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#1459

From: gcai@yahoogroups.com
Date: Sun Nov 1, 2009 2:53 pm
Subject: File - Telephone Directory

gcai@yahoogroups.com

Dear Friends,
The GCAI has decided to place on board the detailed contact information of the
members with their short profiles of the members of the GCAI. There are a number
of request from the HR Companies and other people looking for suitable
professionals to help them in this financial world. There are also requests from
co professionals in one city looking for associates in other cities for their
professional work.

Since the data bank of the members of the GCAI is too large hence we have
decided to formulate a directory of short profiles of the member (which shall be
available online in the database option of the group) so that the people
accessing the group's site can shortlist such people who can assist them as well
could understand the category and qualifications of the members of the group.

All the members who want to be listed in this directory may fill or update their
record.

With best wishes
Karunesh Mittal

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#1458

From: gcai@yahoogroups.com
Date: Thu Oct 1, 2009 2:39 pm
Subject: File - Telephone Directory

gcai@yahoogroups.com

Send Email

Dear Friends,
The GCAI has decided to place on board the detailed contact information of the
members with their short profiles of the members of the GCAI. There are a number
of request from the HR Companies and other people looking for suitable
professionals to help them in this financial world. There are also requests from
co professionals in one city looking for associates in other cities for their
professional work.

Since the data bank of the members of the GCAI is too large hence we have
decided to formulate a directory of short profiles of the member (which shall be
available online in the database option of the group) so that the people
accessing the group's site can shortlist such people who can assist them as well
could understand the category and qualifications of the members of the group.

All the members who want to be listed in this directory may fill or update their
record.

With best wishes
Karunesh Mittal

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#1457

From: gcai@yahoogroups.com
Date: Tue Sep 1, 2009 2:52 pm
Subject: File - Telephone Directory

gcai@yahoogroups.com

Send Email

Dear Friends,
The GCAI has decided to place on board the detailed contact information of the
members with their short profiles of the members of the GCAI. There are a number
of request from the HR Companies and other people looking for suitable
professionals to help them in this financial world. There are also requests from
co professionals in one city looking for associates in other cities for their
professional work.

Since the data bank of the members of the GCAI is too large hence we have
decided to formulate a directory of short profiles of the member (which shall be
available online in the database option of the group) so that the people
accessing the group's site can shortlist such people who can assist them as well
could understand the category and qualifications of the members of the group.

All the members who want to be listed in this directory may fill or update their
record.

With best wishes
Karunesh Mittal

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#1456

From: "abishag.acacia" <abishag.acacia@...>
Date: Sat Jul 11, 2009 8:30 am
Subject: Getting Financial Planning Specialist

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Step to Financial Planning

Step by step, we'll show you what financial planning experts already know. In addition our programs, depending on that which you select, offering the following instruction in:

Financial Management.
Accounting.
Principles of Management.
Business Law and Business Communication.

More Info>>>>>

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#1455

From: Tax Guru <caupdate08@...>
Date: Tue Jul 14, 2009 4:09 am
Subject: UPDATES FROM TAX GURU 14/07/2009

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UPDATES FROM TAX GURU

Notice u/s. 148(1) of IT Act when a valid return was pending assessment

SUMMARY OF CASE LAW Merely because the Assessing Officer is prohibited from issuing notice under section 143(2) after twelve months of filing of the return, it does not mean that proceedings commenced with filing of a return, are pending before...

Deduction u/s 80-IB of IT Act in respect of housing project and its allowability

SUMMARY OF CASE LAW The concept of housing project does not mean that there should be the group of the buildings and only then same is called as “Housing Project” CASE LAW DETAILS Decided by: ITAT, MUMBAI BENCH, `F’ :....

Valuation of residential accommodation provided by PSU to its employees

SUMMARY OF CASE LAW Section 17(2)(ii) of the Income-tax Act, 1961, as it stood prior to amendment in 2007, did not contain any `deeming clause’ to deem rent paid less than 10 per cent or 7.5 per cent as a concession; in the absence of...

PWC may be blacklisted in India

The Institute of Chartered Accountants of India could likely consider recommending blacklisting of Price Waterhouse, which would bar the global audit firm from carrying out auditing in India. As the institute can only recommend, its decision can be...

Amendment Proposed in union budget 2009-10 in rules related to refund of custom duty on imported goods found to be defective

The Finance Bill proposes introduction of Section 26A in the Customs Act, 1962, so as to comply with the standards under the International Convention on the Simplification and Harmonisation of Customs Procedure (Revised Kyoto Convention). It seeks...

Retrospective Recovery of custom duty and interest from exporters proposed in budget by amending DFIA notifications

The proposal for retrospective amendment of the DFIA notification (no. 40/2006-Cus. dated 1.5.2006) intends to recover duty and interest from exporters who had stayed within the law and obtained certain benefits, which the government very well knew...

[[ This is a content summary only. Visit my website for full links, other content, and more! ]]

With Regards,
CA Sandeep Kanoi
Website: http://www.taxguru.in/
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#1454

From: Tax Guru <caupdate08@...>
Date: Wed Jul 15, 2009 4:24 am
Subject: UPDATES FROM TAX GURU 15.07.2009

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UPDATES FROM TAX GURU

CBI arrests DGFT official for accepting bribe of Rs 3000

The CBI today arrested an Assistant Director working in Directorate General of Foreign Trade (DGFT) at Ludhiana for demanding and accepting a bribe of Rs. 3000/- from the complainant for processing his files relating to Duty Entitlement Pass Book...

ICAI Act needs amendments to become a more powerful body

Corporate Affairs Minister Salman Khurshid today agreed that the ICAI Act needs some amendments to become a more powerful body post the Satyam scam. ”I can see that some amendments (in ICAI Act) are called for but we would like to see what...

Commissioner can regard an order as erroneous on the ground that the AO should have made further enquiries

SUMMARY OF CASE LAW The Commissioner can regard an order as erroneous on the ground that in the circumstances of the case the Assessing Officer (AO) should have made further enquiries before accepting the statements made by the assessee in his...

Tribunal can set aside the order of CIT Appeal only after considering the evidence and material on record

SUMMARY OF CASE LAW No doubt it is well within the power of the Tribunal to set aside the order of the Commissioner (Appeals) for fresh adjudication in accordance with the provision; such order can be made when the Tribunal, after considering the...

Sum due u/s 434 of the Companies Act, must mean what has fructified and can not merely be a contingent liability or deferred payment

SUMMARY OF CASE LAW The “sum due” as referred to under section 434 of the Companies Act, 1956 must mean what has fructified and can not merely be a contingent liability or deferred payment; if the liability has not fructified within....

