Volume 3
Issue No. 36 / 2011
Lexspeak June,
2011

Thought for
the day
Criticism, like rain, should be gentle
enough to nourish a man’s growth without destroying his
roots.

News from
the Govt

MCA
RBI

INCOTERMS
2010

International Commercial
Terms

The Incoterms rules are the International
Chamber of Commerce (ICC) rules for the use of domesticand international trade terms.
International Commercial
Term (Incoterm)
DDU – Delivered Duty
Unpaid
Meaning
Risk and responsibility of import clearance
pass to buyer when seller delivers goods to named
destination point. Buyer is obligated to import
clearance. Seller fulfills their obligation when goods
have been made available at the named place in the
country of importation.

Statutory
Compliance
Chart
June 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 30

Reminders
05 June
– Service Tax     Payment
05
June – Excise Duty Payment
07 June –
TDS/TCS Payment
10 June – Excise Returns
Monthly
15 June – PF Payment
15 June – Advance
Tax –
Companies
20
June – VAT Payment*
20 June – Professional Tax

Payment*

21 June – E.S.I.C Payment
25 June – PF
Return
*E-payment in
Karnataka

Tax reform is taking the taxes
off
things   that have
been
taxed in the past and putting taxes on things that
haven’t been taxed before.

Hi All
Someone said ~ The drop of rain maketh a
hole in the stone, not by violence, but by oft
falling.
It seems to be true with our most active
regulator Ministry of Corporate Affairs often issuing ‘edicts’
on corporate governance, green initiatives, e-meetings,
business language reporting etc. as businesses move towards
self-regulation and voluntary disclosures. Invariably this
calls for good systems and processes by corporates as also
greater diligence and integrity on the part of professionals
who play an integral role. As the regulator turns an
‘integrator’ and ‘facilitator’, the onus on the professionals
to be vigilant and muster courage not to toe the line of
errant clients is all the more. Slowly but surely these
continuous changes are bound to make a positive dent in the
business environment that we are operating in.
You can
find all the earlier issues of Lexspeak under Resource Centre
in our website sharadasc.com

To
read the earlier issues and articles Click Here

Sincerely
Lex Valorem Team

Guidelines for
Fast Track Exit mode for defunct companies
Fast track exit by
a defunct company now comes at a cost – Rs.5000 filing fee
along with data to be furnished in Form FTE and certain
parameters to be met as per latest MCA guidelines effective
from 3rd July, 2011.
Download Circular
>
MCA to penalize
professionals for False Certification
“Exercise diligence
while certifying e-Forms or else face penalties” – that seems
to be the mantra of the Ministry of Corporate Affairs for CA,
CS & CWAs who have made false or incorrect certification.
The onus is now on practicing professionals to ascertain all
the facts, ensure compliance and certify correctly failing
which their licence could also be cancelled.
Read
More >
Consolidation of
DIN process
– The various
changes effected in the DIN process over the last few months
have been consolidated by MCA through a Notification.
Download
Notification >
– To avoid
duplicate DIN, MCA has made PAN mandatory for obtaining
Director Identification Number (DIN) w.e.f. 12th June,
2011.
Download
Circular >
Clarification
w.r.t. meetings via e-mode
MCA has clarified
that it is optional for companies to arrange for meetings of
Board and Shareholders via electronic mode. The Circular
issued earlier is only an enabling one. Alongwith other
clarifications, the circular also stipulates that after FY12
this is mandatory for listed companies.
Download
Circular >
Private Companies
also come under the ambit of XBRL reporting
In supersession of
all the earlier circulars, MCA has issued a new Circular
extending the scope of XBRL reporting to Private Companies
also. As per the new Circular, XBLR reporting from 2010-11
onwards is now applicable to all the listed companies and
their Indian subsidiaries and all other companies having a
paid up capital of Rs. 5 crore and above or turnover of Rs.
100 crore and above, subject to exclusion of certain class of
companies.
Download
Circular>
Settlement of
prosecution cases
In order to
expedite disposal of prosecution cases MCA has directed
Regional Directors to organize Lok Adalats in the offices of
concerned Registrar of Companies. Detailed guidelines for the
same may be perused.
Download
Circular >
Compliance w.r.t.
filing of Annual Accounts
ROC not to accept
any request (oral/writing/e-Forms) for recording any event
based information/changes from companies who have defaulted in
filing their updated Balance Sheet, P& L Account and
Annual Return. This is effective from 3rd July, 2011
which means no annual filing can be kept pending.
Download
Circular>
Introduction of new Rules by MCA
In supersession of the
earlier rules, MCA has introduced the following new rules viz.
– Companies (Cost Audit Report)
Rules, 2011
Download
Circular>
– The Companies (Cost
Accounting Records) Rules, 2011
Download
Circular>
– The Companies (Passing of the
Resolution by Postal Ballot) Rules, 2011
Download
Notification>
Remittance of assets by foreign nationals –
Opening of NRO Accounts
To
facilitate the foreign nationals to collect their pending dues in
India after their employment, RBI has permitted to re-designate
their resident account maintained in India as NRO account on leaving
the country subject to conditions.
Download
Circular>
Lex Valorem India Pvt. Ltd. #405, 7th Cross, IV
Block, Koramangala, Bangalore – 560 034
sharadasc.com Phone : +91 80 25534374 , +91
80 25536618 Email: [email protected]