“There’s never time to do it right, but there’s always time to do it over.” – Murphy’s Law.
Pilots of these daring machines wouldn’t agree one bit on this! The precision and parity with which they fly, they wouldn’t be alive if they didn’t get it right each time they fly. At the recently concluded Aero India, 2013 at Bangalore these aircrafts/ choppers were the darlings of the crowd, zipping past each other in perfect harmony and synchronization as if they were performing a
Ballet on stage and not flying in formations up there thousands of miles above.Man, Machine and Mission – it was mystical magnificence at its best. But amongst these heavenly beauties, a majestic lone bird flew nonchalantly, oblivious to its man-made co-passengers in the sky, daring them to show off their acrobatics. Its simple, effortless swoops and dives, smooth glides and soundless maneuvers got us thinking – who is this Super Scientist who has designed this breathtaking aerodynamic model in flesh, blood and feathers?? It was truly humbling as we stood transfixed amidst the din of the roaring aircrafts!!
As you mull over the ‘beings up above’, let us bring you to ground zero. This is the 3rd issue of Lexspeak for 2013. As the country gears up to be either cheered or jolted by an impending Budget by the Finance Minister on 28th February, the season of extended timelines for filing e-forms on MCA (Ministry of Corporate Affairs) portal continues……..just like the ‘end-of-season-sales’ throughout the year !! We seem to have lost track of the original due dates and the extended ones – so much so that the Statutory Calendar is growing in length of late.
To read the earlier issues and articles of Lexspeak Click Here
Lex Valorem Team
MCA has relaxed imposing of additional fee for late filing of forms where the due date of filing is on or after 17th January, 2013. The company can avail this extension till 28th February, 2013 only after making a request by company/professional to the ROC along with the supporting documents.
Why 17th January, 2013? that is the D-Day when the Big Boy of the Indian IT Industry, Infosys took over managing the MCA portal. It has been disaster since then with the break-down of the entire e-portal and no filing possible. No wonder industry and professionals are either wrenching their hands in despair or folding in prayer !!
XBRL Annual filing
It is not surprising that MCA has yet again extended the time limit for filing Balance Sheet & Profit and Loss A/c in extensible Business Reporting Language (XBRL) mode to 28th of February, 2013. This could well go beyond this FY12 -13 !!
Cost Audit Compliance Report filing
Time limit for filing of Cost Audit Report and Cost Compliance Report (XBRL mode) for the FY11-12 (including previous years’) which is 180 days from the close of the FY has been extended to 28th February, 2013.
India and Malaysia have signed a Double Taxation Avoidance Agreement (DTAA) effective 1st April, 2013 which provides relief from taxation in either countries broadly on income from immovable property, business profits, salaries, dividends, royalty, gain from sale or transfer of property, interest, directors’ sitting fees etc.
Exporters who have filed Shipping Bills (SBs) under Chapter 4 (Advance Authorization etc.), Chapter 5 (EPCG) and Chapter 6 (EOU, STP etc.) of the FTP (Foreign Trade Policy) are also eligible to claim Chapter 3 (certain schemes) benefits for the period from 1st January, 2011 to 2nd June, 2011, even though the “Declaration of Intent” does not appear on such SBs. However such application for Chapter 3 benefits must be filed before 30th April, 2013.
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.