Gratuity payment under the Payment of Gratuity Act, 1972 or otherwise exempt to the extent covered under the Income Tax Act

SUMMARY OF CASE LAW The Income-tax Act exempts the gratuity amount to the extent of limit prescribed under the said Act; there is no distinction between the gratuity paid under the Payment of Gratuity Act, 1972 or otherwise CASE LAW...

Mere citing of Law laid down by SC before tribunal and non application of same cannot be said mistake apparent from the record

SUMMARY OF CASE LAW If the Tribunal has wrongly applied the law laid by the Supreme Court in a given case, it could be said that there is a mistake apparent from the record in the order of the Tribunal; but, the mere citing of the law laid down by...

Services covered under BAS can not be classified as C&F Agent Service

SUMMARY OF CASE LAW The activity of marketing agents was brought under the tax net with effect from 1-7-03 when BAS was introduced; same services could not be classifiable under C&F Agent Service for any previous period as the scope of C&F...

Service tax credit cannot be taken when service tax has not been shown to have been paid by service provider

SUMMARY OF CASE LAW Service tax credit cannot be taken when service tax has not been shown to have been paid by service provider; once it is found that Cenvat credit was irregularly availed by the assessee and by implication to that extent the...

No VDIS for tax evaders : Finance Minister

Government has no plans to bring a new amnesty scheme for tax evaders and wants to amend the Indo-Mauritius tax treaty to curb its abuse by companies, the Rajya Sabha was informed on Tuesday. VDS schemes in the past offered amnesty to people...

With Regards,
CA Sandeep Kanoi
Website: http://www.taxguru.in/
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#1453

From: "N. C. Mittal & Co." <ncmittalandco@...>
Date: Fri Jul 10, 2009 2:27 am
Subject: Fw: Professional Opportunity in Budget 2009 (Finance NO.(2) Bill,2009.

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It is interesting and for benefit of the community of the Chartered Accountants please note.

--- On Wed, 7/8/09, Mail from CA. Naveen ND Gupta <nndg@...> wrote:

From: Mail from CA. Naveen ND Gupta <nndg@...>
Subject: Professional Opportunity in Budget 2009 (Finance NO.(2) Bill,2009.
To: "naveen@..." <nndg@...>
Date: Wednesday, July 8, 2009, 2:56 PM

Dear Professional Colleagues,

I am sharing with you a Professional Opportunity in Budget 2009, as an attachment.

I trust you will find it useful.

CA. Naveen ND Gupta

SU-113, Pitampura, B-4, Gulmohar Park
Delhi – 110088 New Delhi – 110049
Email: naveen@...

1 of 1 File(s)

Professional

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#1452

From: "abishag.acacia" <abishag.acacia@...>
Date: Fri Jul 17, 2009 11:43 am
Subject: A BUSINESS DEGREE GRADUATE ONLINE RESOURCE

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Business Degree Graduate
A business degree graduate online resource is often offered from online schools to help you find placement after you graduate as well. If you have your online master degree in business administration , you all find many new doors open for you either in your existing career or in a new career if this is part of a fresh start for you.
More Info....

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#1451

From: "abishag.acacia" <abishag.acacia@...>
Date: Mon Jul 13, 2009 5:57 am
Subject: Find out your all visa need at one place

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Business / Student Visa!
The site contains extensive databases of colleges that are currently advertising vacancies for international students together with study abroad advice, university advice, college search facilities, and articles from the leading journals on international education . more info....

Work Visa!
If you are looking for a comprehensive range of study overseas advice, choosing a college or university abroad , undergraduate and postgraduate courses worldwide.
More Info.......

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#1450

From: Tax Guru <caupdate08@...>
Date: Sun Jul 12, 2009 4:19 am
Subject: (No subject)

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UPDATES FROM TAX GURU

Concessions and Exemptions in Excise Duty provided by Union Budget 2009

The following concessions/ changes have also been made: i. Full exemption from excise duty has been provided to goods falling under Chapter 68 manufactured at the site of construction for use in construction work at such site. This was demand of the...

Changes in Excise Duty Rates in Union Budget 2009

Changes in rate of Excise duty: - Chapter Product Change Remarks 27 motor spirit commonly known as petrol intended for sale with a brand name from ‘6% + Rs 5 per litre’ to a specific rate of Rs 6.50 per litre. Therefore, total excise duty...

PWC charged abnormally high fees for auditing Satyam’s accounts

In another blow to embattled audit firm Price Waterhouse (PW), the high powered committee formed by ICAI to investigate the Satyam fraud, has submitted its interimn report.. According to sources, the report has found the auditors guilty of lapses....

Amendments to SEBI (Disclosure and Investor Protection) Guidelines, 2000

SEBI/CFD/DIL/DIP/36/2009/09/07 Dated: July 9, 2009 1. In exercise of the powers conferred under sub-section (1) of Section 11 of the Securities and Exchange Board of India Act, 1992, SEBI has amended the SEBI (Disclosure and Investor Protection)...

Bombay High Court dismissed about 400 appeals of Income Tax department

Posted: 11 Jul 2009 10:22 AM PDT

The I-T department has lost the opportunity to recover revenues running into thousands of crores after failing to file its appeals before the Bombay High Court within the stipulated period of 120 days. The Bombay High Court has dismissed about 400...

Complexity of income need to be considered, to decide under which head rental Income will be taxed

SUMMARY OF CASE LAW No straitjacket formula can be devised to determine conclusively as to under which head income from immovable property should fall; all the relevant factors need to be necessarily looked into to decide the character of income;...

Salary paid in cash to employees posted at Rigs for more then 15days can not be disallowed

SUMMARY OF CASE LAW Where all the employees of the assessee-company were posted for a continuous period of 28 days on Rigs, which was more than the minimum period of 15 days stipulated in rule 6DD(j) and they were not maintaining any bank account...

Assessment of Firm if Change in constitution

SUMMARY OF CASE LAW When there is a change in the constitution of a firm, it is for the assessee to seek again the status of the “firm” for the purpose of assessment by filing a certified copy of the revised deed of partnership; it is...

The contingent or non-existing liabilities which were claimed and allowed under section 143(1)(a) would amount to income escaping assessment

CASE LAW DETAILS Decided by: ITAT, DELHI BENCH `D’ : NEW DELHI, In The case of: ITO v Jagdish Prasad Gupta, Appeal No.: ITA Nos. 3226 to 3230/ Del./2006,Decided on: JULY 22, 2008 RELEVANT PARAGRAPH 7. We have carefully considered the...

With Regards,
CA Sandeep Kanoi
Website: http://www.taxguru.in/
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#1449

From: Vishal Thakkar <training.brianna@...>
Date: Fri Jul 10, 2009 5:56 am
Subject: Finance for Non Finance Managers...

