lexspeak |
Hi Folks |
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“Integrity is doing the right thing even if nobody is watching “. Whether the world is watching, regulators are watching, shareholders are watching, customers are watching, employees are watching, competitors are watching, media is watching or not – it is not about who is watching. The moot question is ARE YOU WATCHING YOURSELF ? IS YOUR CONSCIENCE WATCHING YOU ?? |
With increasing scams and frauds due to lack of probity and integrity in almost everything around us it is difficult not to sound cynical but yes, there is a huge deficit – not revenue deficit, budget deficit, monsoon deficit or sales deficit but INTEGRITY DEFICIT. With intense pressure on targets, deadlines, topline, bottomline, cashflows, compliances etc. and the urge to beat expectations from investors, parent companies, markets etc. it is tempting to take the shortest path available but just step back for a moment and change roles – BECOME A SELF WATCHDOG. Let your conscience do the talking before your words become deeds.
To move from ‘compromise’ to ‘compliance’ we bring you all the regulatory updates on service tax, company law, customs, excise and of course select consolidated Policy Circulars of the apex bank in India (RBI) which are released every July. |
To read the earlier issues and articles Click Here
Sincerely
Lex Valorem Team |
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- XBRL filing for FY 11-12 not yet enabledCompanies required to file their Audited Financial Statements for FY 11-12 in the XBRL mode exempt from additional filing fee up to 15th Nov, 2012 or 30 days from their AGM whichever is later, since the Ministry Of Corporate Affairs is yet to notify the validation tools for filing in XBRL and revised Schedule VI format.
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- Cost Audit and Compliance Report filing only after 31st July 2012Filing of Cost Audit Reports and Compliance Reports in XBRL mode permitted after 31st July 2012.
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As is customary, Reserve Bank of India (RBI) has issued following Master Circulars (MC) effective 1st July, 2012 : |
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- MC No 4 – Acquisition of Immovable Property by NRIs / PIOs / Foreign Nationals
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- MC No 6 – Misc remittance facilities for residents from India
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- MC No 7 – Establishment of Liaison / Branch / Project Office in India by foreign entities
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- MC No 8 – Remittance facilities for NRIs / PIOs / Foreign nationals
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- MC No 9 – Compounding of contraventions under FEMA
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- MC No 11 – Direct investment by residents in JVs / WOSs abroad
- MC No 15 – Foreign Direct Investment (FDI)
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New accounting code introduced for payment of service tax under the Negative list approach. |
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Clarification has been issued under Point Of Taxation Rules relating to
- Continuous supply of service
- Works Contract
- Determination of Value
- Partial reverse charge relating to specific services
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