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    December 30, 2017
    Highlights of Quarterly Report on “India’s External Debt for the Quarter ended September 2017”
    December 29, 2017
    Change in Tariff Value of Crude Palm Oil, RBD Palm Oil, Others – Palm Oil, Crude Palmolein, RBD Palmolein, Others – Palmolein, Crude Soyabean Oil,...
    December 29, 2017
    GDP Growth Rate
    December 29, 2017
    Operation Clean Money
    December 29, 2017
    Indian Advance Pricing Agreement regime moves forward with signing of three APAs by CBDT in December, 2017
    December 29, 2017
    Government Cautions People Against Risks in Investing in Virtual ‘Currencies’; Says VCs are like Ponzi Schemes
    December 28, 2017
    'Startup India' Scheme
    December 26, 2017
    New $318 million loan Agreement Signed with World Bank to Support Climate Resilient Agriculture – over 500,000 Farmers to Benefit in Tamil Nadu
    December 22, 2017
    Increase in number of tax payers post demonetization
    December 22, 2017
    Mobilization of funds for Infrastructure Development
    December 22, 2017
    IMF and WB release the Financial System Stability Assessment (FSSA) and Financial Sector Assessment (FSA) respectively on their websites
    December 21, 2017
    Expenditure On 'Startup India' Programme
    December 21, 2017
    Japanese Grant Aid signed for Bengaluru Project for Advanced Traffic Information and Management
    December 20, 2017
    Release of Income Tax Return Statistics for AY 2015-16
    December 20, 2017
    India signs Financing Agreement with the World Bank for US$ 125 Million for “Skills Strengthening for Industrial Value Enhancement Operation (Strive...
    December 19, 2017
    Initiatives taken to boost GDP growth
    December 19, 2017
    Measures taken by Government to Control and Curb Parallel Economy and Unaccounted Transactions
    December 18, 2017
    I-T dept unearths undisclosed income of ₹ 7,961 cr
    December 18, 2017
    Strong Macro-Economic Fundamentals and Reforms for Sustained Growth defined 2017 for Ministry of Finance
    December 15, 2017
    Cabinet approves special package for employment generation in leather and footwear sector
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    News
    All› Income Tax › Income Tax - 2017
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    December 30, 2017
    Highlights of Quarterly Report on “India’s External Debt for the Quarter ended September 2017”
    Show AI Summary
    External debt rise driven by portfolio inflows and short term trade credit, with long term borrowings dominant.
    India's external debt rose in the quarter to end September 2017, led by increased foreign portfolio investment into domestic debt and some short term trade credit; long term borrowings remained dominant while sovereign share increased due to portfolio inflows into government securities. Currency composition was concentrated in the US dollar and Indian rupee, and key metrics - foreign exchange cover, short term debt ratios to reserves, and concessional debt share - showed modest improvements or marginal changes, informing external debt sustainability monitoring.
    December 29, 2017
    Change in Tariff Value of Crude Palm Oil, RBD Palm Oil, Others – Palm Oil, Crude Palmolein, RBD Palmolein, Others – Palmolein, Crude Soyabean Oil, Brass Scrap (All Grades), Poppy Seeds, Areca Nuts, Gold and Silver Notified
    Show AI Summary
    Tariff value update for specified edible oils, metals and agricultural commodities alters customs valuation for imports.
    Amendment replaces TABLE-1, TABLE-2 and TABLE-3 of Notification No. 36/2001-Customs (N.T.) to prescribe revised tariff values for specified imported goods including crude palm oil, RBD palm oil, palmolein variants, crude soyabean oil, brass scrap, poppy seeds, areca nuts, and unit values for gold and silver where concessional entries are availed, with tariff classification headings linked to the corresponding US dollar values for customs valuation.
    December 29, 2017
    GDP Growth Rate
    Show AI Summary
    Insolvency and Bankruptcy Code accelerates time bound corporate resolution alongside fiscal and structural growth measures.
