Volume 3
Issue No. 37 / 2011
Lexspeak July,
2011

Thought for
the day
The empires of the future
are the empires of the mind.

News from
the Govt

MCA
Service Tax
RBI
DGFT

INCOTERMS
2010

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)
DDP – Delivered Duty
Paid
Meaning
The Seller delivers the goods cleared for
import to the Buyer at destination. The Seller bears all
costs and risks of moving the goods to destination,
including the payment of Customs duties and
taxes.

Statutory
Compliance
Chart
July 2011

S M T W T F S
31 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 July
– Service Tax     Payment
05
July – Excise Duty Payment
07 July –
TDS/TCS Payment
10 July – Excise Returns
Monthly
15 July – PF Payment
15 July – TDS
Quarterly Return
20 July – VAT Payment
20 July – PT
Payment
21 July – E.S.I.C Payment
25 July – PF
Return
30 July – Form 16A
(TDS Certificate)
31 July – Filing of IT Return*
*For non corporate assessees without tax
audit
Taxes are what we pay for civilized
society.

Hi All

“Do you know why
a Car’s Windshield is so large & the Rearview Mirror so
small ? Because your PAST is not as important as your FUTURE.
Look Ahead and Move on.”

As we look back
on the 1/2 year gone by and look ahead at the 1/2 year that is
to unfold, we realize that there were lots of goals set,
targets fixed. We would have achieved a few, accomplished a
few, faltered on a few others, failed a lot and sometimes gone
beyond our own expectations too. Nevertheless what is
important is have we put the full efforts ? have we made
whole-hearted attempts with sincerity and self-belief ? If
yes, it is time to move on even while analyzing where and how
we can improve. If not, it is time to definitely look back and
find the answers but in the process let us not lose sight of
the journey ahead that is so promising and
encouraging.

As for the ‘knowledge-journey’, read on.
You will find several notifications and circulars relating to
various departments of the Indian Government.

To read
the earlier issues and articles Click Here

Sincerely
Lex Valorem Team

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 from FY 2006-07 to 2009-10. This is effective
from 3rd July, 2011 which means no annual filing can be kept
pending.
Download Circular
>
MCA to introduce
NEFT payment mode
Ministry is
introducing payment of MCA fees via NEFT (National Electronic
Fund Transfer) mode, in addition to already existing payment
methods.
Read
More >
MCA gives a last
chance to clear pending forms filed
MCA in order to
reduce the pendency of forms prior to implementation of
revised Regulation 17 of the Companies Regulation, 1956 has
decided to re-open pending forms under Held in Abeyance
category till 7th July, 2011. Stake holders can track the work
items in MCA21 portal and contact concerned ROC to clear the
pending forms.
Download
Circular >
Point of Taxation Rules amended
Point of taxation rules has been amended to include consulting engineer in relation to advice, consultancy or technical assistance in any manner in one or more disciplines of engineering including the discipline of computer hardware engineering under rule 7 (c). Impact is that the point of taxation for such services is the date on which payment is made or received.
Download
Notification >
Overseas Direct
Investment- Liberalisation / Rationalisation
RBI has
consolidated various circulars relating to transfer by way of
sales of a joint venture or wholly owned subsidiary (JV or
WOS) outside India with and without write off.
Download
Circular>
DEPB scheme
extended
DEPB scheme which
is due to expire on 30th June, 2011 has been extended for
another 3 months upto 30th September, 2011.
Download
Notification >
Declaration of
intent to avail export benefits
Declaration of
intent to avail export benefits is to be made on free shipping
bills if they are under chapter 3 (Focus market, Focus product
etc) of the Foreign Trade Policy, 2009-14.
Download
Public Notice>
Served From India Scheme (SFIS)
Applications under Served
From India Scheme (SFIS) are to be submitted in the new form ANF 3B.
Download
Public Notice>
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Block, Koramangala, Bangalore – 560 034
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80 25536618 Email: [email protected]