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Finance for Non-finance Managers

Saturday, 18th July, 2009. at Dadar

Call now. Mobile. 9320007891/2/3/4. Ph. 39109999 / 97. Direct No. 27881999.

Why You Should Attend This Course:

Are colleagues from your finance and non-finance departments communicating well with each other? If not, it may be time for key non-finance professionals such as those from sales & marketing, business development and operations to attend this course. Why is effective communication so important for the business? Non-finance managers rely on financial information to make business decisions. Unfortunately, financial reports, and even finance colleagues, are often misunderstood.

This course explains the “mysterious” basis on which financial statements are prepared and shows how the information can be used as a tool for decision-making. Through this course, you will also come to understand common financial terms and issues – being on the same wavelength goes a long way in lending credibility to proposals which, more often than not, need to be screened by finance department.

Few managers are aware of the impact of their actions and decisions on the financial performance of the organization, nor realize the usefulness of financial information for decision-making. Undergoing this course will benefit you and your organization in the following ways:

1. Reduce the risk of making wrong decisions

When relying on financial reports to make business decisions, someone without accounting & finance background may not be able to harness the right information from the reports. An understanding of the “mysterious” basis on which financial reports are prepared is vital.

2. Increase the chance of getting finance department’s endorsement on proposals

Understanding common financial terms & issues go a long way in lending credibility to proposals which, more often than not, need to be screened by finance colleagues.

3. Knowledge acquired in this course can be applied to any type of business or set-up, including not-for profit organizations

Learning Outcome:

At the end of this course, YOU will be able to achieve the following:

Interpret financial information correctly for decision making

Understand the impact of your decisions and actions (or non-action) on the “bottom-line” performance of your organization

Bridge your communication gap with colleagues from the finance department

Understand the common yardsticks / ratios used in performance evaluation

Remove any ‘fear’ over finance and the accompanying jargon

Course Outline:

Introduction

What is value creation?

What is “finance”?

Impact of transactions on financial statements

What information do the following convey – Balance Sheet, Profit & Loss Statement and Statement of Changes in Equity

Why is accounting profit different from cash flow?

Evaluating performance of organization

Profitability

Efficiency

Solvency

Investment

Who Can Benefit?

The course is suitable for management or staff from any functional area including sales and marketing as well as operations. Participants may be in product, project, manufacturing or service businesses, including not-for-profit organizations. It will also be a good idea for finance colleagues to nominate the appropriate non-finance colleagues to attend this course.

Course Schedule:

Day	Time	Topic	Method
1	09:00 to 10:30	Intro & Objectives of Financial Statements	PowerPoint Presentation
	10:30 to 10:45	1st Tea Break
	10:45 to 13:00	Essentials of Income Statement	Exercise & PowerPoint
	13:00 to 14:00	Lunch Break
	14:00 to 15:30	Essentials of Balance Sheet	Exercise & PowerPoint
	15:30 to 15:45	2nd Tea Break
	15:45 to 17:30	Key Performance Indicators & Ratio Analysis	Exercises

Faculty:

Vishal Yogesh Thakkar

Vishal Thakkar, M.Com, A.C.A, MBA (Fin) is a very well known Corporate Trainer in the Field of Finance. His programs on Finance For Non Finance professionals, Personal Financial Planning, Cost & Management Accounting, Tax & Tax Planning etc are well received by corporates like Essar Steel, Aditya Birla Group, Mahindra & Mahindra, Mukand Limited, Hutchison Essar Telecom, Bisleri, Jeena & Company and others.

Other than the above he is a visiting faculty at BSE Training Institute & Interconnected Stock Exchange of India. He has successfully conducted various modules for St. Xaviers Institute of Management, C. A. Institute GMCS, ICFAI, HR College of Commerce, Institute of Financial Markets, Davar’s College, Seltel Inc. and others. He was awarded the Best Student during his college and has several awards to his credit in Public Speaking, Elocution and Group Discussion. He has an experience of more than six years in training industry and has trained more than five thousand managers, professionals and students

Qualifications:

ü Currently pursuing Certified Financial Planning from FPSB, USA.

ü Qualified as MBA in Finance from ICFAI (The Institute of Chartered Financial Analysts of India)

ü Qualified as a Chartered Accountant from ICAI (The Institute of Chartered Accountants of India)

ü Completed M.Com (Masters in Commerce) from University of Mumbai securing Second Position in the college.

ü Completed Graduation from SIES College of Commerce and Economics, securing the “Best Student Award”

ü Completed Level One of ICWA from ICWAI (The Institute of Cost and Works Accountants of India)

Registration Fee:

Please send an email to register@... with name of participant, company, contact details and cheque no. Registration fee is Rs. 3,100 (Rupees Three Thousand One Hundred Only inclusive of all taxes) per participant, which includes lunch, tea, course material etc. Cheque should be drawn in favour of “Brianna Knowledge Resources Pvt. Ltd.” payable at Mumbai.The Cheque can be mailed at the address given below:

B - 211, Big Splash, Plot no. 78 / 79, Sector - 17, Opp MTNL,

Vashi, Navi Mumbai - 400705.

Ph. no. 022 3910 99 99 / 97. Dir: 27881999

email: info@.... URL: www.brianna.co.in

Group Discount: -

3 or more members - 10 % Discount.

5 or more members - 15 % Discount.

10 or more members - 20 % Discount.

A few of our Clients:-

Mahindra & Mahindra, Aditya Birla Group, Kotak, Bisleri, Raymonds, Godrej Consumer Products, Essar Steel, Vodafone, Mukand Ltd and many more.

In House Programs:-

We also undertake in house programs on topics like Indian Accounting Standards, US GAAP, Finance for Non Finance Managers, Personal Finance, Working Capital Management, Marginal Costing & Total Profitability Improvement and many more. for further details on Inhouse programs kindly visit www.brianna.co.in

Please remember that Brianna does NOT sell, rent, license or otherwise disclose any personal information to other parties. To ensure that future emails from Brianna aren’t filtered to your junk mail folder, add brianna@... to your address book. To opt out from the mailing list, send a blank e-mail with “UNSUBSCRIBE” in the subject line.

