Updates from F4F

• ICAI Election '09 Updates: SIRC Regional Council Team
• ICAI Election '09 Updates: New SIRC Central Council Team's Highlights
• ICAI Election '09 Updates: New SIRC Central Council Team for '10-'12
• ICAI Election '09 Updates: Status on Counting of Votes
• ICAI Election '09 Updates: Update on SIRC Regional Councils
• VAT Hike will effect Luxury Goods Not Common Man
• Maximum I.T. Limit for Individuals should be 20%
• State FM's may Finalise the GST Rate on 7th Jan
• ICAI Election '09 Updates: EIRC Votes Counting Status
• Govt Imposes Additional 5% Export Duty on Iron Ore fines
• After FBT abolition new Perks Rules to be implemented properly
• ICAI Election '09 Updates: Status of Counting of Votes
• Valuation of Perquisites on ESOP to hurt Small Companies
• Violations may lead to Permanent Cancellation of GTA Registration
• CBDT Amends Sec 194H to include TDS on Air Travel Agents Commission
• Excise Duty Exemptions to be brought down gradually
• Shifting of Senior Employees as Independent Directors
• Tax Benifit on Interest Principal to makes DTC more Attractive
• Ministry of Corporate Affairs: Snap Shot 2009

ICAI Election '09 Updates: SIRC Regional Council Team Posted: Results for ICAI Elections '09 ELECTION TO THE TWENTY FIRST COUNCIL AND TWENTIETH REGIONAL COUNCILS SIRC Regional Council Team 2010-12 (This is a just a summary, read the full article at www.forum4finance.com)

ICAI Election '09 Updates: New SIRC Central Council Team's Highlights Posted: Results for ICAI Elections '09 ELECTION TO THE TWENTY FIRST COUNCIL AND TWENTIETH REGIONAL COUNCILS SIRC Central Council ICAI Election '09 Highlights (This is a just a summary, read the full article at www.forum4finance.com)

ICAI Election '09 Updates: New SIRC Central Council Team for '10-'12 Posted: Results for ICAI Elections '09 ELECTION TO THE TWENTY FIRST COUNCIL AND TWENTIETH REGIONAL COUNCILS SIRC New Central Council Team for 2010-2012 (This is a just a summary, read the full article at www.forum4finance.com)

ICAI Election '09 Updates: Status on Counting of Votes Posted: Results for ICAI Elections '09 ELECTION TO THE TWENTY FIRST COUNCIL AND TWENTIETH REGIONAL COUNCILS The Status on Counting of Votes for ICAI Election '09 is as follows:- (This is a just a summary, read the full article at www.forum4finance.com)

ICAI Election '09 Updates: Update on SIRC Regional Councils Posted: Results for ICAI Elections '09 Twentieth Regional Councils The candidate wise SIRC Regional Council position after 18th Round of elimination are as follows: (This is a just a summary, read the full article at www.forum4finance.com)

VAT Hike will effect Luxury Goods Not Common Man Posted: In a bid to address the concerns arising out of her recent announcement on steep hike in the value-added tax on several items, Delhi Chief Minister Sheila Dikshit has said that it will affect only those going for luxury goods and not the common man. Dikshit said VAT on luxury items including high-end cellphones, watches and pens will be increased substantially in March when the budget for Delhi for 2010-11 fiscal will be presented. (This is a just a summary, read the full article at www.forum4finance.com)

Maximum I.T. Limit for Individuals should be 20% Posted: "The maximum tax limit of income tax for individuals should be 20 per cent and for businesses it should not exceed 25 per cent which would give major boost to the economic growth ," Reliance Infrastructure, Vice Chairman, Satish Sheth said, while addressing at the Jain International Trade Organisation (JITO) conference here. (This is a just a summary, read the full article at www.forum4finance.com)

State FM's may Finalise the GST Rate on 7th Jan Posted: The state finance ministers are likely to finalise the rates for goods and services tax (GST) at the meeting of the empowered committee scheduled for January 7, said the Jammu and Kashmir Finance Minister, Mr Abdul Rahim Rather. "Rates may be decided, We are working on the revenue neutral rate and it would be discussed on January 7," said Mr Rather. (This is a just a summary, read the full article at www.forum4finance.com)

ICAI Election '09 Updates: EIRC Votes Counting Status Posted: Results for ICAI Elections '09 ELECTION TO THE TWENTY FIRST COUNCIL AND TWENTIETH REGIONAL COUNCILS. EIRC Vote Counting Status for ICAI Election '09 is as follows:- (This is a just a summary, read the full article at www.forum4finance.com)

