Hi Folks
Let me begin this issue seeking the blessings of the Elephant-headed God Ganesha who will be welcomed home tomorrow with joy and gaiety. He is worshipped before we commence any new task so that there are no obstacles in the way. While for some obstacles are unrecognized opportunities, for those that are awake and alert, obstacles are opportunities
looming large. One such celebrity is Dr. Malathi Holla (in the picture) who despite being wheel-chair bound has many achievements to her credit. She has many awards bestowed on her – Padmashree, Arjuna, Ekalavya, Aryabhatta, Karamveer, Sankalp Ratna, Manava Ratna… … … … .the list is endless together with some 300 medals. She is a paraplegic Olympian, a great sportswoman who says “Our mind is not paralysed, our hands are not paralysed, our heart is not paralysed… … … … .only a small portion of our body is paralysed. So, what stops us from achieving what we want ?” She has turned every single obstacle in her life into an opportunity and is now running an NGO called ‘Mathru Foundation’ for handicapped boys. Instead of lamenting over her own destiny, she is creating one for others ! Salutations to this wonderful human being who is modesty personified.
Now, back to our daily grind of clarifications and notifications. The fortnightly update is captured in this Festival issue of Lexspeak. Happy Ganesha Chathurti and a long weekend !
Should you wish to refer to any of our older issues, do visit our Resource Centre at sharadasc.com.Warm regards

Continuing the clarifications spree, MCA has issued clarifications about related party transaction which makes it even more stringent.
Central Board of Direct Taxes(CBDT) has extended due date for furnishing Tax Audit Report u/s 44AB of the Income Tax Act,1961 from 30.09.2014 to 30.11.214 for FY 2014 -15.
Under Public Provident Fund (Amendment) Scheme, 2014, Government of India has enhanced the individual subscription limit for Public Provident Fund (PPF) from existing Rs. 1,00,000 to Rs. 1,50,000 in a financial year.
Commercial Tax Department of Karnataka has declared the process, instructions and procedure for downloading of CST forms by dealers who have failed to declare or wrongly entered the interstate purchase value or stock transfer values.
The Government has raised the Foreign Direct Investment (FDI) limit in Defence Sector from 26% to 49% through approval route. However, the company would need to be ‘owned and controlled’ by resident Indian citizens/Indian companies.

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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