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

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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%.



Read More


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).



Read More


Foreign investment in LLPs unlikely

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



Read More


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.



Read More


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).



Read More


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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