Re: UPDATES FROM TAX GURU (in this message: 15 new items)

On Thu, Dec 24, 2009 at 9:38 AM, LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in> wrote:

UPDATES FROM TAX GURU (in this message: 15 new items)

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• Report of the Task Force on GST Thirteenth Finance Commission
• Summary of rules for valuation of perquisites for Assessment year 2010-2011
• Cash seizures by tax authorities during searches almost doubled in financial year 2008-09
• Anti dumping duty on Sodium Nitrite originating in, or exported from, People's Republic of China
• WIRC election status at the end of 23.12.2009
• Supreme Court stayed Karnatka high court decision requiring deduction of tax on cross border taxation
• Know Your Customer (KYC) Guidelines – Accounts of Proprietary Concern
• Surgeons and service tax
• Trade receivables engine for E-Discounting launched
• Names of audit firms approved as statutory central auditors (SCAs) for 25 public sector banks for the year 2009-10
• List of RBI forwarded to Banks for Central Statutory auditors for financial year 2009-10
• RBI circular on display of information for lodging of ATM related complaints
• China lays the ground work to control the dragon
• Drunken Exemption to Alcoholic Beverages
• Final list of candidates won from WIRC for Central Council

Report of the Task Force on GST Thirteenth Finance Commission Posted: 23 Dec 2009 07:25 PM PST These recommendations differ considerably from the model and structure of the GST envisaged by the Empowered Committee of State Finance Ministers (EC) as described in the First Discussion Paper released by the EC on 10 November, 2009. The... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Summary of rules for valuation of perquisites for Assessment year 2010-2011 Posted: 23 Dec 2009 06:40 PM PST This article summarizes Notification No. 94/2009/F. No. 142/25/2009-SO(TPL) dated 18 December 2009 (Notification) issued by the Central Board of Direct Taxes (CBDT)that substitutes Rule 3 (Rule) relating to valuation of perquisites arising from... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Cash seizures by tax authorities during searches almost doubled in financial year 2008-09 Posted: 23 Dec 2009 05:48 PM PST Cash seizures by tax authorities during searches on evaders nearly doubled to Rs 400 crore in 2008-09 fiscal, while the size of total assets impounded grew by half to Rs 625 crore, says an official report. The department conducted searches on 429... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Anti dumping duty on Sodium Nitrite originating in, or exported from, People's Republic of China Posted: 23 Dec 2009 05:22 PM PST Whereas in the matter of import of Sodium Nitrite (hereinafter referred to as the subject goods), falling under sub- heading 2834 1010 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in, or exported from, People's... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

WIRC election status at the end of 23.12.2009 Posted: 23 Dec 2009 05:16 PM PST Highlights of counting for WIRC election on 23.12.2009:- Counting Closed for the day without completing. CA. Mishra Narottam Lal & Kailash Mantry been eliminated. Counting will start again Tomorrow at 11 am. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Supreme Court stayed Karnatka high court decision requiring deduction of tax on cross border taxation Posted: 23 Dec 2009 08:45 AM PST In A major relief to corporates who regularly make cross-border payments, the Supreme Court has stayed the order by the Karnataka High Court, issued a couple of months ago, that these companies have to deduct tax from all cross-border payments. The... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Know Your Customer (KYC) Guidelines – Accounts of Proprietary Concern Posted: 23 Dec 2009 08:40 AM PST In partial modification of paragraph 3 (ii) thereof, it is advised that apart from the documents mentioned therein, any certificate / registration document issued by Sales Tax / Service Tax / Professional Tax authorities may also be considered for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Surgeons and service tax Posted: 23 Dec 2009 08:32 AM PST Service tax has been imposed on cosmetic surgery and plastic surgery services by the Finance (No. 2) Act, 2009 with effect from 1st September, 2009 vide Notification No 26/2009-ST dated 19.8.2009.Earlier the intention of the Government seemed to be... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Trade receivables engine for E-Discounting launched Posted: 23 Dec 2009 08:25 AM PST Finance Secretary, Shri Ashok Chawla today launched an e-platform 'NTREES', an acronym for Trade Receivables Engine for E-discounting. Promoted by SIDBI & NSE, NTREES will facilitate discounting of MSME bills on their supplies to large... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Names of audit firms approved as statutory central auditors (SCAs) for 25 public sector banks for the year 2009-10 Posted: 23 Dec 2009 08:20 AM PST Allahabad Bank, Kolkata, 1. M/s Venkat & Rangaa, Chennai, 2. M/s Sudit K. Parekh & Co., Mumbai, 3. M/s P.A. & Associates, Bhubaneswar, 4. M/s M. R. Narain & Co., Chennai [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

List of RBI forwarded to Banks for Central Statutory auditors for financial year 2009-10 Posted: 23 Dec 2009 08:16 AM PST Government of India vide their letter F.No.1/14/2004-BOA dated November 21, 2008 had advised all the public sector banks (PSBs) to follow the Road Map for implementation of autonomy in the matter of appointment of statutory auditors. As per the Road... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

RBI circular on display of information for lodging of ATM related complaints Posted: 23 Dec 2009 08:07 AM PST The use of Automated Teller Machines (ATMs) has been increasing in the country. We have been receiving complaints from members of the public that at many ATM locations the telephone numbers of help desk/ contact persons are not displayed causing... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

China lays the ground work to control the dragon Posted: 23 Dec 2009 08:01 AM PST China property market has now become a bubble. This is now turned into a fear which is expected to burst and shake the world economic recovery in the coming days. But now we can be relaxed to a certain degree that China have recognized this rising... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Drunken Exemption to Alcoholic Beverages Posted: 23 Dec 2009 04:13 AM PST Entry 84 of the Union List of the Schedule VII read with clause 1 of Article 246 of the Constitution of India empowers Central Government with exclusive power to make laws in respect of Duties of excise on goods manufactured or produced in India... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Final list of candidates won from WIRC for Central Council Posted: 23 Dec 2009 01:27 AM PST * All 8 sitting council members elected. Pune made a come back with Zaware sir. Ahmedabad secured its seat as usual in Dhinal Shah, FYI, his father Shri Ashwin C Shah was too in Central Council for 3 terms consecutively.Nilesh Vikamsey came a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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