3 “apples” that changed the world � Adam & Eve�s, Newton�s, Steve Jobs� !! Each of them has been a “revelation” and a “revolution” that has transformed mankind in inexplicable ways. So truly reflecting what someone said “An invention has to make sense in the world it finishes in, not in the world it started”. This calls for extraordinary courage to break the clutter, redefine boundaries, push the envelope, look beyond and “find” � not just seek !
Well, we do not claim to be delivering any earth-shattering news every fortnight but yes, in our own small way we strive towards quality, reliability and innovation by coming up each time with clutter-breaking banners that are sure to arrest your attention, not to mention the knick-knacks of regulatory updates, tax calendar, legal terms balancing along side �pearls of wisdom� !! We shall keep evolving and redefining as we move along.Do not miss the most important circular on FDI effective 1st October, 2011 as also other updates from governmental authorities / ministries.
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Lex Valorem Team
CLSS, 2011 which was to end on 31st October, 2011 has been extended until 15th December, 2011on the existing terms and conditions.
Time for filing DIN 4 by DIN holders to update PAN details has been extended until 15th December, 2011. Non compliance will attract penal action.
Only an Architect /Firm of Architects registered with the Council of Architects can use the title and style of architect and practice the profession of architects in India. Consequently the Central Government is examining whether Companies and LLPs registered with object of carrying the business of architects should be allowed or not. Pending a decision all registrations will be kept under abeyance.
Revised application cum declaration form for purchase of foreign exchange by resident individuals under Liberalized Remittance Scheme (USD 2,00,000) has been introduced.
In a bid to enable migrant population not having bank accounts to do Domestic Money Transfers through formal banking channels, RBI has relaxed the rules relating thereto subject to certain conditions mentioned in the enclosed document.
Audit officer has been authorized to conduct the post clearance Audit relating to the goods that are imported/exported at the premises of such importer/exporter. Such importer/exporter can also pay the duty specified by such auditor subject to certain conditions.
Central Board of Excise and Customs has issued detailed guidelines for mandatory e-filing of Central Excise and Service tax returns. The immediate D-day is 25th October, 2011.
In addition to the existing circumstances under which TDS refunds can be obtained (vide Circular no. 7/2007 dated 23-10-2007) CBDT has provided a new circumstance i.e. if TDS deducted under DTAA is higher than the rate under the Income Tax Act, 1961, the deductor is eligible to claim refund of the higher rate paid.
Highlights of new FDI Policy effective 1st October, 2011:
Instruments with�options to exit (buy back/selling to 3rd party) � ECB and not FDI
“Industrial Activity”, under Industrial Parks will also cover “R&D in Bio-Tech sector”
Enhanced FDI limit – Music to the ears of FM Radio
Allotment of Equity shares against imported capital goods & preoperative expenses relaxed
Introduction of pledging of shares� and opening of non-interest bearing escrow accounts
Infrastructure development in Education sector and Old age homes gets a fillip
Note: The contents of this Newsletter 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.