UPDATES FROM TAX GURU 26.06.2009

UPDATES FROM TAX GURU ICAI may announce its report on Satyam Fraud and auditors involvement on 09th July 2009 Posted: 29 Jun 2009 08:15 PM PDT The ICAI investigation focused on the financial reporting, accounting and auditing aspects of the $1 billion fraud at technology service provider Satyam, and is expected to include recommendations on... Revised Procedure for Remittances to non-residents u/s. 195 of the Income Tax Act w.e.f. 1st July, 2009 Posted: 29 Jun 2009 07:44 PM PDT Circular  No.     04/2009,New Delhi, the 29th June, 2009, F.No.142/19/2007-TPL Government of India, Ministry of Finance, Department of Revenue, (Central Board of Direct Taxes) Subject:-  Remittances ... Section 80-IA relief has to be deducted before computing section 80-HHC relief Posted: 28 Jun 2009 10:08 PM PDT In the Case of :- ACIT vs. Hindustan Mint, Decided by: (ITAT 5 Member Special Bench at Chennai), SUMMARY OF CASE LAW:- In ACIT Vs Rogini Garments108 ITD 49 the Special Bench at Chennai held that... Non-Compete fees are tax-depreciable intangible assets: ITAT Chennai Posted: 28 Jun 2009 09:58 PM PDT The Chennai Income Tax Appellate Tribunal (ITAT) has issued three rulings addressing the contentious issue of whether noncompeting fees paid by the acquirer of a business constitute tax deductible... ICAI may ban two auditors of Price Waterhouse, S Gopalakrishnan and S Talluri Posted: 28 Jun 2009 09:40 PM PDT Institute of Chartered Accountants of India (ICAI) came under immense public scrutiny after the auditor's role being questioned in the whole of Satyam fiasco.Now, almost after six months after the... Remuneration to partner should be Authorised by Partnership deed but quantification not necessary Posted: 28 Jun 2009 09:34 PM PDT In Asstt. CIT v. Suman Construction (2009) 27 (II) ITCL 329 (Pune 'A'-Trib) the assessing officer had noticed that the assessee had claimed salary to partners of Rs. 2,20,000. However, in his opinion... Requirement for formation of Limited Liability Partnership Limited Liability Partnership (LLP) in India Posted: 28 Jun 2009 08:39 PM PDT Partner There should be atleast 2 persons (natural or artificial) are required to form a LLP. In case any Body Corporate is a partner, than he will be required to nominate any person (natural) as its... With Regards,  CA Sandeep Kanoi Website: http://www.taxguru.in/ Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email

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