--
Regards
Vishal Thakkar
M.Com, A.C.A, MBA(fin)
9320007891
Managing Director

Please remember that Brianna does NOT sell, rent, license or otherwise disclose any personal information to other parties. To ensure that future emails from Brianna aren’t filtered to your junk mail folder, add brianna@... to your address book.
To opt out from the mailing list, send a blank e-mail with “UNSUBSCRIBE” in the subject line.
This email was sent by
Brianna Knowledge Resources Pvt Ltd. B - 211, Big Splash, Plot no. 78 / 79, Sector - 17, Opp MTNL, Vashi, Navi Mumbai - 400705. Ph. no. 022 3910 99 99 / 97. email: info@.... URL: www.brianna.co.in

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#1448

From: Tax Guru <caupdate08@...>
Date: Mon Jul 6, 2009 4:14 am
Subject: UPDATES FROM TAX GURU 06.07.2009

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UPDATES FROM TAX GURU

UOI vs. Dharmendra Textile 306 ITR 277 (SC) on 271 (1) (c) penalty distinguished

Posted: 05 Jul 2009 06:31 PM PDT

CIT vs. Haryana Warehousing (Punjab & Haryana High Court)The assessee claimed that its entire receipts were exempt from tax u/s 10 (29). The AO took the view that only income...

Income Tax Refund- Know the Status and generally asked questions

Posted: 05 Jul 2009 12:31 AM PDT

Introduction:- The refund banker has been implemented from January 24, 2007. The refund banker facility is initially operational for taxpayers assessed in specific charges in Delhi, Patna, Bangalore,...

Waiver of penalty in certain cases for non-filing of return within prescribed time

Posted: 05 Jul 2009 12:09 AM PDT

TRADE CIRCULAR Date: 4th July, 2009 No. VAT/ AMD-1009/IA/ ADM-06 Trade Cir. 21T of 2009 Sub : Waiver of penalty in certain cases for non-filing of return within prescribed time. Ref. : ...

New software to speed up the process of filing income-tax returns

Posted: 04 Jul 2009 10:58 PM PDT

Speeding up the process of filing income-tax returns and making it more convenient, a software called `Uttam Sewa’ has been prepared by the department concerned to facilitate the work of over...

What mode to use to send ITR to Bangalore-Speed post, Registered Post , Courier, Ordinary Post?

Posted: 04 Jul 2009 09:09 PM PDT

Dear Taxpayers, Please furnish the Form ITR-V to the Income Tax Department, CPC, Post Bag No – 1, Electronic City Post Office, Bangalore – 560100, Karnataka BY ORDINARY POST ONLY within...

With Regards,
CA Sandeep Kanoi
Website: http://www.taxguru.in/
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#1447

From: "abishag.acacia" <abishag.acacia@...>
Date: Thu Jul 16, 2009 11:34 am
Subject: Every company has a legal ethics committee

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Company Legal & Ethical Policy
Every company has a legal ethics committee that deals with all the issues pertaining to violation of corporate ethics policy. However, violation of laws , rules and regulations can also be reported to the Chairman or the Director of the company . Any staff members violating ethical policy are subjected to appropriate disciplinary action that might even include termination from the service.
More Info>>

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#1446

From: Tax Guru <caupdate08@...>
Date: Sun Jul 12, 2009 4:21 am
Subject: UPDATES FROM TAX GURU 12.07.2009

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UPDATES FROM TAX GURU

Concessions and Exemptions in Excise Duty provided by Union Budget 2009

Changes in Excise Duty Rates in Union Budget 2009

PWC charged abnormally high fees for auditing Satyam’s accounts

In another blow to embattled audit firm Price Waterhouse (PW), the high powered committee formed by ICAI to investigate the Satyam fraud, has submitted its interimn report. According to sources, the report has found the auditors guilty of lapses...

Amendments to SEBI (Disclosure and Investor Protection) Guidelines, 2000

Bombay High Court dismissed about 400 appeals of Income Tax department

Posted: 11 Jul 2009 10:22 AM PDT

Complexity of income need to be considered, to decide under which head rental Income will be taxed

Salary paid in cash to employees posted at Rigs for more then 15days can not be disallowed

Assessment of Firm if Change in constitution

The contingent or non-existing liabilities which were claimed and allowed under section 143(1)(a) would amount to income escaping assessment

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

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#1445

From: "abishag.acacia" <abishag.acacia@...>
Date: Wed Jul 15, 2009 10:22 am
Subject: Everybody in competition today�s world

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Today's Competition World

With the ever increasing competition in today's world, getting a college degree has never been more important . However, obtaining an associate, bachelors, or masters degree puts a lot of stress on a person � in terms of finance as well as time. more...

For some, their work schedule just doesn't make it feasible for them to go to college and get their degree . Yet at the same time, getting a degree is imperative to their career , even in business. Is there a solution to this dilemma? more...

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#1444

From: Tax Guru <caupdate08@...>
Date: Wed Jul 8, 2009 5:55 am
Subject: UPDATES FROM TAX GURU 08.07.2009

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UPDATES FROM TAX GURU

Exemption to banks from service tax on inter-bank transactions of purchase and sale of foreign currency
Exemption to exporter from payment of service tax on commission and Good Transport Agency Services
Notification on service tax exemption to exporters specifying the conditions and exempt services
Scheduled banks are empowered to issue zero coupon bonds
Services provided by club or association exempt for some associations till 31.03.2010
Gift in kind will be taxable from 01.10.2009
How to choose between Private Companies, Public Companies and Limited Liability Partnerships
COMPARISON – Limited Liability Partnership (LLP)/ Company / Partnership
Limited Liability Partnership Basic Concept, Requirement and Pre-Requisite for Formation of LLP

Exemption to banks from service tax on inter-bank transactions of purchase and sale of foreign currency

Posted: 07 Jul 2009 08:53 PM PDT

Notification No.19/2009 – Service Tax– New Delhi, the 7th July, 2009 G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994)...

Exemption to exporter from payment of service tax on commission and Good Transport Agency Services

Posted: 07 Jul 2009 08:46 PM PDT

This Notification exempt Exempts the taxable service pertaining to sub-clause (zzb) and (zzp) of clause (105) of section 65 of the Finance Act. Notification is as follows:- Notification No.18/2009...

Notification on service tax exemption to exporters specifying the conditions and exempt services

Posted: 07 Jul 2009 07:49 PM PDT

Notification No.17/2009 – Service Tax- New Delhi, the 7th July, 2009 (Supersedes notification No.41/2007- Service Tax, dated the 6th October, 2007.) G.S.R. (E).- In exercise of the powers conferred...

Scheduled banks are empowered to issue zero coupon bonds

Posted: 07 Jul 2009 07:26 PM PDT

Under the existing provision of clause (48) of section 2, only infrastructure capital company or infrastructure capital fund or public sector company are empowered to issue zero coupon bonds when...

Services provided by club or association exempt for some associations till 31.03.2010

Posted: 07 Jul 2009 07:20 PM PDT

Services Provided by any of following club or association to its members, in relation to provision of services, facilities or advantages for a subscription or any other amount is exempt by...

