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Hi Folks
“Citius, Altius, Fortius” is latin for “Faster, Higher, Stronger”, which is the Olympic motto coined by Baron Pierre de Coubertin, the founder of Modern Olympics way back in 1896. The Olympic creed reads ‘The most important thing in the Olympic Games is not to win but to take part, just as the most important thing in life is not the triumph but the struggle. The essential thing is not to have conquered but to have fought well’.
This resonates with what the celebrated athlete Jesse Owens once said “If you don’t try to win you might as well hold the Olympics in somebody’s back yard.” Notice the words ‘try to win’. This try requires unparalleled drive, determination, dedication, perseverance and lots of ‘umph’ to TRIUMPH !
Be it sports, be it education, be it industry, be it profession, be it entertainment or even be it a gratis newsletter like ours…… If you are’nt going all the way, why go at all ?
Saluting this spirit of ‘doing better than our best’, we continue to bring the most current and relevant news items and information that can be relied upon. Even as we roll out this News Letter the last date for filing of Income Tax returns is extended upto 31st August, 2012. They are systematically archived for easy access at sharadasc.com
To read the earlier issues and articles Click Here

Sincerely
Lex Valorem Team

Adding to the woes of high prices, the Government of Karnataka has increased KVAT rate by 0.5% (both the 5% and 14% tariffs) vide The Karnataka Value Added Tax (Second Amendment) Bill, 2012, with effect from 1st of August, 2012.
Commercial Tax Department, Government of Karnataka has clarified that VAT dealers can download unlimited e-Sugam forms. However, VAT officers may restrict this if they are of the opinion that dealers are indulging in tax evasion.
Salaried employees are exempted from filing the returns under Income Tax for the Assessment year 2012- 13 if their total income is less than Rs. 5 Lakh subject to certain conditions.
Form 5 INV to be filed with updated information about unpaid and unclaimed amounts of the company till the date of AGM. Form should be filed within 90 days from the date of AGM.
The applicable taxonomy and validation tools for filing Cost Audit and Compliance report in XBRL mode is yet to be made available by the Ministry of Corporate Affairs (MCA). As such, timeline for filing of the reports has been extended upto 31st December, 2012 without any penalty.
  • Filing of Form 23B (Information by statutory auditor to Registrar) is free up to 5th August, 2012, after which filing fee becomes applicable.
  • MCA has made changes in Form 21(for filing notices from Court and Company Law Board) and Form 23 (for registration of resolutions).

RBI has rationalized the NEFT charges starting from Rs. 2.50/- for transfer of Rs. 10,000/- upto Rs. 25/- for amounts exceeding Rs. 2 lakh with effect from 1st of August, 2012.
RBI has introduced a new category of NBFC viz Non Banking Financial Company – Factors and issued separate Directions to them as above for regulation of Factors and assignment of receivables to them.
This article highlights the need for and significance of Management Information System in an organization.
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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