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Thursday, December 24, 2009

Re: UPDATES FROM TAX GURU (in this message: 13 new items)



On Wed, Dec 23, 2009 at 9:39 AM, LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in> wrote:

UPDATES FROM TAX GURU (in this message: 13 new items)

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

Custom Duty Circular on Anti dumping duty on Flax Fabric originating in, or exported from, People's Republic of China and Hong Kong

Posted: 22 Dec 2009 06:21 PM PST

Whereas, in the matter of import of Flax Fabric (hereinafter referred to as the subject goods), falling under sub-heading 5309 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the said Customs Tariff...

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GST got certain structural defects which need to be corrected before second Paper comes out

Posted: 22 Dec 2009 08:01 AM PST

The Discussion Paper has envisaged a model of dual GST which has got certain structural defects that need to be pointed out for correction before the second Paper comes out. The proposed GST is an under achievement compared to the professed idea of...

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ICAI revised internal audit standards to strengthen internal audit practices

Posted: 22 Dec 2009 07:52 AM PST

The Institute of Chartered Accountants of India (ICAI) has revised its internal audit standards to strengthen internal audit practices in the country. The current revision, approved by the ICAI council last week, addresses issues such as effects of...

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Special Auditor for Bharti Airtel sought extension from the government

Posted: 22 Dec 2009 07:43 AM PST

Auditors Nayak and Kishnadwala, who are doing special audit for telecom major Bharti Airtel, have sought extension from the government by one-and- a-half months to submit the report. In April, DoT had ordered a special audit on five telecom...

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Finance ministry decided to keep the issue of taxing participatory notes on the back burner to encourage foreign inflows

Posted: 22 Dec 2009 07:40 AM PST

This follows a renewed effort by CBDT to seek clarification on the issue. The finance ministry has decided to keep the issue of taxing participatory notes (P-Notes) on the back burner to encourage foreign inflows. These views follow a renewed effort...

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RBI circular on Settlement of Interest Rate Futures- UCBs

Posted: 22 Dec 2009 07:00 AM PST

As regards the settlement mechanism for the IRF contracts, it has been decided that all entities having short (sold) position in the IRF contracts and required to deliver securities on the appointed date will move these securities from their...

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Valuation of Perquisites other then accommodation, motor car and ESOP for financial year 2009-2010

Posted: 22 Dec 2009 06:37 AM PST

For the sake of convenience, the attached tables summarises the valuation rules for all perquisites prescribed in the new rule 3 except the valuation of perquisites in respect of accommodation, motor car and ESOP which are mentioned separately by...

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Valuation of perquisites in respect of employee stock option (ESOP) for the financial year 2009-2010

Posted: 22 Dec 2009 06:18 AM PST

The valuation of shares and specified securities in relation to employee stock option have been brought under Rule 3 itself, and Rules 40C and 40D of the Income-tax Rules will no longer be apply. Consistent with the change in law as regards the...

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Asian Steel Industry-Series 2 India

Posted: 22 Dec 2009 05:53 AM PST

Indian demand for steel consumption is increasing in the coming days. We get proof of the putting when we analyzed and found that steel players like JSW Steel and Essar Steel are increasing their focus on opening up more retail outlets pan India...

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Asian Steel Industry-Series 1 China

Posted: 22 Dec 2009 05:38 AM PST

The world economic recovery has finally started taking new baby steps. This has lead to increase of demand of commodities. Infrastructure will be the prime reason for the recovery journey. This is the only sector which will lead the path of global...

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New rules for valuation of perquisites for use of motor car by staff for personal use – provided by employer

Posted: 22 Dec 2009 01:48 AM PST

The perquisites value of a motor car provided by an employer both for official and personal use has been enhanced by Rs. 600 to 800 per month depending on the engine capacity of the car. Also, the perquisites valuation for employer-provided...

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Refund of service tax paid on foreign agent commission by exporters

Posted: 22 Dec 2009 12:54 AM PST

In the context of refund of service tax paid on foreign agency commission, Notification 18/2009 dated 07/07/2009 (in the table, sl.no.2 , condition no. 2) says "exemption shall be limited to one percent of the free on board value of export goods for...

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Service tax valuation issues pertaining to Customs House Agents Service

Posted: 22 Dec 2009 12:52 AM PST

Customs House Agent's (CHA) Services are taxable since 15th June 1997. As per the definition (section 65 (105) (h) of the Finance Act, 1994) the 'taxable service' means any service provided or to be provided to any person, by a custom house agent in...

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Palash Biswas
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