lexspeak
Hi Folks
Our first woman Prime Minister, Indira Gandhi’s birthday was celebrated on 19th November. The same day the first BharathiyaMahila Bank was inaugurated. Ironically the same day we had shocking videos of the attack on a woman bank employee in an ATM counter in Bangalore. As if this wasn’t enough, during the entire month, we have been horrified by the news of sexual harassment of women by men in places of power and position across
judiciary, media and politics. Not that this is something new, it is only that some women have puckered up some courage to come out in the open and fight for justice. Franklin Adams said “The true republic: men, their rights and nothing more; women, their rights and nothing less.” Seems like a dream republic !.
On another note, I am delighted to share that Lexspeak has journeyed so far for 4 full years, with almost 100% woman-support. Well, let me give it to the men folks from the technical team without whose contribution, we could not have released this newsletter every fortnight. Thanks to the entire team and also the readers for the feedback and constant encouragement.
The 4th anniversary issue carries its usual dose of regulatory updates. Should you wish to refer to any older issues of Lexspeak, do visit our Resource Centre on  sharadasc.com.

Warm regards

The threshold limit for mandatory e-payment of Service Tax & Central Excise duty has been reduced to Rs.1 lakh from the existing limit of Rs 10 Lakhs. Central Excise Rules & Service Tax Rules have been amended accordingly.

Ministry of Communication & Information Technology, through an office order, has reiterated compliance with guidelines for storage of private keys and implementation of procedures in issue of Class 2 & Class 3 DSCs so that security of private keys is not compromised with.
Exempted specified services utilized shall be furnished in Form A-3 on a quarterly basis by SEZ Unit or the Developer to the jurisdictional Superintendent of Central Excise by 30th of the month following the particular quarter.
As per the amendment to Rule 8, value of the excisable goods partly consumed by the assessee for production or manufacture of other articles shall be 110% of the cost of production or manufacture of such goods. Earlier, it was applicable only when the whole of excisable goods were consumed by the assessee

Similarly, Rules 9 & 10 relating to value of excisable goods sold by an assessee through related persons and interconnected undertakings have been amended.


Issues clarified in interactive sessions with trade regarding the Service Tax Voluntary Compliance Encouragement Scheme VCES have been tabulated by the Central Board of Excise & Customs (CBEC) for information and implementation.
MCA, vide its Circular, has clarified that Section 372A of the Companies Act, 1956 dealing with inter-corporate loans continues to remain in force till Section 186 of the Companies Act, 2013 is notified.
SEBI has advised Stock Exchanges to put a robust framework to ensure complete disclosure by listed companies, monitoring mechanism for handling complaints, detection of non-compliance, adequacy & accuracy of disclosures etc.

Any order passed by an Assessing Officer on or after 1st October, 2009 w.r.t. any Assessment Year in which he proposes any variation in the income or loss returned which may be prejudicial to the interest of the assesse must be furnished in the form of a draft order to the assesse in terms of Section 144C.
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]
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