Corporate Updates – 20-07-2015


CBDT has issued Clarifications on Tax Compliance for Undisclosed Foreign Income and Assets the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 which has been introduced as a tax compliance provision under Chapter VI of the Act. In regard to the scheme queries have been received from the public about the scope of the scheme and the procedure to be followed. The Board has considered the same and decided to clarify the points raised by issue of a circular in the form of questions and answers for the benefit of the stakeholders.


RBI has reviewed the existing guidelines for Issue of shares under Employees Stock Options Scheme and/or sweat equity shares to persons resident outside India. It has been decided that an Indian company may issue “employees’ stock option” and/or “sweat equity shares” to its employees/directors or employees/directors of its holding company or joint venture or wholly owned overseas subsidiary/subsidiaries who are resident outside India, provided that the scheme has been drawn either in terms of regulations issued SEBI or the Companies (Share Capital and Debentures) Rules, 2014 and in compliance with the sectoral cap applicable to the said company. Further, where foreign investment is under the approval route shall require prior approval of the Foreign Investment Promotion Board (FIPB) of Government of India. The issuing company shall furnish to the Regional Office, within 30 days from the date of issue of employees’ stock option or sweat equity shares, a return as per the Form-ESOP.

News from NIRC of ICSI

Today, 20th July, 2015, NIRC of ICSI is organizing Study Session on the topic "Convergence of Internal Audit, SOX, COSO & Companies Act, 2013” (with case studies) at 5:30 PM at ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi. Participation is FREE: Program Credit Hours – 2.

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