Managing 7 Habitual Tax Mistakes – A Tax Risk Management Bible

"Tax compliance in most businesses only covers about 40 percent of the total tax risk in those businesses...the other 60 percent is hidden.”observes tax Guru Daniel Erasmus in his new book dealing with corporate Tax Risk Management, Managing 7 Habitual Tax Mistakes (A Tax Risk Management Handbook).

Daniel Erasmus presents a comprehensive guide to Tax Risk management which would save millions of dollars to companies.In todays world with increasing tax compliance requirements, and complex business models it is important for every company to be proactive to the tax risks which are presented by mismanagement of affairs.

"In some respects, many corporate taxpayers are their own worst enemies because they tend to be reactive to tax problems and tax risks. This inevitably results in additional and unforeseen taxes, sometimes totaling millions of dollars,” notes Erasmus. He adds that he wrote the book for a broad audience, including CEO’s, CFO’s, boards of directors, corporate operations managers and, of course, tax advisors.

“I hope this book will communicate to today’s corporate leaders the extraordinary importance of a proper tax risk management (TRM) process,” he says. “When an effective TRM program, such as I’ve developed, is in place, these individuals can be certain their companies will enjoy minimal tax exposure while being fully regulatory compliant.”

Erasmus is a pioneer in the area of the constitutional rights of taxpayers and is at the forefront of tax research in this area. Prior to founding the law firm of Daniel Erasmus & Partners, he held positions at several law firms and with Deloitte & Touche. A popular author, teacher, lecturer and talk show host, Erasmus has written numerous articles and books, including two textbooks for lawyers. He currently is working on a PhD and his thesis, “Tax and the Constitution,” examines the power of tax collection agencies to obtain information from taxpayers in order to conduct audits.

Managing 7 Habitual Tax Mistakes is published by LexisNexis. To Don't miss this book which is priced very economically and flexibly.

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Do not delay any more and secure your copy today by clicking on this book image in Shishya Website or http://www.7taxrisks.com/ and http://www.dnerasmus.com/.

KAPIL RECALLS THE MEMORABLE WORLD CUP WIN

Today is the 25th anniversary of the historic win of Kapil Devils in Lords.

When you play almost for 15-20 years, as some of the days come out, it's your day, manufactured by God, given to you and nothing you can do can go wrong. Perhaps that innings was like that," was how Kapil Dev described his 175-run innings against Zimbabwe which was the first step towards India's 1983 World Cup win.

Kapil was all praise for his team mates for their dedication and devotion which ultimately enabled them to realise their "dream" of winning the World cup, teammate Mohinder Amarnath said "it was definitely a turn-around and all thanks to Kapil."

Kapil agreed too. The running catch he took to dismiss Viv Richards was the turning point in the match.

All such first person accounts, including the latent emotions of players in 1983 summer when Kapil Dev led India to World Cup win against mighty West Indies, are compiled in a documentary, "India's World Cup" co-produced by veteran commentator Ashis Ray with Century TV and telecast on Sky Sports.

"Kapil led the way for the Indian side because the way he batted, the way he handled the pressure in that particular game (against Zimbabwe)..." Amarnath told the documentary.

On a moist pitch, the ball swung and seemed appreciably and India couldn't cope. After 13 overs, India were 17 for 5.

"We were all very disappointed and so we just stayed back in the basement of the dressing room; and we didn't feel like coming up for the reason, we thought we let down the team and, second, we thought we were not expecting to fail against a team like Zimbabwe... and then we got news, sitting in the dressing room, that OK now the runs are coming."

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Tax treaty with Botswana takes effect from April 2009

The India-Botswana double taxation avoidance agreement (DTAA) will be given effect to in the country from April 1, 2009. This DTAA was signed in India on December 8, 2006. The agreement had come into force on January 30, 2008 after completion of procedures as required by the respective laws of the two countries. According to the DTAA, the agreement would be given effect to in India from April 1, following the calendar year in which it entered into force. India’s expo rts to Botswana in the first seven months of 2007-08 stood at $39.58 million, which represents a 32.29 per cent increase over exports of $29.92 million recorded in the same period in the previous year.


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Welcome Initiative by SIRC- Compulsory Audit of Accounts under TN VAT

To ensure effective compliance with VAT laws by dealers, the State government will consider introducing a provision for compulsory audit of accounts of an assessee under VAT by chartered accountants, Commercial Tax Minister S.N.M. Ubayadullah said on Thursday.

At the concluding session of ‘Refresher course on Tamil Nadu Value Added Tax’ organised by the Southern India Regional Council of the Institute of Chartered Accountants of India, Mr. Ubayadullah said he was in favour of introducing compulsory VAT, as some dealers claimed huge sums in refunds through fraudulent transactions. “I am in favour of it, but I don’t know about my officials. I will talk to them to ensure that steps are taken to implement it.” Tamil Nadu lost the first-mover advantage in implementing the VAT compared with other States, Mr. Ubayadullah said. The VAT implementation did not cause harm to the public or traders, and in the first year, the collection grew by 20 per cent over the previous year. In the first two months of this fiscal, the growth was 17.5 per cent.

