UPDATES FROM TAX GURU 25.06.2009

UPDATES FROM TAX GURU Income Tax department filed appeal in ITAT against Mayawati demanding tax of 10 crore In fresh trouble for Uttar Pradesh Chief Minister Mayawati, the Income Tax Department has filed two appeals in the Income Tax Appellate Tribunal (ITAT) demanding additional tax of about Rs 10 crore... Swiss government agreed to share data on tax evasion cases with India The Swiss government has agreed to loosen its banking secrecy laws and share data on tax evasion cases that India may be pursuing, as part of a renegotiation of the Double Taxation Avoidance... Portfolio managers need to operate through individual bank accounts for each customer for providing portfolio management services The Securities and Exchange Board of India (Sebi) has finally come out with a circular to clear the ambiguities surrounding new guidelines for portfolio management services (PMS). The regulator said... Employees' Provident Fund rate will not change in financial year 2009-2010 The Employees' Provident Fund Organisation will not be able to pay more than 8.5 per cent interest on PF deposits during 2009-10 as it has no reserves left following a Rs 139 crore (Rs 1.39 billion)... Circular on Criteria and Manual for Scrutiny of Service Tax Return (ST-3) Circular No. 113/7/2009-ST, dated 23-4-2009 The Working Group on Central Excise and Service Tax re-engineering, constituted by the Board has prepared a Return Scrutiny Manual for Service Tax... With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru.in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email

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UPDATES FROM TAX GURU 24.06.2009

UPDATES FROM TAX GURU

MVAT Trade Cir - 20T of 2009 - Grant of Administrative Relief to unregistered dealer Posted: 23 Jun 2009 07:38 AM PDT TRADE CIRCULAR Date: 23.06.2009 No.DC(A&R)/Adm-6/VAT- 2009/Adm. Relief (Trade Cir.No.- 20 T of 2009) Sub: Grant of Administrative Relief to unregistered dealers. Ref:...

SEBI decision on Transparency in payment of commission to Mutual Fund distributors Posted: 23 Jun 2009 07:36 AM PDT PR No.192/2009 SEBI Board Meeting The Board met as on 18-07-2009 and took the following decisions: (i)     Listing of IPO on stock exchange with nationwide trading terminals An unlisted company...

The Institute of Chartered Accountants of India (ICAI) called for changing the existing curriculum system Posted: 23 Jun 2009 07:28 AM PDT The Institute of Chartered Accountants of India (ICAI) today called for changing the existing curriculum system by bringing in branches of specialisation. Talking to reporters here, ICAI President...

With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru.in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email

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UPDATES FROM TAX GURU 23.06.2009

UPDATES FROM TAX GURU ICAI announcement on Indian CA firms having affiliation with international entities/network Posted: 22 Jun 2009 10:20 AM PDT Indian CA firms having affiliation with international entities/network - (22-06-2009)ANNOUNCEMENT (For Mandatory compliance) Indian CA firms having affiliation with international entities/network... Income tax sleuths detected tax evasion worth around Rs 14 crore Posted: 22 Jun 2009 10:13 AM PDT Income tax sleuths on Friday detected tax evasion worth around Rs 14 crore from five developers-cum- real estate agents of Mohali.  This is considered to be the biggest detection made by the... Infrastructure to generate Unique transaction Number (UTN) still not in place Posted: 22 Jun 2009 10:00 AM PDT The problem, though, is that infrastructure to generate UTNs is still not in place, leaving income tax assessees in a lurch as July 31, 2009, the last date to file returns for the financial year... Government considering proposal to streamline rates applicable for tax deducted at source Posted: 22 Jun 2009 09:21 AM PDT This follows a recommendation from the income tax department that TDS rates should be structured in three slabs of between one and five per cent for any stream of income. TDS is the final tax payable... LIC will provide facility to Claim LIC benefits at any of its branches Posted: 22 Jun 2009 09:17 AM PDT The country's largest insurer Life Insurance Corporation, has decided to operationalise a system within two years that will allow policy holders to claim benefits and pay premium at any of its over.... With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru.in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email

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