Gift in kind will be taxable from 01.10.2009

Posted: 07 Jul 2009 10:12 AM PDT

According to the new proposal of the Union Budget 2009-10, any property received from a non-relative where the value is in excess of Rs 50,000 in a particular year will be considered as income in the...

How to choose between Private Companies, Public Companies and Limited Liability Partnerships

Posted: 07 Jul 2009 06:14 AM PDT

SELECTION OF A CORPORATE BUSINESS STRUCTURE If you are new entrepreneur looking of doing a business in a corporate form of organisation, first you have to select a form of business organisation....

COMPARISON – Limited Liability Partnership (LLP)/ Company / Partnership

Posted: 07 Jul 2009 05:32 AM PDT

COMPARISON – LLP / Company / Partnership S. No Conditions LLP Company Partnership 1. Registration To be registered with Registrar of LLP under LLP Act 2008 To be registered with Registrar...

Limited Liability Partnership Basic Concept, Requirement and Pre-Requisite for Formation of LLP

Posted: 07 Jul 2009 05:30 AM PDT

LIMITED LIABILITY PARTNERSHIP (LLP) INDIA 1. Concept of LLP Limited Liability Partnerships (LLPs) are commercial vehicles which combine the features of partnership and company form of business...

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#1443

From: "abishag.acacia" <abishag.acacia@...>
Date: Sat Jul 18, 2009 10:29 am
Subject: Through the University Alliance Online

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Alliance Online Info

Through the University Alliance Online, these leading universities bring the classroom to you with instructor-led, interactive programs that offer the same high-quality programs online that are offered to on-campus students. more info...

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Not only can you earn a professional certificate in the high-demand discipline of your choice or earn your Associate's, Bachelor's or Master's degree anytime , anywhere, 24/7 but also put the skills you learn to use immediately in your workplace. more info....

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#1442

From: Tax Guru <caupdate08@...>
Date: Sat Jul 18, 2009 4:13 am
Subject: UPDATES FROM TAX GURU 18.07.2009

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UPDATES FROM TAX GURU

New unit must have separate and independent identity if set up by a company which is already running an industrial unit to claim benefit u/s. section 80-1B(2)(i)

Posted: 17 Jul 2009 07:00 PM PDT

SUMMARY OF CASE LAW The concept of reconstruction of business as contemplated by section 80-1B(2)(i) would not be attracted when a company which is already running one industrial unit sets up another industrial unit; the new industrial unit would....

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Income cannot be assessed as “income from house property just because income is attached to immovable property

Posted: 17 Jul 2009 06:55 PM PDT

SUMMARY OF CASE LAW Merely because income is attached to immovable property, it cannot be the sole factor for assessment of such income as “income from house property. CASE LAW DETAILS Decided by: ITAT, DELHI BENCHES `F’: NEW DELHI, In...

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Rectification of order passed by tribunal under section 254(2) of IT Act, 1961

Posted: 17 Jul 2009 06:53 PM PDT

SUMMARY OF CASE LAW If the Tribunal has consciously come to the conclusion that no income accrues in India and in respect of which elaborate reasons are given, if the applicant does not agree with the reasoning, it cannot be said that any mistake...

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Mere enquiry about any loan/gift does not tantamount to detection of concealment of income u/s. 271(1)(c) of IT Act, 1961

Posted: 17 Jul 2009 06:43 PM PDT

SUMMARY OF CASE LAW Mere omission of the surrendered income from the return of an item of receipt does neither amount to concealment nor furnishing of inaccurate particulars of income; mere asking of a question or simply raising of an enquiry...

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Status of the Local Authority cannot be denied for the reason that members of the assessee-Mandi Parishad not elected

Posted: 17 Jul 2009 06:40 PM PDT

SUMMARY OF CASE LAW Just because the members of the assessee-Mandi Parishad not elected, the status of the “Local Authority” cannot be denied to it when all other tests laid down by the Supreme Court regarding a local authority in...

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Mumbai ITAT Bench not functioning from 20.07.09 to 24.07.09

Posted: 17 Jul 2009 10:21 AM PDT

The following Benches will not function during the period from 20.07.09 to 24.07.09“A1, B1, E1, H, L, & WT”The cases hanve been adjourned to respective dates - See seprate notice.Sd/-(M.A. Bakshi)Vice-PresidentDate : 16.07.2009

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Small business been given Tax breather in Union Budget 2009

Posted: 17 Jul 2009 10:18 AM PDT

The small business community is usually a discontented lot when it comes to budget announcements by the government. This time though was a little different. The UPA government took significant measures in Budget 2009 to simplify the direct tax code...

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Union Budget 2009 covered Gifts and deemed Gifts of Properties under tax net

Posted: 17 Jul 2009 09:50 AM PDT

Under the existing provisions, in a nutshell, gifts received by individuals and HUFs, only as sum of money from non relatives in excess of Rs.50000/- per annum are taxable. Gifts on the occasion of marriage or under a will are also outside the tax...

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No separate empanelment for NABARD

Posted: 17 Jul 2009 09:41 AM PDT

As everybody is already aware, National Bank for Agriculture and Rural Development (NABARD) takes panel from the Institute of Chartered Accountants of India for the empanelment of Statutory Auditors of Regional Rural Banks. (RRBs). In this context,...

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#1441

From: Tax Guru <caupdate08@...>
Date: Fri Jul 17, 2009 4:35 am
Subject: UPDATES FROM TAX GURU 17.07.2009

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Charter ship hire payments not royalty within the meaning of section 9 of IT Act

SUMMARY OF CASE LAW Payments for chartering ships on hire for doing the business outside India do not satisfy the test laid down in section 9; when section 9 is not satisfied, there cannot be a case that income is deemed to accrue or arise in...

Furnishing bank guarantee cannot be equated with actual payment under Section 43B of IT Act

SUMMARY OF CASE LAW By no stretch of imagination it can be said that furnishing of bank guarantee is actual payment of tax or duty in cash; the bank guarantee is nothing but a guarantee for payment on some happening and that cannot be actual...

Validity of notice issued by AO u/s 148 pursuant to directions of CIT u/s. 263 of IT Act 1961

SUMMARY OF CASE LAW An order of assessment passed by an ITO should not be interfered with only because another view is possible; when a statute provides for different hierarchies, providing for forums in relation to passing of an order as also...

A supporting manufacturer entitled to claim deduction u/s. 80HHC (1A) on the basis of disclaimer certificate of export house

SUMMARY OF CASE LAW The supporting manufacturer gets an independent right to claim deduction under section 80HHC(1A) once he gets in his favour a disclaimer certificate from the export house and there are no other conditions stipulated in the said...

