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Newsletter dated 19th May,2015

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Newsletter dated 19th May,2015

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Newsletter dated 19th May,2015

  1. 1. PGC NEWSLETTER 1 PGC NEWSLETTER 19th May, 2015 THOUGHT OF THE DAY “An investment in knowledge pays the best interest … ” ECONOMIC UPDATES  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 bank accounts.  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. SEBI/CORPORATE UPDATES  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 Certificate. 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 minute rush.  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. HISTORICAL EVENT  In 1993, Dow Jones closes above 3,500 for 1st time (3,500.03) MARKET UPDATES SENSEX 27,794.14 106.84 CNX NIFTY 8,408.00 34.35 DOLLAR/ RUPEE 63.65 -0.08. MCX SILVER 40,008.00 -462.00 MCX GOLD 27,486.00 -131.00 MCX CRUDE OIL 3,831.00 -26.00 Dow Jones Industrial average 18,298.88 26.32 Nasdaq Composite 5,078.44 30.15 http://www.proglobalcorp.com