October is significant for many reasons – 1st week for the ‘Joy of Giving Week’, 31st for ‘National Unity Day’ in commemoration of the Iron Man of India, Sardar Vallababhai Patel and the entire month for Breast Cancer Awareness. Cancer survivors gain strength to conquer the illness because of the faith in themselves and the eternal hope of seeing yet another day in their lives. I can vouch for this out of my own personal experience. Infact all of us can be victorious on many fronts if we have the faith, hope and belief in ourselves.
The same hope holds us in our professional front also as we anticipate changes in the new Companies Act, 2013 in the winter session of the parliament. Good news is we can expect exemptions on several fronts for private limited companies, government companies, charitable companies and nidhi companies through an amendment to the Act. This was confirmed by the Additional Secretary of MCA, Mr. Joseph in a seminar in Bangalroe. The key will however remain how good a balance the Government strikes between good governance and the ease of doing business. For this both industry and professionals must join hands with them in eradicating the cancerous growth of misgovernance.
We are very close to our 5th anniversary issue next month. Should you wish to refer to any of our older issues, do visit our Resource Centre at sharadasc.com.Warm regards
Under amendments to Schedule VII of CA 2013, contributions to ‘Swach Bharat Kosh’ and ‘Clean Ganga Fund’ would come under Corporate Social Responsibility (CSR) activities. Swach Bharat Kosh is set-up for promotion of sanitation and Clean Ganga Fund is for to clean the Ganga River.
Due date for filing half yearly Service Tax return for the period from April to September 2014 has been extended from 25th October to 15th November, 2014.
Opening a Bank Account by Migrant workers, transferred employees etc. made easy. They are required to submit only one document for address proof (either current/ permanent) at the time of opening an account.
Highlights of the Government streamlines for grant of Industrial Licenses:
Increasing the validity period of Industrial License up to 7 years.
Removal of stipulation of annual capacity in the Industrial License.
Sale of Defence items to Govt. entities without approval of Ministry of Defence. For sale to non-Govt. entities approval is required.
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.