Volume 2 Issue No. 9/2010


Volume 2 Issue No.9/2010	Lexspeak	April 2010

Thought for the day

Scars remind us of where we have been. They don’t have to dictate where we are going.


	News from the Govt


	FDI

	DIPP

	SEBI

	Service Tax

	Others


	Legal Term

Legal Term

Animus Contrahendi

Meaning
An intention of Contract

Origin

Latin word

Usage
A contract can only arise if there is the animus contrahendi between the parties. Without the expressed or implicit intention that a contract should emerge as a result of the language or conduct of the alleged parties, no contractual obligations can be said to exist and be capable of enforcement.

Statutory Compliance Chart



	April 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	28	30

Reminders 05 Apr– Excise Duty Payment 07 Apr– TDS/TCS Payment 10 Apr– ExciseReturn-Monthly 15 Apr– PF Payment 15 Apr– TDS-Quarterly Return 20 Apr– PT Payment 20 Apr– VAT Payment 21 Apr– E.S.I.C. Payment 25 Apr– Service Tax Half Yearly Return

Taxation is just a sophisticated way of demanding money with menaces.

Hello
All,With so many news items related to FDI, we might as well call this an FDI-SPECIAL issue! Indian Government machinery is active regulating foreign investment in the country in various sectors
– consolidating existing rules, relaxing approval limits, considering higher investment ceilings, discussing opening up of hitherto barred sectors and mulling over FDI in newer forms of business.Post Budget representations and clarifications continue as usual as captured in the update on Service Tax. The increased VAT rates in Karnataka have added to the discomfort of the common man who is already reeling under an unusually hot Summer.

No long articles included this time to add to your discomfort. Take it easy and just read the notifications and news articles!

Do give us a feedback.

Click here to express yourself.

Sincerely,
Lex Valorem Team

Consolidated FDI Policy
The Ministry of Commerce and Industry has released a consolidated circular on Foreign Direct Investment (FDI) replacing earlier Press Notes/Press Releases/Clarifications on FDI issued by DIPP which were in force and effective as on March 31, 2010. The present consolidated circular will be effective from 1st April, 2010 and will be replaced by another updated consolidated circular on 30th September, 2010.

…

Download Policy

FDI hike in Defence Production under consideration
The Commerce Minister Mr. Anand Sharma has hinted
out that the Government is planning to hike FDI
limit in Defence Production. At present FDI in this
sector is permissible upto 26%.

FDI may be possible in Multi-Brand Retail
The government has launched discussions between Ministries for opening Multi-Brand Retail to Foreign Direct Investment (FDI).

Foreign investment in LLPs unlikely
The Government is guarded about permitting FDI in LLPs and has thus kept the FDI proposal in abeyance.

CCEA approval only for FDI above Rs. 1200 crores
Proposals for foreign investment requiring prior approval from the Government of India as laid down in the FDI policy, with investment below Rs. 1200 crores will be considered by the Foreign Investment Promotion Board (FIPB), Ministry of Finance and FDI above Rs. 1200 crores of Foreign Investment will be placed before CCEA.
…
Download Press Release

Amendments to the Equity Listing Agreement
Securities and Exchange Board of India (SEBI) has made amendments to listing conditions laid down in Equity Listing Agreement, to bring more transparency and efficiency in disclosure requirements of listed entities.
…

Download Circular

Service Tax on Railway Freight only from July
The proposal for levy of Service Tax on goods transported over the railway network from 1st April, 2010 has been deferred to be implemented only from 1st July, 2010.
…

Download Notification
…

Read More

Exclude land value from Service Tax
The Institute of Chartered Accountants of India (ICAI), Urban Development Ministry and CREDAI are clamouring for exclusion of land value from the proposed Service Tax on the realty sector in the Budget 2010 – 2011 stating that land is a state subject for imposition of Tax.

Centre moots project VISA for expats coming into India
The Government of India is debating the pros and cons of introducing project visas for expats working on Joint Ventures in India (JVs).

Changes to Karnataka VAT rates
The Government of Karnataka has notified the changes in the tax proposals which will be applicable from 1st April, 2010.
…

Download Notification
…

Download Circular

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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