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)

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• Custom Duty Circular on Anti dumping duty on Flax Fabric originating in, or exported from, People's Republic of China and Hong Kong
• GST got certain structural defects which need to be corrected before second Paper comes out
• ICAI revised internal audit standards to strengthen internal audit practices
• Special Auditor for Bharti Airtel sought extension from the government
• Finance ministry decided to keep the issue of taxing participatory notes on the back burner to encourage foreign inflows
• RBI circular on Settlement of Interest Rate Futures- UCBs
• Valuation of Perquisites other then accommodation, motor car and ESOP for financial year 2009-2010
• Valuation of perquisites in respect of employee stock option (ESOP) for the financial year 2009-2010
• Asian Steel Industry-Series 2 India
• Asian Steel Industry-Series 1 China
• New rules for valuation of perquisites for use of motor car by staff for personal use – provided by employer
• Refund of service tax paid on foreign agent commission by exporters
• Service tax valuation issues pertaining to Customs House Agents Service

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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