UPDATES FROM TAX GURU 16.11.2009

UPDATES FROM TAX GURU (in this message: 11 new items) White Paper on GST PAN Meaning, Significance, who can apply and Procedure to Apply for the same CA firms under scanner for alleged role in scams involving Madhu Koda and his associates After Jaipur tragedy IOC started safety audit of all its operating depots, terminals and plants in the country Anti-money laundering Act: RBI tightens KYC norms for politically Exposed Person Major highlights of draft guideline on Goods and service tax Prevention of Money laundering Act, 2002 – Obligations of NBFCs in terms of Rules notified thereunder RBI circular on embossing of bank / branch name on locker keys Business Visa- Employment visa and Frequently asked question and answers on the same Taxability of Limited Liability Partnership (LLP) and Income tax provisions governing them Frequently asked question and answers on Automation of Central Excise and Service Tax (ACES) 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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 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,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 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)... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru.in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by emai

---

The INTERNET now has a personality. YOURS! See your Yahoo! Homepage.