Newsletter dated 25th April, 2015

1. THOUGHT OF THE DAY
“All that we are is the result of what we have thought…”
ECONOMIC UPDATES
 Moving the Constitution amendment bill for consideration in the Lok
Sabha, Finance Minister Arun Jaitley today said the Goods and Services
Tax Bill will simplify the tax regime and contribute significantly for the
growth of country’s economy.
 CBDT sends a strong signal to tax officials that they shouldn't raise MAT
demands on capital gains made by FIIs coming through countries such as
Mauritius and Singapore, with which India has double taxation avoidance
agreements (DTAAs).
SEBI/CORPORATE UPDATES
 Implementation of section 125 and section 132 of the Companies Act, 2013
which provide details about the constitution, powers and responsibility of
the Investor Education and Protection Fund Authority (IEPFA) and
National Financial Reporting Authority (NFRA).
 Securities and Exchange Board of India (Sebi) on Friday approached the
Supreme Court seeking its direction for a three-year market ban on real
estate giant DLF and its six top officials.
RBI/TAX LAW UPDATES
 New ITR forms might be split. Government today announced that new
Income Tax Return forms that require disclosure of details regarding bank
accounts and foreign trips undertaken by an individual will be
reconsidered, a move that comes after criticism from tax experts.
 Finance Minister Arun Jaitley proposes to bring recurring deposits under
the provisions of TDS (tax deducted at source). As a result, if interest
earned on recurring deposits exceeds Rs. 10,000 a year, TDS at the rate of
10 per cent would be deducted by the bank.
 Finance Bill, 2015 proposes to amend section 80DD of the Income-tax Act
so as to raise the limit of deduction in respect of a person with disability
from fifty thousand rupees to seventy five thousand rupees and in respect
of a person with severe disability, from one hundred thousand rupees to
one hundred and twenty five thousand rupees.
HISTORICAL EVENT
 The country of Bangladesh is established in the year 1971.
MARKET UPDATES
SENSEX
27,437.94 -297.08
CNX NIFTY
8,305.25 -93.05
DOLLAR/ RUPEE
63.55 0.23
MCX SILVER
36,982.00 -129.00
MCX GOLD
26,710.00 -190.00
MCX CRUDE OIL
3,638.00 -50.00
Dow Jones Industrial
average
18,080.14 21.45
Nasdaq Composite
5,092.08 36.02
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