Govt Imposes Additional 5% Export Duty on Iron Ore fines Posted: The government has imposed an additional 5 per cent export duty on iron ore fines and lumps, a move aimed at curbing iron ore exports. The industry, however, said this would hit the mining sector. The government has raised export duty on iron ore lumps to 10 per cent from 5 per cent and on iron ore fines to 5 per cent from nil, said a finance ministry notification. (This is a just a summary, read the full article at www.forum4finance.com)

After FBT abolition new Perks Rules to be implemented properly Posted: Perquisites and valuation will return, but meaningful changes in light of the current economic scenario are much desired. Tax benefits for employees have been in rules for long, and abolition of Fringe Benefit Tax will shift the tax burden back to employees from the Companies. Perception requires that to boost economic growth, a greater disposable income be left in the hands of the individuals. Their greater spending capacity would create more demand and would encourage economic growth. (This is a just a summary, read the full article at www.forum4finance.com)

ICAI Election '09 Updates: Status of Counting of Votes Posted: Results for ICAI Elections '09 ELECTION TO THE TWENTY FIRST COUNCIL AND TWENTIETH REGIONAL COUNCILS. The Status of Counting of Votes for ICAI Election '09 is as follows:- WESTERN INDIA REGIONAL CONSTITUENCY SOUTHERN INDIA REGIONAL CONSTITUENCY EASTERN INDIA REGIONAL CONSTITUENCY (This is a just a summary, read the full article at www.forum4finance.com)

Valuation of Perquisites on ESOP to hurt Small Companies Posted: It's not going to be easy for small and unlisted companies to issue employees stock options schemes (ESOPs) as per the latest Central Board of Direct Taxes (CBDT) rules for valuation of perquisites. The valuation rules for calculating the fair market value of shares allotted to employees is substantially the same as compared to the fringe benefit tax (FBT) regime. "Employers once again have to obtain a valuation from a Category 1 merchant banker to determine the fair market value of the ..." (This is a just a summary, read the full article at www.forum4finance.com)

Violations may lead to Permanent Cancellation of GTA Registration Posted: The rules being drafted to implement the Carriage by Road Act, 2007, have a provision to permanently cancel the registration of a goods transport agent or a common carrier if there are three violations in a year or five in two years. The violations in the draft rules include not issuing booking challans, not detailing the goods being transported, detention of goods meant for delivery without valid reasons and asking for unreasonable charges at the time of delivery. (This is a just a summary, read the full article at www.forum4finance.com)

CBDT Amends Sec 194H to include TDS on Air Travel Agents Commission Posted: Air travel agents will have to forego a part of the commission they receive from airlines on tickets sold by them, as the tax department has decided that such payments will be subject to tax deduction at source, or TDS. TDS can be offset against the final tax liability, but in the immediate context this 10% deduction reduces the working capital available. (This is a just a summary, read the full article at www.forum4finance.com)

Excise Duty Exemptions to be brought down gradually Posted: India may move to a dual Goods and Services Tax (GST) regime next year, but the Cenvat (excise duty) related exemptions, especially area-based ones, will not be withdrawn at one go for ushering in the new tax system. The Finance Ministry is not in favour of doing away with all the Central excise exemptions, numbering about 330, as part of the switchover to the GST regime. (This is a just a summary, read the full article at www.forum4finance.com)

Shifting of Senior Employees as Independent Directors Posted: With several curbs on the functioning and remuneration of independent directors resulting in a shortage of such people to be on the boards of companies, an innovative trend has begun in India Inc with some large companies allowing their senior employees to be independent directors in smaller companies. The new Corporate Governance Voluntary Guidelines, released by the Corporate Affairs Ministry, specifies that Independent Directors must ... (This is a just a summary, read the full article at www.forum4finance.com)

Tax Benifit on Interest Principal to makes DTC more Attractive Posted: The government may modify the draft direct tax code to retain tax shelters on interest and principal repayments for home loans to make the proposed new code more attractive for the average Indian, according to finance ministry official. The proposed direct taxes code, which has been unveiled for public debate and is due to become operational from April 2011, does not provide tax incentives to loan-funded house purchases that are for personal use. (This is a just a summary, read the full article at www.forum4finance.com)

Ministry of Corporate Affairs: Snap Shot 2009 Posted: Ministry of Corporate Affairs: preparing ground for Indian Corporates to Play Global YEAR-END REVIEW In recent times, Ministry of Corporate Affairs has taken a number of initiatives by introducing e-stamping with MCA-21 to further facilitate the e-registration of companies. It has also made the Competition Commission of India (CCI) and Competition Appellate Tribunal (CAT) functional. (This is a just a summary, read the full article at www.forum4finance.com)

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