| lexspeak |
| Hi Folks |
| Greetings from the 64th issue of Lexspeak on the occasion of 65th Indian Independence Day ! |
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As a nation, we celebrated 65 years of Independence on 15th August, 2012. From patriotic euphoria in the initial years to socialistic curbs in the ’70s and ’80s to the welcome reforms in the ’90s to the current despondency stemming from the widening gap between plentitude and penury – India and her people have seen it all. Some in entirety while some in parts. Earlier we fought external foes but today we are fighting internal ‘friends’ in the form of crippling corruption, increasing intolerance, stifling bureaucracy, incoherent regulations, inexplicable prejudices, intellectual dishonesty et al though we are living in the ‘post reform’ era where we seemingly enjoy better freedom of thought, expression and action. Can we bequeath a better future to our coming generations ? A future that befriends the legacy we have inherited – in Mark Twain’s words |
| “India is the cradle of the human race, the birthplace of human speech, the mother of history, the grandmother of legend, and the great grand mother of tradition.” |
| Let us dream big, aspire high and work with complete integrity to preserve such an India for posterity. |
| To read the earlier issues and articles –Click Here
Sincerely
Lex Valorem Team |
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| Notification No.30/2012-Service Tax, dated the 20th June, 2012 has been amended with the following implication: |
- Service tax to be paid by the receiver of services in case of services provided or agreed to be provided by a director of a company to the said company.
- 25% service tax to be paid by the security services provider and the balance 75% to be paid by the receiver of services.
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| Approval of the Central Government is not required if the remuneration of Non-Whole Time Director(s) exceeds the ceiling limit of 1% or 3% of profit as applicable, solely on account of payment of service tax by the company. This provides relief to companies who are liable to pay service tax on commission / sitting fee payable to directors for services rendered. |
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| Companies which have filed multiple Form 5 INV while uploading the information about unpaid and unclaimed amounts of the company for the year 2010-11 need to file a single form and upload the details before 31st August, 2012. |
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| Companies who are required to file their Balance Sheet and Profit and Loss Account under Non XBRL as per Revised VI schedule can file without penalty/additional fee up to 15th September, 2012 or within 30 days from the date of AGM whichever is later. |
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| All Companies shall use the Product and Activity Groups as mentioned in this notification and aligned with the Central Excise Tariff Act for filing of Cost Audit Report and Compliance Report. |
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