“Make-in-India, Mangalyaan, Madison Square, Modi” – the M word seems to be the flavor this festive season. But the Moment of Truth will arrive when the ambitious announcements made by the PM actually become a ground reality. Two of his intentions are priority in my wish list – ease of doing business and eliminating unnecessary laws. Perhaps Modi is able to sell his dreams
abroad but can he do it in India, given the multi-party Centre-State relationship and the Central, State and Concurrent List in the Constitution ? Will he be able to get a buy-in from the State Governments ? Will his dream percolate down as action at the municipal and panchayat levels ? Why go so far ? Will the ‘ease of doing business’ intent be put into action first in the mother legislation – Companies Act, 2013 which is evolving and changing faster than the mobile phones of youth today ? ‘Do it right first time’ is the quality mantra but with this piece of law it is ‘Fix it every time’. When we professionals ourselves are unable to understand and interpret the law correctly (most of the times, bad drafting being the reason) how can one expect promoters and companies to comply with it ? Simplicity in communication and clarity of thought which are Modi’s hallmarks of oratory must be translated into legislations, intentions and actions. Only then will laws become unambiguous and doing business be easy.
The other M is the Mind which can get into boundless orbits and achieve unimaginable things. What is required is discipline and determination. You will be surprised with what can be achieved through this infinite power source called Mind. This Navarathri let us channelize and energise our minds for our own betterment and the community at large.
This issue is coinciding with the 1/2 year bank closing, AGM due dates, IT return filing etc, Almost all spheres of businesses and professionals are in a rush to ensure compliance. Here is wishing happy filing and festivities ! Should you wish to refer to any of our older issues, do visit our Resource Centre at sharadasc.com.Warm regards
Indian Companies are permitted to issue equity shares to non-residents against amount due towards lump sum know how fee, royalty, ECB etc. Now RBI has permitted Indian Companies to issue equity shares to a resident outside India against any other funds payable by the Company provided such remittance does not require approval of the Govt. of India or RBI.
Affidavit to be enclosed along with DIN application is omitted.
DIR-1 by Independent Director need not contain details of PAN and mother’s and spouse’s name.
In the absence of a last name, a DIN applicant shall declare his father’s or grandfather’s surname name in Form DIR-3A.
Director appointed before 30th June, 2007 but not yet intimated his DIN must do so in Form DIR-3B.
The Central Govt. delegates the power of the Central Board of Excise and Customs (CBEC) to Principal Chief Commissioner of Central Excise or the Chief Commissioner of Central Excise or Service Tax. The delegated power relates to specifying the jurisdiction of Commissioner of Central Excise/Service Tax – Audit/Appeal w.e.f 15th October, 2014.
Services rendered by JV to members and vice versa as well as members inter se would fall under ambit of service tax, if consideration for the same is in the form of cash calls or capital contributions received by JV from its members. Here JV refers to an unincorporated association of persons. Terms and conditions of JV agreement become relevant.
The CBEC has issued clarification relating to procedure and payment of pre deposit amount in the event of appeal under Central Excise, Customs and Service Tax. It also includes recovery of amount during pendency of appeal, refund of pre deposit etc.
Wind mills and devices running on wind energy installed on or after 1st April, 2014 can claim depreciation under IT Act at the rate of 80% subject to certain terms and conditions. Earlier it was permissible for installation made on or before 31st March, 2012.
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.