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Hi Folks
Footprints on the sands of time or imprints in the minds of the readers……….the Lexspeak journey continues as we reaffirm to deliver authentic, reliable and practical information, consistently !
Someone said “Footprints on the sands of time are not made sitting down”…….whatever the posture and efforts, the new Service Tax law effective 1st July, 2012 is sure to have a huge impact on our lives, with service tax encompassing all but a few ‘activities’ in the Negative List of services identified by the Government of India.

As we bring you the 61st issue, we thank all those who have supported us in increasing the imprints of our footprints.

To read the earlier issues and articles Click Here

Sincerely
Lex Valorem Team

While Budget 2012-13 gave a peek into the impending mammoth changes into the Service tax laws, the actual revamping has been effected vide notification nos. 25 to 40 dt 20th June, 2012. The impact is all-pervasive and hence the need to read in detail and deliberate.
Taxation of Services: An Education Guide 20th June, 2012
As a progressive measure Central Board of Excise and Customs (CBEC) has prepared an Education Guide explaining the above.
Consequent to reorganization of Divisions and Groups in Service Tax Commissionerate, Bangalore, Service Tax assessees to declare BBMP ward numbers of their registered premises for cross-matching and confirmation on or before 25.06.2012
Modifying the existing format, RBI has introduced an easy-to-fill soft form of “Annual Return on Foreign Liabilities and Assets” having in-built validations to be filed by 15th July every year. Submission of physical documents has been done away with.
Reserve Bank of India (RBI) has permitted non-bank entities incorporated in India under the Companies Act 1956, having a minimum net worth of Rs.100 crores as per latest financial year’s audited balance sheet, to set up, own and operate ATMs in India called White Label ATMs, subject to certain terms and conditions.
The due date for filing of Form 49C (Annual Activity Statement) by Liaison Offices in India extended from 30th May, 2012 upto 30th September, 2012. Option of physical filing instead of electronic filing is available.
Certain e-forms viz. Form 23B, 24A, 36, 61, 65 etc. which were hitherto filed with ROC (Registrar of Companies), RD (Regional Director) & MCA (Ministry of Corporate Affairs) without any fee, are now to be filed by paying prescribed amount of fee w.e.f.22nd July, 2012.

Central Board for Excise Customs (CBEC) has prescribed certain safeguards, conditions and limitations for claiming refund of CENVAT Credit as also procedure for the same.
Above rules covering both Excise and Service Tax made effective from 1st July, 2012.
This article briefly explains about the Statement of Cash Flows in terms of Accounting Standard – 3.
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.

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