| lexspeak |
| Hi Folks |
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Undoubtedly the passing of the long standing Companies Bill, 2012 by the Rajya Sabha on the 8th of August, 2013 is the most prominent news for both the professionals as well as the corporates, hailed as it is as a panacea for many of the ills plaguing the corporate world ??!! Whether it is or it isn’t, it surely calls for a lot of unlearning and learning for many of us along with wide opportunities. Watering down of many restrictive conditions for setting up and |
| operation of SEZs, easing of FDI norms in select sectors and the Government’s desperate efforts to bridge the Current Account Deficit in its bid to uplift the sagging Rupee are the other important headliners. But, do spare a thought that amidst the grey, black and white of the dooming economy there are some wonderful colors and hues of flowers to be admired and cherished– a visual treat at Bangalore’s Annual Lalbagh Flower Show to mark our Independence Day. |
| On this occasion, I cannot resist but share this short patriotic poem roughly translated from Hindi:
“I don’t have the desire to be an ornament for a damsel;
I don’t have the desire to be a garland to woo a lover;
I don’t have the desire to on an emperor’s corpse;
I don’t have the desire to adorn the head of some God;
O Gardener, pluck me and scatter me on the path
taken by many courageous men who sacrifice their lives for the motherland !” |
| That was the ‘Desire of a Flower (Phool Ki Abhilasha)’ by the famous Hindi poet Makhanlal Chaturvediji. What is your desire on the eve of the 67th Independence Day ? |
| Should you wish to refer to any older issues of Lexspeak, do visit our Resource Centre on sharadasc.com
Warm regards
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| The Companies Bill, 2012 was passed by the Rajya Sabha on 9th August, 2013, paving the way to replace the half century old Companies Act, 1956. The new Companies Bill, on its enactment, will allow the country to have a modern legislation for growth and regulation of corporate sector in India. The salient features of the new Companies law are: business-friendly corporate regulation, CSR, e-Governance Initiatives, enhanced disclosure norms, enhanced accountability of Management, Audit accountability, Protection for minority shareholders, Investor protection and activism. |
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Effective from the Gazette Notification, SEZ Amendment Rules, 2013 have relaxed many conditions, to woo investments into SEZ (Special Economic Zone):
 No minimum land requirements for IT sector. Only minimum built up area from 25,000 to 1 lac sq.mtrs.
Multiproduct SEZ minimum land requirements halved from 1000 hectares to 500 hectares. Single product from 100 to 50 hectares.
Minimum land requirement for SEZ for agrotech, electronics hardware, biotechnology, non-conventional energy, handicrafts etc. only 10 hectares.
Exit from SEZ scheme by transfer of assets & liabilities to another entity possible, subject to certain conditions & approval of SEZ Approval Committee. |
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| The Central Board of Direct Taxes (CBDT) has issued revised forms and procedure vide following amendments to the Income Tax Rules: |
11th Amendment: Revised Form No. 10F which is to be furnished by a non-resident along with a tax residency certificate to claim tax benefits under section 90 and 90A of the Income Tax Act,
effective from 1st April, 2013. |
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| 12th Amendment: Revised Form No.15CA for furnishing of information by a person responsible for making payment to a non-resident under section 195(6) of the Act, effective from 1st October, 2013. |
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13th Amendment: Revised Form No. 64 for filing statement of Income paid or credited by a
Venture Capital Company under section 115U of the Act, to be effective from the date of
publication. |
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