Life is full of ups and downs – much like our Bangalore roads made interesting or worse (as you see it) with unexpected one-ways, traffic clogged intersections, fly-overs with signals, abrupt dead-ends, blockades due to some social or political events, broad crosses and narrow mains, unwanted humps et al. This is so true of so many other Indian cities as well.Perhaps the uncertainty and chaos makes life so resilient and interesting. Add to this the
innumerable festivals and celebrations all through the year and you are bound to be pepped up despite negative sentiments all around. Economy is not complaining either during these short bouts of heightened activity.
As we bid farewell to the 10 day long Dussehra celebrations, we look forward to the festival of lights in a few weeks from now. Falling stock indices, fluctuating currency, lower growth rates, shrinking job markets, shooting inflation, natural or man-made calamities – nothing can dampen the human spirit. Life continues to be celebrated amidst small little joys and smiles !
Notwithstanding a long festive weekend, my team is back with the 91st issue of Lexspeak with the usual regulatory updates and compliance reckoner.
Should you wish to refer to any older issues of Lexspeak, do visit our Resource Centre on sharadasc.com
Lex Valorem Team
CBDT (Central Board of Direct Taxes) has issued a consolidated circular clarifying rates of tax to be deducted from the head “Salaries” for assesses of different ages together with detailed explanation under applicable sections and rules relating to “Salaries” as well as illustrations for tax calculation thereon. This will serve as a useful referencer for FY 2013-14.
The Option available to exporters to regularize old EO (Export Obligation) cases by paying difference in custom duty and interest is not available if the EO period is not yet over. No refund is also available under the Option. DGFT will issue detailed procedures.
The prescribed all-in-cost ceiling for External Commercial Borrowings (ECB) (300 bps for 3-5 years and 500 bps for 5 years and above) by RBI continues to be applicable till 31st March, 2014. All other provisions under ECB policy will remain unchanged.
Capital goods removed after being used by the manufacturer or service provider on which CENVAT credit is availed shall pay an amount equal to the CENVAT Credit taken on the said capital goods reduced by the percentage points calculated under straight line method as per prescribed rates for each quarter in the year.
SEBI has notified detailed provisions for listing of securities by small and medium enterprises on institutional trading platform without making an Initial Public Offering (IPO).
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.