“Budget” is derived from the Latin word “bulga” which means a little pouch or knapsack. This may have come from a Gaulish source that’s related to the Irish bolg, “bag”. The word turned up in English in the fifteenth century, having travelled via the French bougette, a diminutive form of bouge, “leather bag”.
Statutory Compliance Chart
Reminders 05 Mar– Service Tax
Payment for Feb 05 Mar– Excise Duty
Payment for Feb 07 Mar– TDS/TCS Payment 10 Mar– ExciseReturn-Monthly 15 Mar– PF Payment 15 Mar– Excise Duty Payment 15 Mar– Advance Corporate
Tax Payment 20 Mar– P.T. Payment 20 Mar– VAT Payment 21 Mar– E.S.I.C. Payment 31 Mar– Service Tax
Payment for March 31 Mar– Excise Duty
Payment for March
We shall tax and tax, spend and spend, elect and elect.
Hello All“Taxare” means to touch sharply. Once again the Union Finance Minister, Mr. Pranab Mukherjee has used the “tax tool” deftly to touch us sharply at times and also soothe us at times through exemptions and incentives. The Union Budget 2010-11 does not attempt any major tax overhaul. The various changes initiated have been captured by us under respective tax categories. Highlights of the Karnataka State Budget and a few important changes effected by RBI regarding ECBs are also included.
Set aside some time to read this “fully loaded” 7th issue of “Lexspeak”
New e-Form in MCA website
A new e-form has been notified by MCA which will come into effect from 14th March, 2010. New Form 68 will help overcome the difficulties faced after filing for rectification of mistakes in Form 1, Form 1A and Form 44.
External Commercial Borrowings (ECB) Policy on NBFCs
Non-Banking Finance Companies (NBFCs), which are exclusively engaged in financing of infrastructure sector, have been granted permission by RBI to avail ECB from recognized lender and also by international banks, through approval route.
External Commercial Borrowings (ECB) Policy on Infrastructure
The definition of infrastructure has been re-defined to include new facilities like “cold storage or cold room facility, including farm level pre-cooling, for preservation or storage of agricultural and allied produce, marine products and meat”.
External Commercial Borrowings (ECB) Policy – Structured Obligations
RBI has clarified that credit facilities available to eligible non-resident entities will be extended to domestic debt raised through issue of capital market instruments, such as debentures and bonds, by Indian companies engaged exclusively in the development of infrastructure and by the Infrastructure Finance Companies (IFCs).
The Finance Minister has introduced the Finance Bill, 2010 in Lok Sabha on 26th February, 2010 covering legislative changes to Direct and Indirect Taxes.
The implementation of Direct tax code has been deferred to 1st April, 2011. Changes proposed in tax slabs / tax rates / other provisions relating to TDS, non-resident income etc. will take effect from 1st April, 2010 / 1st July, 2010..
Changes in Central Excise, Customs, and Service tax have been proposed through the Finance Bill, 2010.The Goods and Service Tax (GST) would come into effect from 1st April, 2011.
The basic customs duty remains unchanged at 10.3% and the lower rate slabs are being maintained. However, there are changes in respect of certain commodities/ goods which are effective from 27th February, 2010. Other notifications would be effective after the enactment of the Finance Bill. Read More
– Central Excise
The Finance Minister has proposed an increase in basic excise duty from 8% to 10% and the lower rate of 4% is being retained. While certain legislative changes would come into effect only upon the enactment of the Finance Bill, 2010, some notifications would be effective from 27th February, 2010 and 1st April, 2010. Read More
– Service Tax
Though there is no change in rate of service tax. However, certain services have been exempted, and scope of certain services has been expanded. Eight new services have been brought under the service tax net. While certain legislative changes would come into effect only upon the enactment of the Finance Bill, 2010, some notifications would be effective from 27th February, 2010 and 1st April, 2010. Read More
The State Budget for 2010-2011 was presented by the Chief Minister on 5th March, 2010. Certain legislative changes made in rates of tax related to Luxury tax and VAT as well as Stamp Duty payable under the Karnataka Stamps and Registration Act, have been captured as highlights.
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