Volume 3 Issue No. 27 / 2011 Lexspeak  January – 2011
Thought for the day
All knowledge that the world has ever received comes from the mind; the infinite library of the universe is in our own mind”. – Swamy Vivekananda
News from the Govt

DGFT

CBEC

Others
Articles

Demystifying Title Scrutiny

AP MFIs Ordinance 2010

LLP – A Tax Efficient Vehicle
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.



International Commercial Term (Incoterm)

FOB (Free On Board)…. …Named Place


Meaning


Risk passes to buyer, including payment of all transportation and insurance costs, once delivered on board the ship by the seller. Used for sea or inland waterway transportation.

Statutory Compliance Chart

January 2011

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Reminders


05 Jan – ServiceTax Payment

– Monthly
07 Jan – TDS/TCS Payment

10 Jan – Excise Return

– Monthly

15 Jan – PF Monthly Payment

15 Jan
TDS Return for                 Oct-Dec Quarter
20 Jan – PT Payment

20 Jan – VAT Payment
21 Jan – ESIC Payment

25 Jan – PF Return
– Monthly


“The best measure of a man’s honesty isn’t his income tax return. It’s the zero adjust on his bathroom scale.”


Hi AllThis issue carries 3 interesting articles on 3 different topics – Taxation of LLPs, Title scrutiny & AP Microfinance Ordinance. Each of this represents knowledge sharing in different ways – first by listening to experts speak and sharing the insights, second by doing and sharing the learnings and third by introspection and analysis. Hope these will catch your attention in the melee of New Year & Sankranti greetings !

To read the earlier issues and articles

Click Here

Sincerely,
Lex Valorem Team


Demystifying Title Scrutiny

Buying an immovable property is rarely a hassle-free experience. In addition to locating a good one, negotiating a right price, minimizing broker interaction and arranging for funds, all of us are confronted with strange sounding legal terminology as well as words or phrases used in local parlance. We cannot do without the help of a property lawyer.

Ms. Vidya P, Advocate, has demystified the halo surrounding the title scrutiny of immovable property in urban as well as rural India.


Read More >>


Andhra Pradesh Micro Finance Institutions (Regulation of Money Lending) Ordinance, 2010 (Ordinance)

Until last year Micro Finance Institutions held huge promise as tools of poverty alleviation and savior of the masses from the clutches of the money lenders. However, the spate of suicides in Andhra Pradesh by borrowers unable to meet the demands of the micro finance lender as well as certain Micro Finance Corporates in the news for wrong reason has resulted in the passing of Andhra Pradesh Micro Finance Institutions (Regulation of Money Lending) Ordinance, 2010 (Ordinance).

Ms. Jayashri Murali, Advocate, in her article, has lucidly explained the provisions of the said Ordinance.


Read More >>


LLP (Limited Liability Partnership) – A Tax Efficient Vehicle

As you all know, LLP is a better alternative for both Partnership Firm and Company and has the advantages of both. Being a new business vehicle, it is attracting the existing as well as upcoming entrepreneurs. One of the important aspect in which businessmen have more concern is Tax since it has a great impact on the profits of the business.

In this article, Mr. Vivek Hegde, Company Secretary in Practice, has thrown some light on the taxation aspect of LLP based on the session held by Registrar, LLP at Bangalore on 18th December, 2010.



Read More >>


Additional facility for filing Importer Exporter Code (IEC) applications “on-line”

DGFT has introduced an additional facility on its website (http://dgft.gov.in) for enabling members of trade to file their IEC applications ‘on-line’ with effect from 1.1.2011. This will reduce the transaction cost and time for the applicant, would ensure easy, flexible filing of application and reduce human interface and paper work in the process.


Download Circular >>


Provisional release of export goods detained for investigation

Inordinate detention of the seized goods entered for exportation results in delays in fulfillment of export order and at times cancellation of such orders. Therefore CBEC, vide its Circular, has issued guidelines w.r.t. provisional release of export goods which are detained for investigation. Seizure should be resorted to only when the Customs officers have a reason to believe that the goods in question are liable to confiscation under the Customs Act, 1962.


Download Circular >>


Salesmen to come under a new law, get job security & pay parity

Over three lakh salesmen in sectors such as FMCG, automobiles and apparel will now be covered under The Sales Promotion Employees Act, 1976 providing higher job security, pay parity and better working conditions, but this could raise companies’ operational cost. This Act was hitherto applicable only to the pharmaceutical industry.


Read More >>


Panel for landmark changes in Motor Vehicle Act

The government is all set to introduce landmark changes in Motor Vehicle Act 1988, covering graded punishment for drunken driving, licensing, compensation for road accident victims and interestingly barring use of I-pods, music and bluetooth devices while driving. It remains to be seen whether this will make us less errant drivers.


Read More >>


Govt. plans to exempt factoring services from stamp duty

The government plans to offer stamp duty exemption for sale of accounts receivables, allowing businesses to encash sales made on credit and ensure a healthy cash flow. This move will help small businesses that face difficulty in getting short-term credit & working capital loans.


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
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