Lex Valorem News Letter HeadLex Valorem News Letter Head
Issue No:41/2011
Lexspeak

Hello...

Un Learn

Festivals always bring cheer and bonhomie not only for families but also the economy. They drive the economy with a splurge in spending and fortunately in India there is no dearth of festivals, given the multi-cultural and multi-religious society that it is made up of. This week will see celebrations on account of Eid, Ganesha Chathurthi and St. Mary’s Feast. Rains or Recession do not seem to dampen the festive spirit. It continues into the next week with ‘Teachers Day’ on the 5 th of September.

The elephant-headed God (Ganesha), our masthead for this 41st issue of Lexspeak empowers us in 2 ways – showers us with knowledge and wisdom and also removes all impediments to success. Sometimes success eludes us because we refuse to learn, unlearn and relearn. Learning is a life long process and the teacher could be your children, parents, teachers, friends, siblings, employees anyone for that matter. We salute this spirit of learning and purposeful action as we also celebrate ‘Teachers Day’ in India to mark the birth anniversary of our late illustrious President Dr. Sarvepalli Radhakrishna who was an educationist par excellence.

Hope the new ‘look and feel’ of the newsletter is appealing and refreshing.

To read the earlier issues and articles Click Here

Sincerely
Lex Valorem Team

More teeth to bite

"If" and "when" the Companies Bill, 2009 is passed, SFIO, a multi disciplinary organization under the Ministry of Corporate Affairs is likely to get more teeth with its Investigation Report being treated as a Police Officers Report and power to issue the Rogatory Letter (letter of request to a foreign court) in case of companies having business outside India.

It can "bite"” better through its increased workforce across major cities.

All are equal

MCA has provided a level playing field for both Indian and Foreign Companies under the CLSS, 2011. It has clarified that waiver of 75 % of the additional fee is also available to annual accounts filed by the Foreign Company (Form 52).

No escape from me

The Service Tax tentacles seem to be spreading far and wide….!!!!.

Fee charged by Chambers of Commerce, Export Promotion Councils (EPC) and Trade Associations for issuance of Country of Origin Certificate will attract Service Tax as they act as “Technical Inspection and Certification Agency”. Since this is an export related tax, it is eligible for refund under Service Tax Notification 17/2009-ST dated 7th July, 2009.

Traffic jams

You will no longer find long winding queues in Service Tax offices. No more visits to file Service Tax Returns. Electronic filing of half yearly Service Tax return becomes mandatory for all assesses w.e.f 1st October, 2011. Earlier this provision was only applicable to the assesses who has paid a total Service Tax of Rs.10,00,000 or more including the amount paid by utilization of CENVAT credit, in the preceding financial year.

Brave yourself to encounter e-traffic....!

Not all is lost

Some times the taxman is also understanding…. !!!!!.

Time limit to claim TDS relating to the year end 31st March, 2009 has been extended by 21 months so as to enable the assessee to claim TDS for the above period upto 31st December, 2012. Under the earlier provisions the assessees could claim TDS only within 2 years from the end of financial year in which tax was deducted at source.

NEWS FROM THE GOVERNMENT

Know Thy Laws

LABOUR LAWS

Name:The Payment of Gratuity Act, 1972

Effective Date: 16th Sept, 1972

Applicability:Every factory, mine, oil field, plantation, port, railways, company, shop, establishment or educational institutions, employing 10 or more employees.

Appropriate Authority:Respective State Government

Calculation of Gratuity:15 days’ wages for every completed year as if the month comprises of 26 days at the last drawn wages ( for a period of 5 years)

Compliance Chart

Calender

Reminder

Green’s Rule: What the large print giveth, the small print taketh away.

Note: The contents of this News Letter 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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