Newsletter dated 2nd March, 2015

1. PGC NEWSLETTER 1
PGC
NEWSLETTER
2nd
March,2015
THOUGHT OF THE DAY
“Success is simple. Do what’s right, the right way, at the right time.”
SEBI/CORPORATE UPDATES
 The new investment pattern for provident funds, to be notified shortly, will
prescribe investment of minimum 5 percent and up to 15 percent of the
investible funds in equity and equity related instruments.
 The government had yesterday announced cut in corporate tax by 5
percent to 25 percent over four years starting April 2016.
 The government proposed the merger of Forward Markets Commission
(FMC) and Securities and Exchange Board of India (SEBI) which would
bring all commodity exchanges under the SEBI Act.
 100% Tax benefits for donation to ‘Swachh Bharat Kosh’ and ‘Clean Ganga
Fund’ other than the sum spent by such assessee in pursuance of
Corporate Social Responsibility under sub-section (5) of section 135 of the
Companies Act, 2013. It will take effect retrospectively from assessment
year 2015-16.
TAX LAW UPDATES
 Amendment in section 80D relating to deduction in respect of health
insurance premium from Rs. 15,000 to Rs. 25,000; and additional for
senior citizens from Rs. 20,000 to Rs. 30,000.
 No change in the rate of personal income-tax and the rate of tax for
companies in respect of income earned in the financial year 2015-16,
assessable in the assessment year 2016-17. During his Budget speech, FM
Arun Jaitley said an individual tax payer can claim tax benefits for up to
Rs. 4, 44,200 in addition to the tax exemption.
 Government to come out with a modified General Anti-Avoidance Rules by
incorporating provisions of the organisation of Economic Cooperation and
Developmentso as to effectively deal with the problem of tax avoidance by
MNCs.
 Abolition of levy of wealth-tax under Wealth-tax Act, 1957 from FY 2015-
16 onwards. Information relating to assets which is currently required to
be furnished in the wealth-tax return shall be captured by suitably
modifying income-tax return. Additional 2% surcharge for the super rich
with income of over Rs. 1 crore.
 Threshold limit for specified domestic transaction has been raised from
Rs. 5 crore to Rs. 20 crore.
MARKET UPDATES
SENSEX
29,351.50 -10.00
CNX NIFTY
8,917.10 15.25
DOLLAR/ RUPEE
61.86 0.04.
MCX SILVER
37,100.00 384.00
MCX GOLD
26,725.00 248.00
MCX CRUDE OIL
3,075.00 11.00
Dow Jones Industrial
average
18,132.70 -81.72
Nasdaq Composite
4,963.53 -24.36
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