Volume 3 Issue No. 39 / 2011 Lexspeak July, 2011
Thought for the day
All the so-called "secrets of success" will not work unless you do.
News from the Govt
MCA
SERVICE TAX
RBI
EXCISE
INCOTERMS 2010
International Commercial Terms
The Incoterms rules are the International Chamber of Commerce (ICC) rules for the use of domestic and international trade terms.
International Commercial Term (Incoterm)
DAP - Delivered At Place
Meaning
The Seller delivers when the goods are placed at the Buyer's disposal on the arriving means of transport ready for unloading at the names place of destination. The Seller bears all risks involved in bringing the goods to the named place. 
Statutory Compliance Chart
August 2011
S M T W T F S
1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31  
Reminders
05 Aug - Service Tax              Payment
05 Aug - Excise Duty Payment 07 Aug - TDS/TCS Payment
10 July - Excise Returns                    Monthly
15 Aug - PF Payment
20 Aug - PT    Payment
20 Aug - VAT Payment
21 Aug - ESIC Payment
25 Aug - PF Return
31 Aug - Annual Information             Return to Income             Tax  Department
             
The way taxes are, you might as well marry for love.
 
Hi All
Someone said ~ The drop of rain maketh a hole in the stone, not by violence, but by oft falling. It seems to be true with our most active regulator Ministry of Corporate Affairs often issuing 'edicts' on corporate governance, green initiatives, e-meetings, business language reporting etc. as businesses move towards self-regulation and voluntary disclosures. Invariably this calls for good systems and processes by corporates as also greater diligence and integrity on the part of professionals who play an integral role. As the regulator turns an 'integrator' and 'facilitator', the onus on the professionals to be vigilant and muster courage not to toe the line of errant clients is all the more. Slowly but surely these continuous changes are bound to make a positive dent in the business environment that we are operating in.

You can find all the earlier issues of Lexspeak under Resource Centre in our website www.lexvalorem.com

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Sincerely
Lex Valorem Team
Online incorporation of companies within 24 hours
Singapore - like clean roads may seem a distant possibility. However, come 11th August, 2011, Singapore - like incorporation of a company within 24 hrs will be a reality......!!!! In a land mark development MCA has simplified the procedure of incorporation of a company by providing an option of processing the documents electronically, subject to certification by Practicing Professionals regarding the correctness of the information and declarations given by the subscribers. Make sure to approach good professionals, lest the "Birth Certificate" of the company be revoked :-)
Download Circular >
Online approval of Central Government under Section 297 of the Companies Act, 1956
As another step towards simplification of procedures, w.e.f. 24th September, 2011, Ministry will issue online approval for Related Party Contracts under Section 297 of the Companies Act, 1956, provided Board and Shareholders have approved the same and a practicing professional has certified w.r.t. correctness of the information in the e-form.
Download Circular >
Shifting of Registered Office from one state to another state & Rectification of Register of Charges - delegation of power to ROC
Be it Shifting of Registered Office from one State to Another State or Rectification of Register of Charges, trips to Company Law Boards (CLBs) are out. In yet another simplification measure, powers for approving the same have been shifted from CLBs to ROCs under whose jurisdiction the registered office of the Company is situated. Do expect a flurry of e-forms for implementation by 24th September, 2011.
Download Circular 1 >
Download Circular 2 >
Certain relaxation in Schedule XIII - Managerial Remuneration
W.e.f. 14th July, 2011, in terms of Schedule XIII of the Companies Act, 1956, no approval of Central Government is required by the listed companies and their subsidiaries, which do not have profits or have inadequate profits for payment of remuneration to Professional Managerial Personnel exceeding Rs. 4 lakh pm subject to certain conditions.
Download Circular >
Download Notification >
Name Reservation comes at a higher cost
Simplification proves to be an expensive affair���.!!. Rules relating to reservation of name for companies have been amended. Filing fee for new e-form 1A has been doubled from Rs.500 to Rs.1000, effective 24th July, 2011.
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Company exit process expedited
In a bid to strengthen and expedite the winding up process of companies, MCA has issued circulars aimed at greater co-ordination between Registrar of Birth (ROC) and Registrar of Death (Official Liquidator).......!!.
Download Circular 1 >
Download Circular 2 >
Download Circular 3 >
Pre-FEMA period Liaison / Branch Offices of foreign entities - get your UIN

RBI, vide its circular, has instructed the foreign entities to regularize the establishment of Branch or Liaison offices, within 90 days from the date of the circular, which are operating since pre-FEMA period. This is also applicable to the entities which have obtained the permission from the Central Govt.
Download Circular>
Revised CENVAT forms

Excise Returns in E.R.1 and E.R.3 have been revised effective 1st October, 2011.
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Clarification on "Completion of service" - Service Tax

"Completion of Service" is clarified to mean not only completion of the service contracted for but also all related activities, only after which the invoice may be raised by a service provider.
Download Circular>
 
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