Hi Folks
After scoring a century, a batsmen heaves a sigh of relief as well as raises his bat in jubilation and acknowledgement to the crowd. He knows that the crowd maange more! He takes the crease with renewed energy and begins all over again aiming for another ton. We are in a similar situation as we embark on our 101st issue. I thought it is a good idea to revisit the very first issue of
Lexspeak which started with “Tamasoma Jyotirgamaya” (which in Sanskrit means “may the light of knowledge remove the darkness of ignorance”). 100 issues later, the spirit remains the same as I share the whole prayer from the Upanishad
Asato ma sadgamaya
Tamaso ma jyotirgamaya
Mrtyorma amrtam gamaya
Lead me from untruth to truth
Lead me from darkness to light
Lead me from death to immortality
This is a true prayer that should be on all our minds and lips as we strive to be good professionals and human beings. As good corporate citizens, I am sure you are aware of the advance tax to be remitted today – or else it could turn into taxing times!
Fresh, young minds are at work to continue the Lexspeak initiative that rests on the ancient prayer. Should you wish to refer to any of our older issues, do visit our Resource Centre at sharadasc.com.Warm regards

RBI has extended the date for exchanging the pre-2005 banknotes to January 01, 2015.
Subject to certain conditions, RBI has decided to allow foreign inward remittances received under Money Transfer Service Scheme (MTSS) to be transferred to the KYC compliant beneficiary bank account through electronic mode, such as NEFT, IMPS etc. in order to facilitate receipt of foreign inward remittances directly into bank account of the beneficiary.
The Central Board of Direct Taxes (CBDT) has decided, as a one-time exception, to ex-post facto extend the due date of filing of TDS/TCS statements for FY 2012-13 (2nd to 4th Quarter) and FY 2013-14 (1st to 3rd Quarter) to 31.03.2014 to overcome the difficulties faced by�Government Deductors.

Appendix 37D of Handbook of Procedures (Vol I) amended by insertion of Table 3 which includes new products which were not covered under the Focus Market Scheme (FMS) list as well as incentives in addition to those listed under Table 1 and 2. Different admissible incentive rates are applicable on export of such products from 01.03.2014 to 31.08.2014.

“Importer who issues an invoice on which CENVAT credit can be taken” is treated as an assesse requiring registration in terms of Rule 9 of Central Excise Rules, 2002. Consequently, the words ‘importer and registered importer’ have been inserted in CENVAT Credit Rules, 2004, Annexures and Returns at the appropriate places.
Read this issue of Entrepreneurs World to know more about the types of Companies under the New Companies Act, 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.

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