PGC NEWSLETTER 24th March 2014 1
24th March 2014
THOUGHT OF THE DAY
“You cannot always wait for the perfect
time. Sometimes you must dare to jump.”
• Forensic audit is emerging as a big- ticket business for accounting firms.
Two developments are responsible. One, some high- profile frauds in
the limelight over recent months. Two, changes in the approach of
regulators, allied to provisions in the new Companies Act, which put
more accountability on both independent directors and auditors.
• Foreign investors have poured in a whopping Rs 9,600crore in the
stock market so far this month, mainly on the hopes of a stable
government in general elections starting next month.
CORPORATE LAW UPDATES
• Rejecting US allegations related to intellectual property rights (IPR),
India today said that it is ready to discuss the matter at WTO as it has
not breached any international agreement.
• With talks underway for an Indo-US agreement to combat possible tax
evasion by Americans through Indian entities, Securities and Exchange
Board of India plans to issue new guidelines for FATCA compliance in
this regard next fiscal.
RBI / TAX LAW UPDATE
• RBI: The Reserve Bank of India today released on its website for public
comments, the Report of the Committee to recommend Data Format for
Furnishing of Credit Information to Credit Information Companies
• IT: Whether assessee carrying on business of liquor had not maintained
sale vouchers, rejection of assessee's account books and trading results
by invoking provisions of section 145(3) was justified and
Commissioner (Appeals) had rightly applied average gross profit rate in
MCX CRUDE OIL
Dow Jones Industrial