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Nov 16, 2009

UPDATES FROM TAX GURU 16.11.2009

UPDATES FROM TAX GURU (in this message: 11 new items)

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

White Paper on GST

Posted: 15 Nov 2009 05:10 AM PST

GST has been the preferred mode of taxation of goods and services and has been introduced in more than 140 countries. Most countries have single GST rate, however some countries like Canada & Brazil has dual GST structure. White paper proposes...

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PAN Meaning, Significance, who can apply and Procedure to Apply for the same

Posted: 15 Nov 2009 12:21 AM PST

Permanent Account Number (PAN) is a ten-digit alphanumeric identifier, issued by Income Tax Department. Each assessee (e.g. individual, firm, company etc.) is issued a unique PAN. Related posts:Revised procedure for acceptance of address proof...

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CA firms under scanner for alleged role in scams involving Madhu Koda and his associates

Posted: 14 Nov 2009 11:10 PM PST

The chartered accountancy firms of S K Naredi and Ashok Kedia have come under the scanner for their alleged role in the Rs 4,000-crore hawals transaction and illegal investment scam involving Madhu Koda and his associates.The Institute of Chartered...

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After Jaipur tragedy IOC started safety audit of all its operating depots, terminals and plants in the country

Posted: 14 Nov 2009 10:54 PM PST

With lessons from the devastating fire that gutted the IOC depot here at the Sitapura industrial area, the company has decided to begin a safety audit of all its operating depots, terminals and plants in the country. According to N Srikumar,...

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Anti-money laundering Act: RBI tightens KYC norms for politically Exposed Person

Posted: 14 Nov 2009 10:50 PM PST

WITH the Prevention of Money Laundering (Amendment) Act, 2009 (No 21 of 2009) coming into force from June 1, the RBI has advised all NBFCs to maintain records of clients for a period of 10 years from the date of transaction. The NBFCs will have keep...

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Major highlights of draft guideline on Goods and service tax

Posted: 14 Nov 2009 10:45 PM PST

1. Central and state GST will apply on all transaction of goods and services.2. Tax paid as central GST will be allowed to taken as input tax credit.3. State GST will also be allowed to be taken as input tax credit. Related posts:Frequently Asked...

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Prevention of Money laundering Act, 2002 – Obligations of NBFCs in terms of Rules notified thereunder

Posted: 14 Nov 2009 10:19 PM PST

The Prevention of Money Laundering (Amendment) Act, 2009 (No. 21 of 2009) has come into force with effect from June 01, 2009 as notified by the Government. In terms of Sub-Section 2(a) of Section 12 of The Prevention of Money Laundering (Amendment)...

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RBI circular on embossing of bank / branch name on locker keys

Posted: 14 Nov 2009 10:15 PM PST

Please refer to Paragraph 5 of our circular RPCD.CO.RF.BC. No.95/ 07.38.01/2006- 07 dated May 18, 2007, wherein banks were advised to ensure that the identification code of the bank / branch is embossed on all the locker keys with a view to...

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Business Visa- Employment visa and Frequently asked question and answers on the same

Posted: 14 Nov 2009 09:55 PM PST

Basically there are two (2) types of work related Visas, namely:- Business Visa designated as 'B' Visa and Employment Visa designated as 'E' Visa. Frequently asked questions with regard to the above issues and replies thereto are outlined below for...

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Taxability of Limited Liability Partnership (LLP) and Income tax provisions governing them

Posted: 14 Nov 2009 09:42 PM PST

The Budget 2009-10 has introduced the provisions regarding taxation aspect of the newly introduced form of business Limited Liability Partnership. As per the Budget 2009-10 a limited liability partnership (LLP) will be taxed on the same lines as...

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Frequently asked question and answers on Automation of Central Excise and Service Tax (ACES)

Posted: 14 Nov 2009 09:27 PM PST

ACES stands for Automation of Central Excise and Service Tax. It is a centralized, web based software application which automates various processes of Central Excise and Service Tax for Assessees and Department, and gives complete end to end...

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With Regards, 
CA Sandeep Kanoi 
Website: http://www.taxguru.in/ 
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