As Lexspeak turns 2 this November, we are infected with a different kind of energy. Energy that comes from entrepreneurs, from start ups, from business owners who could be freshly minted college graduates sporting a stubble or fairly seasoned corporate professionals beginning a new innings. It is time Bangalore, the Silicon Valley of India is rechristened as
Entrepreneurial Valley of India. It is not just IT / ITES start ups any more. The entrepreneurial spirit has engulfed a lot of other sectors as well and we can see and feel it around us. It seems to be in the air and the ecosystem is very much in place to encourage a bright idea turn into a workable business proposition.
Bitten by this e-bug, from this issue onwards we will carry articles on the legal and financial aspects to be borne in mind by an entrepreneur in his journey to success. Efforts will be to keep it simple and practical that would reflect the experience and insight that our team has gained servicing entrepreneurs of different kinds at various growth phases of business. We hope the fraternity finds it useful.Do read the regular updates. Dont miss out the latest one from MCA – XBRL filing date has been extended upto 31st December, 2011.
To read the earlier issues and articles Click Here
Lex Valorem Team
Effective form 25th November, 2011, Banks are free to determine the interest rates on SB account subject to certain conditions.
The all in-cost-ceiling limit for External Commercial Borrowings (ECBs) with 3 years to 5 years maturity period has been raised from existing 300bps to 350bps over LIBOR. The all in cost ceiling will remain same at 500bps over LIBOR for the ECBs with the maturity period of more than 5 years.
Effective form 23rd November, 2011 ECB raised abroad for Rupee expenditure in India must be remitted to India and held in Rupee account pending utilisation. However ECB raised for foreign currency expenditure can be retained abroad pending utilization.
The assessee who is not in a position to make self assessment or the proper officer who is not able to verify self assessment made or make re-assessment can go for Provisional Assessment as per the provisions of this regulation subject to certain conditions. This provision will be effective from the date of its publication in gazette.
An importer / exporter can generate a Bill of Entry / Shipping Bill number by entering the electronic declaration in the Indian Customs Electronic Data Interchange through ICEGATE or by way of data entry through the service centre by furnishing certain particulars. Specific regulations in this regard will be effective from the date of gazette notification.
The Union cabinet has approved Companies Bill, 2011 which will be tabled before ongoing winter session for consideration and passage.
Due date for filing Balance Sheet & Profit and Loss Account in XBRL mode has been extended. Now filing can be done before 31st December, 2011 or within 60 days of due date for filing, whichever is later.
The power of ideas must translate into power of action. An entrepreneur needs to make the right choice at every step. As Zig Ziglar says “Every choice you make has an end result”. It begins with what kind of legal form of business you choose to undertake the entrepreneurial activity.
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.