| lexspeak |
| Hi Folks |
 |
Colour, colour which colour do you see? back then, this was a favourite game that we played as children, guessing with eyes blindfolded. Can we afford to do that today even with eyes open?� Nothing seems to be as it appears to the bare eyes – there are always shades to people, events, organisations and even countries.� We need to weed through information, sieve through loads of data, pierce layers of premises to apprehend and understand.� The first step of course would be to identify what is relevant and useful. |
| Lexspeak’s efforts are always towards that – to present relevant notifications and circulars as they are framed, without any shades of opinions, inferences or biases |
To read the earlier issues and articles of Lexspeak Click HereSincerely
Lex Valorem Team |
|
 |
Time limit for relaxation of additional fee on various forms to be filed with MCA
is extended upto 31st March, 2013. The benefit is available only for forms where
the due date is on or after 17th January, 2013. However, forms to be filed on or
before 16th January, 2013 continue to attract additional fee as earlier. |
 |
 |
At 6.75% – 7.50% interest, Tax free bonds announced in the Budget 2013-14 are not
attracting estimated investments due to the restriction in the Companies Act on
corporates borrowing at a rate lower than the prevailing bank rate. It has been
clarified that so long as the yield on the said Tax free bonds is higher than the
yield on prevailing bank rate, section 372A(3) of the Act is not violated. |
|
 |
- Any amount raised by the issue of bonds or debentures
secured by the mortgage of any fixed assets excluding intangible
assets or with an option to convert them into the shares of the Companyis not
treated as deposits.Earlier the reference was to mortgage of any immovable
property.
- Along with the Regional Director, the Registrar of Companies
is also authorized to make complaints for any default in refunding the deposits.
|
 |
 |
DGFT has clarified that the three categories of supply of goods treated as Deemed
Exports i.e., Supplyunder invalidation letter issued against advance authorization,
under ICB (International Competitive Bidding) and to EOUs (Export Oriented Units)
are ab-initio exempt from payment of excise duty. As such the question of TED (Terminal
Excise Duty) refund does not arise. |
|
It is further clarified that supply of goods against Advance Release Order (ARO)
is eligible for duty drawback and TED refund. |
|
 |
Detailed procedural clarifications and instructions have been issued to exporters
and customs and excise authorities for grant of, monitoring, utilization and regulation
of Post Export EPCG Duty Credit Scrip(s) that can be used for both import of and
domestic procurement of capital goods. It is advisable to peruse the circular in
detail. |
|
 |
The benefit of exemption from bank guarantee is not extended to license holder under
EPCG Scheme, Advance Authorization, Duty Free Import Authorization etc., if the
license holder is penalized during the last 3 financial years, responsible for any
technical offences or such other offences with any intent to evade payment of duty/
tax. |
| What constitutes offences attracting penalization has been detailed. |
|
|
 |
