Volume 3 Issue No. 30/2011


Volume 3 Issue No. 30 / 2011	Lexspeak	March, 2011

Thought for the day

“A budget tells us what we can’t afford, but it doesn’t keep us from buying it.”


	Union Budget 2011-12


	Direct Tax

	Indirect Tax

	– Central Excise

	– Customs

	– Service Tax

Karnataka State Budget 2011-12

News from the Govt


	New Indian Accounting Standards

INCOTERMS 2000

International Commercial Terms

The Incoterms^® The Incoterms rules are the International Chamber of Commerce (ICC) rules for the use of domestic and international trade terms.

International Commercial Term (Incoterm)
CPT – Carriage Paid To …….. Named Place

Meaning

Risk and insurance costs pass to buyer when delivered to carrier by seller, who pays transportation costs to destination. Used for any mode of transportation.

Statutory Compliance Chart



	March 2011

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	29	29	31

Reminders05 Mar – Service Tax Payment – Monthly 10 Mar – Excise Return – Monthly 15 Mar – PF Monthly Payment 15 Mar – Adv Tax for Corporate and Non – Corporate assessees 20 Mar – Professional Tax Payment 20 Mar – VAT Payment 21 Mar – ESIC Payment 25 Mar – PF Return Filling – Monthly 31 Mar – Service Tax payment for March 31 Mar – Central Excise payment for March

The government deficit is the difference between the amount of money the government spends and the amount it has the nerve to collect.

Hi AllThe much awaited Union Budget 2011-12 was presented on 28th February, 2011 even as an exhilarated India woke up after a nail-biting Cricket match at Bangalore against the English on the 27th. The Budget was no match for the excitement that the game created. With most changes likely to come in through the Direct Taxes Code and Goods & Service Tax next year, the Budget did not make any drastic announcements.
This issue is a compilation of the relevant Budget highlights, notifications, circulars etc. including that of the Karnataka Budget highlights. As if these two were not enough, we have thrown in the newly introduced Accounting Standards to your plate too. Don’t complain you are too full……chew at leisure and enjoy !To read the earlier issues and articles

Click Here

Sincerely,
Lex Valorem Team

Union Budget 2011-12

India’s Finance Minister Mr. Pranab Mukherjee presented the Union Budget 2011-12 on 28th February, 2011.Highlights of Direct and Indirect Tax proposals are listed below.

Direct Tax

In view of the comprehensive Direct Taxes Code (DTC) to be implemented from 1st April, 2012, few changes have been effected in the Income Tax Act, 1961. The exemption limit has been increased to Rs. 1,80,000 and Rs. 2,50,000 to general assessees and senior citizens respectively. Although the tax rates for the Companies remain untouched the cess charged on profits of domestic companies has been reduced to 5% to encourage domestic industries.

Indirect Tax

There are no drastic changes in the rates of Indirect Taxes. However rationalisation of the structure has been attempted along with casting the service tax web wider. All these are a run up to the proposed GST which is hopeful of being implemented in FY2012-13.

Central Excise

Select changes relating to Central Excise are summarised. Do read D.O Letter issued by Ministry of Finance for explanations.
…
Read More >>
… Download Notification >>

… D.O Letter >

Customs

Select changes relating to Customs are summarised. Do read D.O Letter issued by Ministry of Finance for explanations.

… D.O Letter >

Service Tax

Select changes relating to Service Tax are summarised. Do read D.O Letter issued by Ministry of Finance for explanations.

Highlight is the newly introduced Point of Taxation Rules, 2011

…

Download Notification >>
… D.O Letter >

Karnataka State Budget 2011-12

The State Budget for 2011-2012 was presented by the Chief Minister on 24th February, 2011. Certain legislative changes made in rates of tax related to VAT as well as Stamp Duty payable under the Karnataka Stamps and Registration Act, have been captured as highlights.

&nbnbsp; …
Read More >>

New Indian Accounting Standards

These are the Indian Accounting Standards (Ind ASs) finalised by the Council of the ICAI. These are subject to any changes, which may be made by the Government before their notification which is being awaited.

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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