP
that were elaborated in our last issue, MCA has asked
ICSI to suggest some changes to make LLP model more
suitable for small and medium sector enterprises in the
country.

Changes in e-Forms in MCA website
Certain e-forms have been changed by MCA as notified on their website w.e.f. 31st January, 2010. New version of Form 5, Form 23C, Form 24B, Form 25A, Form 25B, Form 24, Form 24AB, Form of application for approval for declaration of dividend out of reserves, Form 23AAC, Form 65, Form 23AAB, Form 63, Form DD-C and Form 23AAA are available at MCA website.

…

Read more

Amendment in ANF 2-A (IEC Number)
IEC number is mandatory for undertaking any Import or Export activity as prescribed under the Foreign Trade Policy. DGFT has provided certain flexibility for effecting modifications in the IEC number.

…Download
Circular

Procedure to re-credit 4% SAD of Customs under certain export schemes
DGFT Policy Circular provides for procedure to re-credit 4% Special Additional Duty (SAD) of Customs under DEPB, VKGUY, FPS, FMS, MLFPS schemes.

…

Download Circular

Biotech regulator likely in a month
A final call on setting up the Biotech Regulatory Authority of India (BRAI) will be taken in a month’s time. The authority will come up under the draft National Biotechnology Regulatory Bill and will provide single-window biosafety clearances for all genetically-modified products and processes.

Foreign Inward Remittance Certificate (FIRC)
Foreign Inward Remittance Certificate (FIRC) is documentary proof for any inward remittance into India. Ms. Ratnamala Hegde, CS Trainee updates us on this important document and highlights its significance.
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…

Read more

Gift under Transfer of Property Act, 1882
Any moveable or immovable property can be conveyed by way of Gift. The Transfer of Property Act, 1882 provides for the rules and conditions governing such Gifts. Ms. Divya Paras, Advocate explains the legalities involved in gifting.

MSMEs
The Government of India has enacted the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 which came into effect from October 2, 2006. Mr. H.N.Nithin, CS Trainee has compiled some useful information relevant to MSMEs.

RBI / FEMA
The Bangalore Chapter of the Institute of Company Secretaries of India had organized a half day seminar on “FDI & FEMA” on Saturday, February 6, 2010. Mr. Vivek Hegde, CS and one of our team members shares his learnings from the session.

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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