Index of Eight Core Industries shows year-on-year increase and mixed sectoral performance including declines in oil and gas.
The Index of Eight Core Industries, with a combined 37.90% weight in the IIP, rose year on year in March 2014 and posted modest cumulative growth for April-March 2013-14. Sectoral outcomes were mixed: Electricity and Steel increased, Petroleum refinery products and Coal recorded modest gains, Fertilizers and Crude Oil declined in March (with fertilizers showing small cumulative growth while crude oil's cumulative index fell), Natural Gas declined substantially, and Cement was unchanged in March but up cumulatively. Data are provisional and revised where prior year figures were updated.

Tax demand correction via rectification requests enables taxpayers to seek verification and adjustment of mismatched tax credits online.
A Standard Operating Procedure directs assessing officers to verify and correct arrear tax demands on receipt of rectification requests supported by documentary evidence of tax/demand paid; taxpayers must submit rectification to the jurisdictional assessing officer where applicable or use the e-filing online rectification process for CPC-processed cases, and special provisions apply for small individual and HUF demands to address extraordinary situations.

Consumer Price Index reports provisional year on year inflation increase across combined, rural and urban; provisional and final indices released.
The release provides monthly Consumer Price Indices (CPI) on base 2010=100 for all India and State/UTs-rural, urban and combined-issuing provisional indices for March and final indices for February, reporting general, group and sub group numbers and provisional year on year inflation rates, and describing price data collection by NSSO Field Operations and the Department of Posts with data transmitted via National Informatics Centre web portals.

Wholesale price inflation rises, with food and manufactured products driving month-on-month index increases.
The Wholesale Price Index (Base: 2004-05=100) for March 2014 rose to a provisional 179.8 producing a WPI-based annual inflation rate of 5.70 percent; primary articles and manufactured products increased modestly while non-food articles and minerals declined slightly and fuel & power edged up, with a January 2014 final index revision to 179.1 and a final annual inflation rate of 5.17 percent.

Index of Industrial Production shows sectoral and use-based monthly shifts with revised estimates affecting recent months' industrial measurement.
Quick monthly estimates of the Index of Industrial Production for February 2014 report an overall year-on-year decline and marginal negative cumulative growth for April-February 2013-14. The release sets out sectoral indices for Mining, Manufacturing and Electricity with monthly and cumulative growth figures; identifies thirteen of twenty-two 2 digit manufacturing groups as contracting; provides use-based growth for Basic, Capital, Intermediate and Consumer goods; lists major items with large movements; and notes revisions to January and November indices with supporting sectoral and use-based statements.

Combination filing requirements clarified: substance over form and expanded informal pre-filing consultation to guide notices.
Amendments emphasize substance over form for the notification requirement, disregard structures meant to avoid filing, delete an ambiguous Schedule I entry on local nexus, remove an additional appellate condition, relax page-by-page verification for Form II, revise filing charges, and expand informal, nonbinding pre-filing consultation to include substantive guidance on notice preparation.

Residence-based taxation reform: scope of total income and chargeability under the proposed Direct Taxes Code reform.
The Direct Taxes Code, 2013 establishes a consolidated charge of income tax on every person's total income of a financial year, prescribes residence rules determining inclusion of foreign and India sourced income, and defines when income is deemed to accrue in India. It classifies income into heads-employment, house property, business, capital gains and residuary sources-and prescribes detailed computation rules (gross receipts, deductions, depreciation, capital allowances and rollover relief). The Code also introduces specific anti avoidance measures including transfer pricing rules, advance pricing agreements and a General Anti Avoidance Rule, together with detailed administrative, assessment, collection and dispute resolution procedures.

Advance Pricing Agreements secure multi year certainty by specifying arm's length price for covered cross border transactions.
The CBDT executed five unilateral Advance Pricing Agreements specifying the arm's length price for covered international transactions across several sectors, providing taxpayers multi year pricing certainty. The APA process includes pre filing consultations, detailed economic analysis, site visits and a functions, assets and risk (FAR) report prepared by the APA team and examined by the CBDT before submission for Central Government approval.