It doesn’t matter where you go in life, what you do…….
it’s who you have beside you.
Know Thy Laws
Name: Factories Act, 1948 read with respective State Rules
Effective Date: 1st April, 1949
Objective: To regulate labour in factories and to provide protection to the workers including improvement of working conditions within the factory premises.
Applicability: Whole of India
Registration of Premises engaged in manufacturing activities wherein:
(i) 10 or more workers are employed with use of power
(ii) 20 or more workers are employed without the use of power
(iii) Less than 10 workers, if activity is notified by the State Government.
– Service Tax Payment 05
Aug – Excise Duty Payment 07 Aug –
TDS/TCS Payment 10 Aug – Excise Returns
Monthly 15 Aug – PF Payment 20 Aug – VAT Payment 20 Aug – PT
21 Aug – E.S.I.C Payment 25 Aug – PF
Return 31 Aug – Annual Information Return to Income Tax department
Any tax is a discouragement and therefore a regulation so far as it goes.
Lex Valorem was born 1/2 a decade ago. As we complete our 5th year, we recall with pride and humility the significant role several of you have played during these formative years – as clients, as vendors, as business associates, as mentors, as employees and as well wishers. Each one of you has been a partner in progress in our ‘valorem’ (value) – based journey as we continue our steps of confidence, commitment and responsive communication. Thank you for being beside us, year after year.
Lex Speak was born 40 fortnights ago. As we continue to share news updates, regulatory changes, insightful articles, important dates and demystify certain legal and commercial terms, with this issue we begin to introduce you to the ‘Laws of India’ – as they say ignoratia legis non excusa (ignorance of law is no excuse).
To read the earlier issues and articles Click Here
Sincerely Lex Valorem Team
Company Law Settlement Scheme (CLSS), 2011
After the great success of CLSS, 2010, Ministry of Corporate Affairs (MCA) has again introduced Company Law Settlement Scheme, 2011. Under this scheme, companies can regularize their filings by paying only 25% of the Additional Fees for delayed filing. But, unlike CLSS 2010, the current scheme covers only Annual filing documents (i.e. e-form 23AC & ACA, 20B, 21A and 66).
Hurry the scheme is open only from 12th August, 2011 to 31st October, 2011.
…………and you thought discounts are only during promotional offers or stock-clearance sales!!
ODI rings a bell in our minds – Overseas Direct Investment if you are a businessmen or professional and One Day International, if you are a cricket buff. Heard of “OID”….Officer in Default?
Well, MCA has issued a Master Circular on director as “Officer in Default” under the Companies Act, 1956. Though this is a detailed checklist of verifications to be made by Registrar of Companies (ROC) while deciding a Director as “Officer in Default”, entrepreneurs, professionals and others who flash fancy business cards designated as “Director” would do well to read this thoroughly. The emphasis is on “Board Process” which is unfortunately missing in many corporates leading to mis-governance and scams.
You cannot carry rice either as passenger baggage or despatch by courier from India to your loved ones in the US in view of the new phytosanitary regulations of U. S. Department of Agriculture. This is effective from 30th July, 2011.
Central Board of Excise and Customs
(CBEC) has clarified that in simple cases of issue of show
cause notices for procedural violation against 100% Export
Oriented Units (EOUs), they will not be denied exemption from
furnishing bank guarantee at the time of import or for sending
goods on job work in Domestic Tariff Area (DTA).
From “Right to Education” to “Right to Answer Sheet”, the Supreme Court has the last word.
Until now students knew how many marks
they have secured in an examination. Thanks to the Supreme
Court of India, they now have access to “how the marks have
been awarded”. In a far reaching judgment, the apex court has
upheld Kolkata High Court decision that students aggrieved by
the marks awarded to them in the exams can now make an
application under Right to Information Act, 2005 to obtain
their evaluated answer sheet.