lexspeak
Hi Folks
I may seem obsessed with the Companies Act, 2013 but I cannot be blamed, what with every passing day increasing the anxiety about what will be left for Company Secretary’s profession and what new restrictions will come up for business transactions. It is turning to be “A Midsummer Nightdream” – nay, NIGHTMARE.The MCA seems to be taking a cue from the senseless traffic
management tools of Bangalore Traffic Police. From U Turn, now it is ‘One Way’ ! What else explains the latest salvo that annual filing of only Small Companies & OPCs can be done by CSs and the bigger ones require only a CA firm to do it ? It surely doesn’t seem a “Comedy of Errors”. Added to this is the release of only certain e-forms on 28th April as against the expectation that all the e-forms will be available for use after a full month of summer slumber. Do you say “Expectation is the root of all heartache” ? Come on, give me a break. Is expecting predictability, consistency, fairplay and logic too much from a 21st century legislation ?
I wish I can brush aside all this as “Much ado about nothing”. A temporary “Tempest” that can be “Tamed” ? I am convinced that “Nothing ventured, nothing gained” and hence representations and feedback to the Ministry will continue with fond hopes that “All’s well that ends well” !
This April marks the 450th birth anniversary of Shakespeare.I couldn’t help but borrow from the Bard of Avon’s famous play titles (in bold and italics above) to ruminate on the unfolding of the CA2013 saga.
Even as you reflect, do scroll down to catch up on the other updates in this 104th issue of Lexspeak.Should you wish to refer to any of our older issues, do visit our Resource Centre at sharadasc.com.Warm regards

46 e-Forms including 3 general e-Forms required under the recently notified provisions of the Companies Act, 2013 are available for filing w.e.f. 28th April, 2014. Certain annual filing e-Forms pertaining to various provisions of Companies Act, 1956 will continue to be available for filing.

MCA still seems to be not fully ready !

The pre-certification required for e-Forms filed by Small Companies and One Person Company (OPC) remains same. But e-Form filed by other Companies requires pre-certification to be done by the professional specified in the notification w.e.f.28th April, 2014.
Ministry of Corporate Affairs (MCA) has mapped e-Forms under Companies Act, 2013 with e-Forms prescribed under Companies Act, 1956.
Reserve Bank of India (RBI) will shortly issue ₹50 and ₹100 denomination Banknotes incorporating “₹” symbol on the obverse and reverse, with inset letter “L” in both the numbering panels. All the Banknotes in the denomination of ₹50 and ₹100 issued by the RBI in the past will continue to be legal tender.

Central Board of Direct Tax (CBDT) has clarified that where an assessee incurs expenditure on a project for development of roads/highways on Build-Operate-Transfer (BOT) basis, he is entitled to recover cost incurred by him towards development of such facility during construction period. Under Income Tax Act, 1961 such cost of construction under BOT project can be amortized by treating it is allowable business expenditure.
Employees Provident Fund Organization (EPFO) will provide permanent or Universal Account Numbers (UAN) on the pattern of core banking services to its over five crore active subscribers by October 15th this year. The UAN will facilitate subscribers in avoiding filing of PF transfer claims on changing jobs.
Read this issue of Entrepreneurs World to know more about the provisions relating to Allotment of Securities under Private Placement 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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