Statutory date for FMV of a property cannot be substituted with a subsequent conversion date by issuing notification

SUMMARY OF CASE LAW It is not possible to ignore the statutory date embedded in the Act and adopt the conversion date as the bench mark date for finding out the FMV. CASE LAW DETAILS Decided by: ITAT, COCHIN BENCH, COCHIN, In The case of: Arun...

ICAI Panel of Arbitrators

The Institute of Chartered Accountants of India (Institute) recognises that in the emerging globalised scenario, the Alternative Dispute Resolution (ADR) system is a cost and time effective alternative to the heavily overburdened Courts....

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#1440

From: "abishag.acacia" <abishag.acacia@...>
Date: Fri Jul 10, 2009 11:37 am
Subject: Learn Language Other Then Native

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Learn Another Language

You can learn another language through online study or correspondence as well . Courses can offer you training that you take at your own pace through written and audio help that you can download online or play via audio or DVD as well . Self paced language skills can be a great way to learn a new skill for business or for pleasure .
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#1439

From: Tax Guru <caupdate08@...>
Date: Tue Jul 7, 2009 5:00 am
Subject: UPDATES FROM TAX GURU ON BUDGET COVERING ALL ASPECTS

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UPDATES FROM TAX GURU

New Income Tax Rate slabs for Individual, HUF, Women, Senior Citizen for A.Y. 2010-11 & F.Y. 2009-2010

Posted: 06 Jul 2009 08:20 PM PDT

Basic exemption for individual tax payers was increased by Rs 10,000 for general tax payers and women and Rs 15,000 for senior citizens (i.e. 65 years and above) by the finance minister on...

Service Tax Notification exempting services provided by a tour operator having a contract carriage permit for inter-state or intrastate transportation

Posted: 06 Jul 2009 07:50 PM PDT

Notification No.20/2009 – Service Tax – New Delhi, the 7th July, 2009 G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32...

Highlights of the budget 2009-10 as applicable to service tax

Posted: 06 Jul 2009 07:08 PM PDT

Highlights of the budget 2009-10 as applicable to service tax I. NEW SERVICES UNDER THE TAX NET 1) Medical Services Services of cosmetic surgery or plastic surgery (zzzzk). However surgery...

Major Changes / Amendments in Income Tax and Wealth-tax Made in Budget 2009-2010

Posted: 06 Jul 2009 08:39 AM PDT

Direct Taxes No changes made in the Corporate Tax rates. For the Limited Liability Partnerships, the provisions of Income Tax are the same as applicable in the case of Partnership Firms formed as...

Major Changes / Amendments in Central excise duties Made in Budget 2009-2010

Posted: 06 Jul 2009 08:12 AM PDT

Excise duty rate on items currently attracting 4% to be raised to 8% with following major exceptions: Specified food items including biscuits, sharbats, cakes and pastries Drugs and...

Major Changes / Amendments in Customs duties Made in Budget 2009-2010

Posted: 06 Jul 2009 08:01 AM PDT

Customs duty of 5% to be imposed on Set Top Box for television broadcasting. Customs duty on LCD Panels for manufacture of LCD televisions to be reduced from 10% to 5%. Full exemption from 4% special...

Major Changes / Amendments in Service Tax Made in Budget 2009-2010

Posted: 06 Jul 2009 04:22 AM PDT

4 new services has been brought in the tax net a) Transport of goods through Water :- to any person, by any other person, in relation to transport of (i) coastal goods; (ii) goods through national...

Amendment in TDS rates and Provisions U/s. 194C & 194I of the Income Tax made in Finance Budget 2009-2010

Posted: 06 Jul 2009 03:31 AM PDT

194C- Under this section earlier there was same Rate of TDS in respect of Payment to all the class of the Assesses. Now finance minister has changed the rates and provided that that any person shall...

Union Budget 2009-10 Highlight on Direct & Indirect Taxes

Posted: 06 Jul 2009 01:49 AM PDT

Service tax levied on law firm Custom duty on gold re-imposed Customs duty to be reduced on drugs for heart treatment No new tax on edible oil imports 4 per cent excise duty on cotton products...

Union Budget 2009-10 Major Highlights

Posted: 05 Jul 2009 11:59 PM PDT

· Excise duty on fibre for cheaper cloth reduced · Service tax to be levied on law firms · Excise duty on petrol-driven small trucks reduced to 10% · Exemption of duty on...

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Website: http://www.taxguru.in/
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#1438

From: Tax Guru <caupdate08@...>
Date: Thu Jul 9, 2009 5:24 pm
Subject: UPDATES FROM TAX GURU 09.07.2009

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UPDATES FROM TAX GURU

Wealth tax exemption limit raised

Posted: 08 Jul 2009 07:24 PM PDT

Enhancement of the limit for payment of wealth tax under the existing provisions of section 3 of the Wealth-tax Act, wealth tax is charged every year in respect of net wealth, on the valuation date,...

Income Tax department need to allot Document Identification Number (DIN) to each correspondence sent or received by it

Posted: 08 Jul 2009 07:18 PM PDT

It is now well accepted that “tax administration is tax policy”. A tax administration designed to foster voluntarily compliance yields higher revenue than a sound tax policy administered by an...

Budget aimed at Rationalisation of provisions related to TDS

Posted: 08 Jul 2009 07:09 PM PDT

Tax deduction at source is a method of collecting taxes on behalf of the Government at the time of payment or credit. The Income-tax Act casts a legal responsibility on the deductor to deduct tax on...

Limit for Liability to pay advance tax increased to 10000 from existing 5000

Posted: 08 Jul 2009 06:51 PM PDT

Under the existing provisions of section 208 the Income-tax Act, liability for payment of advance tax during a financial year arises when the amount of such tax payable during that year...

All business having turnover less than 40 Lakh can claim benefit of presumptive taxation scheme

Posted: 08 Jul 2009 06:47 PM PDT

There has been a substantial increase in small businesses with the growth of transport and communication and general growth of the economy. A large number of businesses and service providers in rural...

Payment in cash to transporters upto 35000 allowed from 01.04.2009

Posted: 08 Jul 2009 06:30 PM PDT

Enhancement of limit for disallowance of expenditure made in the case of transporters Under the existing provisions of the Income-tax Act, where an assessee incurs any expenditure, in respect of...

Service tax on Legal Consultancy, more clarification needed

Posted: 08 Jul 2009 01:41 AM PDT

THE focus of this write up is restricted to `Legal Consultancy Service’ which is one of the new services brought into the service tax net in Budget 2009 and the scope of this new levy. This...

CA been allowed to do Excise Audit, Cost Accountant fear their profession may become redundant

Posted: 07 Jul 2009 10:50 PM PDT

Cost accountants fear their profession may become redundant as the budget has allowed chartered accountants to do excise audit, which was their exclusive domain. “Allowing chartered accountants...