P. Rajendra Kumar, chairman, Southern India Regional Council of the Institute of Chartered Accountants of India, said the institute was ready to conduct a refresher course in VAT for all government officers to enable them to read balance-sheets without the help of chartered accountants. In his response, the Minister said: “If we have to compete with others in the globalised world, we have to keep pace with the changing technology. Tamil Nadu is at the forefront, and the starting of the refresher course is a pointer to it.”

Proper books

Mr. Kumar said the aim of audit under VAT was to ensure that dealers maintained proper books of account and other records to reflect the true liability under VAT.

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KAPIL DEVILS FOREVER

When the BCCI is about the celebrate the 25th year of India’s world cup win, let’s take a look about the man who was single handedly responsible for not only the victory in 1983, but who made Indian cricket a world beater forever.

When lot of triumphs, issues, controversies, changes is associated with Cricket, one cannot forget the 18th and 25th of June 25.yrs ago, when a man called Kapil Dev Nikhanj the Haryana Hurricane gave a new dimension and meaning to Indian Cricket, who changed the face of the Indian cricket forever.

Yes, 18th of June 1983 against Zimbabwe in Nevill Ground, Tunbridge in England, Kapil dev walked in the ground with score reading 9 runs for loss of 4.wkts and soon it became 19-5, Kapil with his big heart not only steadied the inning with the lower order batsman, but created an epic with sensational batting.

It was described by Syed Kirmani as “Daylight crackers burst by Kapil”, who shared 126 runs partnership with Kapil dev.

And on 25th of June 1983 India registered a famous win mauling the mighty West Indies to conquer the highest peak in world cricket.

With a very ordinary batting and bowling average (32 Matches, 608 Runs (Average: 21), 34 wickets) in 1983, Kapil dev proved to the world that self-belief and confidence alone can lead to success.

There are lot many stories about kapil in the career spanning 16.yrs.Please go to the pasted link and read the wonders of the Haryana Hurricane who uprooted the big guns by his bowling and made mockery of the bowlers with his amazing batting.

http://en.wikipedia.org/wiki/Kapil_Dev

IT's OPEN SEASON ON WEB - DONT MISS OUT

Within weeks of each other, the most popular Open Source operating system and one of the most used web browsers for lay users have unveiled their latest avatars — and chances are they will attract millions of first-time users. On Tuesday, the third edition of Firefox will become available for free download. Such is the build-up and hype for this Open Source web browser that 1.6 million users have already pre-registered to get the software on Download Day, June 17 — and as of Saturday, 21,300 of them are based in India.

Mozilla, which promotes Firefox, hopes to create a Guinness World Record for the highest number of downloads on a single day. Don't miss out and download Firefox 3 from Shishya by clicking on the download banner displayed on the site.

Firefox has a reputation for blocking viruses and other malware more effectively than many competing offerings, and many users whose PCs or laptops run on proprietary systems still choose to browse with Firefox.

The browser has ironed out almost all its minor glitches during months as a beta and what is offered now is a robust version.

Going by the pre-release versions, Firefox 3 will be available in the Punjabi and Gujarati versions also.

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"Lagey raho Munnabhai" sweeps 54th National Film Awards

Sanjay Dutt starrer 'Lagey Raho Munnabhai' which brought to fore 'Gandhigiri' by invoking the values of Mahatma Gandhi, swept the 54th National Film Awards for 2006, by winning four honours, including for best popular film.It thus became the first Hindi film sequel to repeat the feat of winning the award as "Munnabhai MBBS" had bagged similar honour in 2003.

Veteran Bengali film actor Soumitra Chatterjee won the best actor award for the Bengali film "Podokkhep", while Tamil actress Priyamani won the best actress award for the film "Paruthi Veeran".

Madhur Bhandarkar won the best director award for his film 'Traffic Signal', while 'Khosla Ka Ghosla' won the award for the best Hindi film.

Malayalam film 'Pulijanmam' directed by Priyanandanan, won the honours for the best feature film. "Kabul Express" directed by Kabir Khan shared the honours with Madhu Kaithapuram's Malayalam film 'Ekantham', for the Indira Gandhi award for the best first film of a director.

There has been no announcement on the Dadasaheb Phalke Award for outstanding contribution to Indian Cinema.

Announcing the winners of the 54th National Film Awards 2006, chairman of the jury for feature films, Budhhadeb Dasgupta told reporters here that 'Lagey Raho Munnabhai' won awards for other categories like best lyrics (Swanand Kirkire), best screenplay (Rajkumar Hirani, Vidhu Vinod Chopra and Abhijat Joshi), and best supporting actor (Dilip Prabhavalkar, who portrayed Mahatma Gandhi in the film).

Incidentally it was a double bonanza for Prabhavalkar, who also won the award for best supporting actor award for Marathi film 'Shevri'. He had played a benign middle class clerk in Shevri and the award was given to him for portraying two diverse and equally challenging characters.

Source - Press Trust of India