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PGC NEWSLETTER 1
THOUGHT OF THE DAY
“An investment in knowledge pays the best interest … ”
The Finance Ministry is likely to exempt assesses from sharing
details of company-sponsored foreign trips in the revised income
tax return or ITR forms, but may retain the disclosure of foreign
The Shah Committee, constituted to go into levy of minimum
alternate tax (MAT) on FIIs (foreign institutional investors), will
look into all important “legacy” cases, FM Arun Jaitley said,
blaming conflicting judicial rulings for the controversy on the issue
that has riled foreign investors. FM blames foreign investors for
inviting MAT levy on themselves by approaching Authority of
Advance Rulings in 2012.
ICAI has issued Exposure Draft on the Managerial Remuneration
under the Companies Act 2013. Comments/suggestions may kindly
be sent within 10 days i.e. upto 27th May, 2015.
Public Notice No. 12/2015-20 dated 18th May 2015, DGFT has
issued Revised procedure for issue of Pre-Shipment Inspection
RBI/TAX LAW UPDATES
Vide Press Release: 2014-2015/2434 dated May 18, 2015, RBI urges
taxpayers to remit their income-tax dues in advance to avoid last
Vide Notification No. 46/2015 (Customs (N.T.) dated 18th May,
2015, the Central Board of Excise and Customs makes amendment
in Shipping Bill (Electronic Declaration) Regulations, 2011.
Vide Circular No.10 dated 15/05/2015 issued by DVAT, the last
date of filing of online/hard copy of fourth quarter return for the
year 2014-15, in Form DVAT-16, DVAT-17 and DVAT-48 along with
required annexures /enclosures has been extended to 22/05/2015.
In 1993, Dow Jones closes above 3,500 for 1st time (3,500.03)
MCX CRUDE OIL
Dow Jones Industrial