Government merged the Authority for Advance Rulings (AAR) for direct and indirect taxes

Posted: 07 Jul 2009 10:46 PM PDT

The government has merged the Authority for Advance Rulings (AAR) for direct and indirect taxes, the two arms of Finance Ministry, where overseas firms and Non-Resident Indians can know their tax...

Announcement of Rules amending Works Contract (Composition Scheme for Payment of Service Tax) Rules, 2007

Posted: 07 Jul 2009 09:13 PM PDT

Notification No.23/2009 – Service Tax– New Delhi, the 7th July, 2009 G.S.R. (E).- In exercise of the powers conferred by sections 93 and 94 of the Finance Act, 1994 (32 of 1994), the Central...

Amendment in the Taxation of Services (Provided from outside India and Received in India) Rules, 2006

Posted: 07 Jul 2009 09:04 PM PDT

Notification No.22/2009 – Service Tax–New Delhi, the 7th July, 2009 G.S..R. (E).- In exercise of the powers conferred by sections 93 and 94 of the Finance Act, 1994 (32 of 1994), the Central...

Amendments in Notification No. 1/2002 – Service Tax, dated the 1st March, 2002.

Posted: 07 Jul 2009 08:59 PM PDT

By notification No. 1/2002–ST dated 01.03.2002 the Central Government exempts the taxable services provided, by Government of Rajasthan under Group Personal Accident Scheme, to its employees in...

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#1437

From: Tax Guru <caupdate08@...>
Date: Tue Jul 14, 2009 12:41 am
Subject: UPDATES FROM TAX GURU 13.07.2009

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UPDATES FROM TAX GURU

FBT abolished and Perquisites earlier covered under FBT become taxable in the hand of Employees

Currently, certain prescribed fringe benefits provided by an employer to his employees are liable to FBT in the hands of the employer. Such fringe benefits are not included within the scope of ‘perquisites’ as defined in section 17. As FBT will now...

Taxability of receipts from transfer of marketing rights and non-compete fee

SUMMARY OF CASE LAW Where an amount is received by the assessee towards its income generating assets, then iat is a capital receipt; on the other hand, if the receipt is towards the loss of income and not the source of income, then it is of...

If partner used club membership taken in his own name for business purpose then Club subscription paid by firm is allowable

SUMMARY OF CASE LAW Once commercial angle of the expenditure is established as contemplated by section 37(1) of the Income-tax Act, there is no difference in the corporate membership or a membership of working partner in a club for the purpose of...

Scholarship/ stipend received by a student for pursuing higher studies cannot be treated as salary

SUMMARY OF CASE LAW Sections 15, 16 and 17 of the Income-tax Act, 1961 nowhere includes scholarship/ stipend which have been mentioned in section 10(16) of the Act; therefore, it can be said that the stipend/scholarship has been specifically....

Applicability of section 194C of IT Act, 1961 on contract for sale of goods

SUMMARY OF CASE LAW The contracts for the sale of goods will not be covered within the ambit of section 194C. CASE LAW DETAILS Decided by: ITAT, MUMBAI BENCHES `E’, MUMBAI, In The case of: Shemaroo Video Pvt.Ltd.v.ITO, Appeal No.: ITA NOS....

Validity of order passed u/s 154 of IT Act, 1961 when demand notice served after limitation period

SUMMARY OF CASE LAW The order of amendment under section 156 would mean an order in writing and calculation of tax on the basis of such order; if the amendment and calculation of tax is made within the period of limitation as provided in...

Key Features of LLP Act & Taxation of Limited Liability Partnership

Key Limited Liability Partnership Act 2008 and Limited Liability Partnership Rules, 2009 • The Limited Liability Partnership (LLP) Bill 2008 was passed by the Parliament on December 12, 2008 and legislated vide notification of the Act in the...

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#1436

From: "abishag.acacia" <abishag.acacia@...>
Date: Wed Jul 8, 2009 6:05 am
Subject: Become A Recognize Carpenter

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Carpentry Programs
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#1435

From: Tax Guru <caupdate08@...>
Date: Fri Jul 10, 2009 4:38 pm
Subject: UPDATES FROM TAX GURU 10.07.2008

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UPDATES FROM TAX GURU

No tax on Foreign telecom firms for carrying calls abroad: AAR

Foreign telecom firms operating without a permanent establishment in India are no more required to pay any tax on income from carrying international calls and data services in pacts with domesticoperators. Giving a ruling on an application from...

Union Budget 2009- Amendments proposed in respect of charitable Trusts

Medical and Educational Institutions : Extension of time limit for filing applications for tax exemption under section 10(23C) : Now such institutions having receipts of more than rupees one crore can file an application for seeking exemption till...

Amendments made in union budget 2009 in section 80IB (10) related to Housing Projects

Further restrictions on benefits in respect of Housing Projects : In the run up to the budget virtually every stake holder in the real estates wanted that benefits of section 80IB(10) of the Income Tax Act, 1961 be restored which have ceased to be...

Practice as advocate not required for appointment as HC judge

Mahesh Chandra Gupta vs. UOI (Supreme Court)Shri. Satish Chandra, former ITAT Member, was appointed judge of the Allahabad High Court on 6.8.2008. The appointment was challenged on the ground that he had not practiced for even a day as an advocate...

New Pan Provisions Very Harsh; Even non- residents need to Comply new provisions

PAN is the basic ‘penetrating needle’ for the Income tax Department to rope in every income earning person. It is a fact that our taxbase continues to be a major concern for policy makers. And in order to widen the taxpayers’ base...

Taxation of transfer of land or building or both w.r.t. section 50C as amended in union budget 2009

The existing provisions of section 50C provide that where the consideration received or accruing as a result of the transfer of a capital asset, being land or building or both, is less than the value adopted or assessed by a stamp valuation...

Gifts and deemed Gifts of Properties brought under tax net

Bad news for salaried person: FBT abolished

Employees enjoying perks such as rent-free accommodation, cars, chauffeurs, credit cards and club memberships may have to pay tax on the value of these benefits, with the government proposing a shift in the tax burden on perquisites (perks) from the...

Balancing charge is not chargeable to tax: Supreme Court

Nectar Beverages vs. DCIT (Supreme Court) The assessee purchased bottles and crates costing less than Rs. 5,000/- and was allowed 100% depreciation thereon u/s 32 (1) (ii). When the bottles and crates got worn out, they were sold by the assessee....

No service tax on Individual Lawyers practicing in own name and law proprietorships concerns

Many legal outfits will not come within the purview of the service tax proposed to be imposed on legal consultancy services as they operate as sole proprietorships, say experts. As the service tax will apply on advice provided by a business entity...

