Lexspeak
Hi Folks
“Everyone has the right to freedom of opinion and expression; this right includes freedom to hold opinions without interference and to seek, receive and impart information and ideas through any media and regardless of frontiers.” This is enshrined in Article 19 of the Universal Declaration of Human Rights. Amongst several rights, today the right to not only seek and receive information but also the right not to receive
unnecessary and intrusive information seems to be equally important, as we observe December 10th as World Human Rights Day.
Well, this brings us to our own Lexspeak. While we have received some encouraging feedback from some of you over the last 3 years, a few have requested for ‘unsubscribe’ too. Readers’ Speak is a section we will introduce in our Resource Centre in sharadasc.com where you will find readers speak about Lexspeak. Rights and Responsibilities go hand in hand. We respect and honour your right to your space and time and shall discharge our responsibility to make Lexspeak worth it. As Robert Ingersoll said “Give to every human being every right that you claim for yourself.”
To read the earlier issues and articles of Lexspeak Click Here

Sincerely
Lex Valorem Team

ANF 5B (Statement of exports for redemption of EPCG authorizations) has been modified to include a lot of information which DGFT (Director General of Foreign Trade) was otherwise asking for as additional information / clarifications. Form is more specific & comprehensive now.
EPCG Export Promotion Capital Goods redemption form modified
3 media reports about the Employee Provident Fund Scheme – one is a change in PF Rules, that is against worker’s interests, another is the introduction of electronic Pass Book System which gives real time account details to employees and third is a change in the base amount qualifying for PF deductions which now includes a lot more components of salary resulting in lesser take home pay for employees. We are yet to lay our hands on the source notification / circular.

However, the latest breaking news is government is likely to put on hold implementation of the clubbing of allowances with basic wages for computing PF contribution.Status quo is maintained.

EPF scheme in the news for both right and wrong reasons 1
EPF scheme in the news for both right and wrong reasons 2
EPF scheme in the news for both right and wrong reasons 3
EPF scheme in the news for both right and wrong reasons 4
EPF scheme in the news for both right and wrong reasons 5
The XBRL (Extensible Business Reporting Language) filing fever continues through the winter till 15th January, 2013 ! Yes, timeline for XBRL filing of accounts by companies has been extended by another month as per MCA’s latest circular.
Secondly Second Amendment Rules to XBRL filing have been notified, effective 2nd December, 2012.
XBRL filing date extended Circular
XBRL filing date extended Notification
Income Tax (15th Amendment) Rules, 2012 has amended certain terms like ‘Accountant’, ‘Balance Sheet’ and calculation of Fair Market Value (FMV) of uquoted equity shares, to make the meaning more specific and clear. Rule 11U and 11UA referring to these terms deal with determination of FMV of property other than immoveable property.
Amended IT Rules for FMV of property

RBI has extended the time limit for replacement of non CTS-2010 Standard Cheques with CTS-2010 Standard Cheques from 31st December, 2012 to 31st March, 2013. This means the existing cheque leaves can continue to be used.
Standardization of cheques CTS 2010 Standards
The current All-in-cost ceiling w.r.t. ECB (External Commercial Borrowings) Policy and Trade credit for Imports into India will continue to be applicable till 31st March, 2013. For a quick reference, current ceiling structure is attached.
All in cost ceiling for ECB and Import Trade Credit extended 1
All in cost ceiling for ECB and Import Trade Credit extended 2
All in cost ceiling
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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sharadasc.com Phone : +91 80 25534374 , +91 80 25536618 Email: [email protected]
EPCG Export Promotion Capital Goods redemption form modified EPF scheme in the news for both right and wrong reasons 1 XBRL filing date extended Circular Amended IT Rules for FMV of property Standardization of cheques CTS 2010 Standards