“For every minute spent in organizing, an hour is earned”. Just imagine what this would translate to if we set aside the entire day of 29th Feb (leap year day) for planning and organizing – 1440 hours extra. This would undoubtedly help us in “doing things right” and avoid “doing it over”. Instead of cribbing and cringing that “we are busy”, “we do not have time”, “don´t know how time flies” or “if only we had more hours in a day”, isn´t it worthwhile to make the best of what we have by staying better informed, better organized and better planned?
We sincerely hope the news updates and articles we have been carrying for more than 2 years now help you stay on top and take “informed decisions”. Let us admit that the whole exercise of news compilation, articles drafting including deciding on the banner and other tidbits has improved the team´s planning, coordination and execution abilitiesTo read the earlier issues and articles Click Here
Lex Valorem Team
A simple letter with name and address of applicant as well as beneficiary along with amount to be remitted and the purpose of remittance is what is needed to release the foreign exchange amount up to US$5,000 for payment towards imports (earlier limit was US$500). Application in Form A-1 is a must for forex amount exceeding the said limit.
AD Category 1 Banks have been authorized to approve the request to receive advance payment for exports which involve shipment of goods only after a year or more subject to compliance of certain conditions by exporters. This was hitherto being done after RBI approval.
Persons resident outside India need to report to RBI, Mumbai in Form IPI the details of immovable properties acquired by them in India for setting up a branch, office or other place of business, excluding a liaison office. Such reporting is not applicable to non residents who are either the Citizens of India or Person of Indian Origin.
Software exporters with annual turnover of more than Rs. 1,000 crore or who submit more than 600 SOFTEX forms a year can give the detailed statement in excel sheets along with SOFTEX form in quadruplicate to STPI for certification. The revised procedure effective form 1st April, 2012 at select STPIs is intended to reduce the time and documentation involved for export certification.
Individuals with income from salary and other sources by way of interest from savings account not exceeding Rs. 5 lakh need not file their Income Tax (IT) returns for the Assessment Year 2012-13 (previous year 2011-12) subject to compliance with certain conditions. This exemption is available from the date of publication of the notification in the Official Gazette.
Service Tax department has clarified that Service Tax (ST) is not leviable on the toll paid by the users of road including roads constructed by Special Purpose Vehicles (SPV) under an agreement with Highway authorities. But if such toll is collected by independent entity on behalf of such SPV and a part of collected toll is retained by them in any other manner, then ST liability will arise on such consideration paid to such entities.
Read this issue of EW to understand the post incorporation steps required to make the company operational. Non-resident investment calls for specific compliances under FEMA, 1999 which has been explained.
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.