With Regards,
CA Sandeep Kanoi
Website: http://www.taxguru.in/
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#1434

From: Tax Guru <caupdate08@...>
Date: Sat Jul 11, 2009 5:18 pm
Subject: UPDATES FROM TAX GURU 11.07.2009

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ICAI announced date of Result for Common Proficiency Test

Posted: 10 Jul 2009 06:17 PM PDT

Result of the Common Proficiency Test (Online) held in March, April and May 2009 and Common Proficiency Test (Paper Pencil Mode) held in June, 2009 is expected to be declared on Friday, the 17th July, 2009 around 2 P.M. The results of the Common...

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Announcement of Examination Centers, Last date of form filing for PCE, IPCE and C.A. Final Examination

Posted: 10 Jul 2009 06:10 PM PDT

Applications for admission to Professional Competence Examination (PCE), Integrated Professional Competence Examination (IPCE) and Final Examination are required to be made in the prescribed forms. The application forms are priced at Rs. 100/- per...

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CPT Online Examiniation date, Center, Registration date, Eligibility date, last date announced

Posted: 10 Jul 2009 05:58 PM PDT

The next Common Proficiency Test (CPT) ( Paper-Pencil Mode) of the Institute will be held on 13th December, 2009 at the following centres : 1) Centres in India – Agra, Ahmedabad, Ahmednagar, Ajmer, Akola, Alappuzha, Aligarh, Allahabad,...

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Empanelment of Chartered Accountants with National Informatics Centre Services Inc for Internal Audit

Posted: 10 Jul 2009 05:49 PM PDT

Please visit the link http://www.taxguru.in/wp-content/uploads/2009/07/TenderDocumentInternalAuditor.pdf to download the tender document. The tender bids must reach the Managing Director, National Informatics Centre Services Incorporated, 6th...

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#1433

From: "*CMA Ramesh M. Joshi" <ramesh@...>
Date: Wed Jul 8, 2009 3:26 pm
Subject: A Must Read for one and all

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Dear Netizen,

If you have read about Annual Accounts of WIRC of ICWAI for any year from FY 2003-04 to 2008-09, Please visit following link :

http://docs.google.com/View?id=ddwdxxg4_34ds8tcvcv

If you are a CMA - Member of The ICWA of India - YOU MUST READ the Document at above link.

Thanking you

Yours faithfully

Thanks and Regards
CMA Ramesh M Joshi
M : +91.98694 13752
*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*
Satyam Eva Jayate...ONLY The Truth Triumphs
Print only if necessary

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#1432

From: Tax Guru <caupdate08@...>
Date: Sun Jul 5, 2009 5:25 am
Subject: UPDATES FROM TAX GURU 05.07.2009

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Addition can’t be made based on search & seizure action taken against a third party without categorical finding that the search material pertains to the assessee

Posted: 04 Jul 2009 08:24 PM PDT

CASE LAW DETAILS Decided by: ITAT, AGRA BENCH, AGRA (THIRD MEMBER), In The case of: Bhajan Das & Brothers v.ACIT, Appeal No. IT (85) A. No. 18/Agr/2005, Decided on: December 23, 2008 RELEVENT...

Initial burden lies on the assessee to prove the genuineness of the purchases

Posted: 04 Jul 2009 08:15 PM PDT

CASE LAW DETAILS Decided by: ITAT, AHMEDABAD BENCH `D’ (THIRD MEMBER), In The case of: ACIT v Amar Mining Co, Appeal No. :ITA No. 1841/Ahd./2002, Decided on: January 29, 2009 RELEVENT...

Export of Services: A Synopsis

Posted: 04 Jul 2009 07:58 PM PDT

Compiled by: C.A. LALIT MUNOYAT B.Com (Hons.), CS, FCA, ISA # 98201 93508 munoyat@... Assisted by: C.A. N.K. Mittal, FCA In India the contribution of service sector to the GDP is about 55% and...

ICAI sign MOU to allow Indian and Australian CAs to practice in each other’s country

Posted: 04 Jul 2009 06:28 AM PDT

Accounting regulator ICAI today entered into an agreement with the Institute of Chartered Accountants in Australia that would allow professionals to practice in each other’s country after...

Railway Minister intoduced 12 non stop trains in Rail Budget

Posted: 03 Jul 2009 09:22 PM PDT

First ever non-stop train service ‘Duronto’ introduced RAILWAY BUDGET 2009-10 For the first time in the history, non-stop train service is being introduced in India. The non-stop train service...

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CA Sandeep Kanoi
Website: http://www.taxguru.in/
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#1431

From: Tax Guru <caupdate08@...>
Date: Wed May 6, 2009 4:18 am
Subject: LEGAL & FINANCIAL UPDATES 06.05.2009

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Got Married; create HUF to save tax & format of deed for creation of HUF

KEY POINTS IN CREATION OF HUF AND FORMAT OF DEED FOR CREATION OF HUF Under the Income Tax Act, an HUF is a separate entity for the purpose of income tax return. The same tax slabs are applicable...

Penalty can not be imposed where the controversy is regarding the legality of the claim made by the assessee: SC

Kanbay Software vs. DCIT (ITAT Pune) In respect of AY 2002-2003, the assessee claimed by a revised return that the loss suffered in respect of one s. 10A unit was not liable to be set-off...

Know, why Its not the right time to invest in a house property

That the property market has undergone a significant correction is well known. That real estate experts are now talking about prices bottoming out is well known too. But, contrary to conventional...

Shocking-95% Appeals By Deptt. Quashed By CESTAT-Bangalore

Believe it, 90 per cent of the appeals filed by the Customs, Central Excise and Service Tax Department of our nation against assessees, who had received a favourable order at the lower level, have....

Income-tax Act is a “National Disgrace” - Justice Dalveer Bhandari, Supreme Court

Hon’ble Mr. Justice Dalveer Bhandari, Judge, Supreme Court of India The Learned Judge laments that the Income-tax Act is a “national disgrace”. He says that it is unfortunate that the law is so...

Can the contents required in ITR (Income Tax Returns) be contrary to the statutory provisions of Income Tax Act, 1961?

In a landmark judgment Commissioner of Income Tax, Chennai Versus Chemplast Sanmar Limited - 2009 -TMI - 33295 - MADRAS HIGH COURT involving a question of law Honorable Court of Madras (Chennai)...

Give copies of answersheets under the Right to Information Act, court tells ICAI

The Delhi High Court on Thursday directed the Institute of Chartered Accountants of India (ICAI) to provide students with certified copies of answersheets under the Right to Information Act. Justice....

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