The Incoterms® rules are the International Chamber of Commerce (ICC) rules for the use of domestic and international trade terms.
International Commercial Term (Incoterm)
CIF – Cost, Insurance and Freight …….. Named Place
Risk passes to buyer when delivered on board the ship by seller, who pays transportation and insurance costs to destination port. Used for sea or inland waterway transportation.
Statutory Compliance Chart
Reminders 05 Feb – ServiceTax Payment– Monthly
10 Feb – Excise Return- Monthly
15 Feb – PF Monthly Payment 20 Feb – PT Payment
20 Feb – VAT Payment 21 Feb – ESIC Payment
25 Feb – PF Return
Governments last as long as the under taxed can defend themselves from the overtaxed.
Hi AllLast editorial emphasized the need for a thorough due diligence before undertaking any transaction. This is true even for a seemingly simple task of opening a bank account, given the plethora of banks that have mushroomed today. We have heard of KYC by banks in respect of customers but why not KYB (know your bank)? It is advisable to know your bank, its service-levels, processes and most importantly the people manning the bank if you want a hassle-free banking experience. Despite tall claims by banks, the best validation comes often from existing clients. As in love, in banking too, if the trust is broken, business is broken. Two of our woman-entrepreneur clients who trusted reputed multi-national banks and opened their accounts seem completely let-down, thanks to the serious service-deficiencies. Needless to say, they have taken up the cudgel and shall find a solution.Such lacunae are pointers to the growing governance deficit which seems all set to overtake the ‘budget-deficit’. Not a piece of imagination. It can be seen and felt all around us. One way to tackle is to know ‘what is right, how to do it right and to actually do it right’. Lexspeak and Lex Valorem are with you in this journey.The bouquet of news updates and article (on sexual harassment at work place) are picked and woven together from the most authentic and trustworthy sources, for your reading pleasure.
Easy Exit Scheme, 2011 extended till 30th of April
Ministry of Corporate Affairs (MCA) has extended the Easy Exit Scheme, 2011 for another three months from 1st February till 30th of April, 2011 to enable the names of inoperative companies to be struck off from the register of ROC. All conditions including fee of Rs. 3,000 remain unchanged.
More powers to Shareholders regarding Managerial Remuneration of Public Companies
Unlisted Companies need not take Government approval for payment of managerial remuneration in case of no profits / inadequate profits if the company satisfies the conditions specified in Schedule XIII, including special resolution of shareholders and absence of default on payment to creditors. It is a welcome move by the Government to relax the conditions of Schedule XIII of the Companies Act, 1956.
No interest will be provided on inoperative PF Accounts
In terms of amendment made by the Central Government to the Employees Provident Fund Scheme, 1952, no interest will be provided on inoperative Provident Fund Accounts i.e. accounts having no transactions for thirty six months from 1st of April, 2011 onwards.
KVAT – Mandatory uploading of documents under e-SUGAM Scheme
Under the e- SUGAM scheme, the Commercial Tax department of the Government of Karnataka requires dealers to upload certain information on to the department’s website prior to the movement of goods. Effective from 1st February, 2011 this scheme is intended to ensure quick clearance of goods at check posts. Perhaps the long queue of lorries normally sighted at check posts will get shorter.
The Government may withdraw levy of 4% countervailing duty on import of goods into the country from the forthcoming budget to control inflation as this duty makes the goods imported more costly. Countervailing duty is meant to compensate the domestic levies such as VAT and Central Sales Tax.
Emphasizing the need for greater gender diversity at work place, corporate India is recruiting more and more women at work place. However India does not have a specific legislation on sexual harassment of women. Ms. Vidya, a budding lawyer analyses this issue with special reference to the Vishaka case wherein the Supreme Court has laid down certain guidelines. (Vishaka & others v State of Rajasthan & others).
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