LEGAL & FINANCIAL UPDATES FROM TAX GURU 28.03.2009

Clarification on Auditor's Responsibilities Relating to Restructuring of Advances Posted: Sat, 28 Mar 2009 00:42:38 +0000 . Attention of the members carrying out audit of financial statements of banks for the year ended March 31, 2009, is drawn to Reserve Bank of India's circular no. DBOD.BP.BC.No. 105/21.04.... This is just a content summary for Full details on above topic visit my website www.taxguru.in. Change in procedure related to Certification of remittance outside India by a Chartered Accountant (CA) Posted: Sat, 28 Mar 2009 00:36:42 +0000 Income-tax (Seventh Amendment) Rules, 2009 -Insertion of rule 37 BA - "Furnishing of information under sub-section (6) of section 195. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD... This is just a content summary for Full details on above topic visit my website www.taxguru.in. ICAI is mulling changes in the chartered accountancy course Posted: Sat, 28 Mar 2009 00:19:10 +0000 Institute of Chartered Accountants of India (ICAI) is mulling bringing about some changes in the chartered accountancy course syllabus, ICAI president Uttamprakash Agrawal said... This is just a content summary for Full details on above topic visit my website www.taxguru.in. ICAI approached MCA to discuss working of foreign firms offering Audit services in India Posted: Fri, 27 Mar 2009 02:12:02 +0000 The Institute of Chartered Accountants of India (ICAI) has approached the ministry of corporate affairs (MCA) to discuss the functioning of all those foreign firms who are offering auditing services... This is just a content summary for Full details on above topic visit my website www.taxguru.in. ICSI given clean chit to Satyam company secretaries Posted: Fri, 27 Mar 2009 02:08:34 +0000 The Institute of Company Secretaries of India (ICSI) has given a clean chit to the the company secretaries, G Jayaraman, global head of corporate governance and Savita Jyoti, practicing company... This is just a content summary for Full details on above topic visit my website www.taxguru.in.. ICWAI will develop 39 cost accounting standards Posted: Fri, 27 Mar 2009 01:45:22 +0000 The government is considering a proposal to do away with the current system of calculating a product's cost through a fixed format, a move that will bring in flexibility and reduce compliance costs... This is just a content summary for Full details on above topic visit my website www.taxguru.in. Download free CD released by ICAI on 'Bank Branch Audit - An Overview Posted: Fri, 27 Mar 2009 01:37:01 +0000 Institute released two CDs on 'Bank Branch Audit - An Overview' recently and made  content of these CDs available free of cost to the members associated with Bank Branch Audit.... This is just a content summary for Full details on above topic visit my website www.taxguru.in. No Proof against Satyam Auditors: ICAI President Posted: Fri, 27 Mar 2009 01:09:57 +0000 Institute of Chartered Accountants of India (ICAI) doesn't seem to have taken the growing doubts over the credibility of chartered accountants (CAs) post-Satyam scam very kindly. President of... This is just a content summary for Full details on above topic visit my website www.taxguru.in.. I-T department moved SC challenging relief given by Bombay HC seven and half year back to Amitabh Bachchan in a case related to KBC Posted: Fri, 27 Mar 2009 01:04:45 +0000 In what may strain the already troubled relations between the Samajwadi Party and the Congress, the Income Tax (I-T) department on Wednesday moved the Supreme Court challenging a seven-month-old... This is just a content summary for Full details on above topic visit my website www.taxguru.in. NACAS postponed the implementation of Accounting Standard 11 (AS 11) to 2011; companies need not to provide for MTM Losses Posted: Fri, 27 Mar 2009 00:58:14 +0000 In a major relief for India Inc, the National Advisory Committee on Accounting Standard (NACAS), a government-appointed body, has postponed the implementation of Accounting Standard 11 (AS 11) to... This is just a content summary for Full details on above topic visit my website www.taxguru.in. Indian subsidiaries of foreign companies employing expatriates to deduct tax at source on their entire salary including salary paid outside the country by the foreign parent : SC Posted: Fri, 27 Mar 2009 00:52:11 +0000 The taxman has finally caught up with expatriate employees. The Supreme Court today directed Indian subsidiaries of foreign companies employing expatriates to deduct tax at source on their entire... This is just a content summary for Full details on above topic visit my website www.taxguru.in. No charge on cash withdrawal from ATM machine of other bank w.e.f. 01.04.2009: RBI Posted: Thu, 26 Mar 2009 01:04:41 +0000 RBI/2007-2008/ 260 DPSS No.1405 / 02.10.02 / 2007-2008 March 10, 2008 The Chairman / Chief Executive Officer (All Scheduled commercial banks including RRBs) Dear Sir Customer charges for use... This is just a content summary for Full details on above topic visit my website www.taxguru.in. Trade Cir-11T of 2009 - Luxury Tax on luxuries provided in hotels from 1st May 2004 to 30th April 2005 Posted: Thu, 26 Mar 2009 00:45:11 +0000 TRADE CIRCULAR Mumbai, Dt.25.03.2009,     No..LTR-2009/ 1/Adm-29/ B-139  ,         Trade Cir. No. 11 T of 2009 Sub: Luxury Tax on luxuries provided in hotels from 1st May 2004 to 30th April... This is just a content summary for Full details on above topic visit my website www.taxguru.in. Payment for transfer of right to use software loaded on hardware – not royalty Posted: Wed, 25 Mar 2009 02:00:40 +0000 Payment for transfer of right to use software loaded on hardware – not a royalty; Making available other personnel to subsidiary under control and supervision – constitutes Service... This is just a content summary for Full details on above topic visit my website www.taxguru.in. Amount settled under premature payment option, leading to future sales tax not payable, is revenue income Posted: Wed, 25 Mar 2009 01:26:47 +0000 Background The Mumbai Tribunal has recently held in the case of  Schenectady Specialities Asia Pvt. Ltd. 1 that the difference between the sales tax collected but not deposited by the assessee with... This is just a content summary for Full details on above topic visit my website www.taxguru.in. Where income is shared by two or more persons, credit for withholding tax is to be shared in same ratio Posted: Wed, 25 Mar 2009 00:22:29 +0000 Background In a recent ruling in the case of Punjab Financial Corporation ("the assessee")1, the Punjab and Haryana High Court ("the Court") held that credit for withholding tax ("WHT") would be... This is just a content summary for Full details on above topic visit my website www.taxguru.in. Service Tax department clarified DICGC Premium is exempt from service tax Posted: Wed, 25 Mar 2009 00:17:39 +0000 Revenue authorities have done banks a good turn towards the close of the financial year. By clarifying that the deposit insurance premium, collected by the Deposit Insurance and Credit Guarantee... This is just a content summary for Full details on above topic visit my website www.taxguru.in. Know the Challan status of your tax payment on your mobile Posted: Tue, 24 Mar 2009 02:53:28 +0000 SMS BASED SERVICE FOR CHALLAN STATUS National Securities Depository Limited (NSDL) provides CIN (Challan Identification Number) based view of direct tax challans to taxpayers to know the status of... This is just a content summary for Full details on above topic visit my website www.taxguru.in. I-T dept moves court over ITAT's demand for verifying the reasons for conducting a raid Posted: Tue, 24 Mar 2009 02:45:15 +0000 The Income-Tax department is at loggerheads with the income Tax Appellate Tribunal (ITAT), the ultimate fact-finding body on tax disputes, over the latter's demand for verifying the reasons for... This is just a content summary for Full details on above topic visit my website www.taxguru.in. I-T dept considering tax imposition on carbon credits Posted: Tue, 24 Mar 2009 02:43:46 +0000 The Income-Tax department is mulling tax on carbon credit trade, estimated to yield for the exchequer an estimated Rs 1,000 crore. The I-T department's preliminary study has found that large... This is just a content summary for Full details on above topic visit my website www.taxguru.in.

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