    Government measures to restore growth include infrastructure programs and affordable housing given infrastructure status, phased bank recapitalization to strengthen lending, enactment and implementation of the Insolvency and Bankruptcy Code with the National Company Law Tribunal for time bound corporate resolution, FDI liberalisation, ease of doing business reforms, targeted corporate tax relief for smaller firms, and the Goods and Services Tax to reduce trade barriers and support economic integration.
    December 29, 2017
    Operation Clean Money
    Show AI Summary
    Tax compliance verification through online cash deposit matching prompts targeted administrative investigations and taxpayer online responses.
    Post-demonetisation tax compliance initiative analysed cash deposit records to identify mismatches with taxpayer profiles, selecting about 17.92 lakh persons for verification. Taxpayers received electronic notices and could submit explanations via the e filing portal, with around 11 lakh online responses. High risk cases were routed to field formations through an integrated internal portal for monitoring and follow-up. Dedicated public and internal portals supported engagement, while data analytics, including fuzzy matching between deposits and returns, guided risk based case selection.
    December 29, 2017
    Indian Advance Pricing Agreement regime moves forward with signing of three APAs by CBDT in December, 2017
    Show AI Summary
    Advance Pricing Agreements offer transfer pricing certainty as programme expands with new bilateral and unilateral agreements.
    Advance Pricing Agreement framework expanded with the CBDT entering two unilateral APAs and one bilateral APA covering electronics, coal and insurance sectors and international transactions such as software development services, IT-enabled services and trading; APAs set pricing methods and prices in advance to provide tax certainty. The scheme, introduced in the Income-tax Act in 2012 with rollback provisions in 2014, aims to reduce adversarial transfer pricing disputes, enhance transparency in addressing complex transfer pricing issues, and contribute to ease of doing business.
    December 29, 2017
    Government Cautions People Against Risks in Investing in Virtual ‘Currencies’; Says VCs are like Ponzi Schemes
    Show AI Summary
    Virtual currencies not legal tender: investors warned of speculative risks, cybersecurity threats and lack of regulatory protection.
    Virtual 'currencies' are speculative, unbecked digital instruments that lack intrinsic value, government backing or statutory recognition and therefore carry heightened risks including market volatility, bubble or Ponzi type collapse, cybersecurity losses and potential facilitation of illicit activity. The Government and Reserve Bank have not authorised any VC as legal tender nor licensed any entity to operate exchanges or intermediary services for VCs in India; participants therefore transact without regulatory protection and at their own risk.
    December 28, 2017
    'Startup India' Scheme
    Show AI Summary
    Startup support framework expands funding access and regulatory relief to encourage innovation, patent support and market access.
    The Startup India initiative combines a self-certification compliance regime, procurement relaxations and a fast-track insolvency process to ease regulatory burden and exit; establishes a Fund of Funds and complementary credit and ECB measures to catalyse investment; provides capital gains and startup tax exemptions including removal of investment above fair market value restrictions; and advances IP facilitation, portal and hub services, incubator and research park funding, and student innovation programmes to support commercialization and scaling of recognised startups.
    December 26, 2017
    New $318 million loan Agreement Signed with World Bank to Support Climate Resilient Agriculture – over 500,000 Farmers to Benefit in Tamil Nadu
    Show AI Summary
    Climate resilient agriculture financing supports irrigation modernization and farmer adaptation through tank rehabilitation and diversification.
    The IBRD loan finances modernization of irrigation infrastructure and water management to promote climate resilient agriculture in Tamil Nadu, rehabilitating thousands of tanks and hundreds of check dams to improve irrigation reliability, convert partially irrigated land to full irrigation, and benefit about half a million mostly smallholder farmers through water efficiency, crop diversification, adoption of conservation technologies, market linkages, and coordination with related state and national projects under a long term loan with a multi year grace period.
    December 22, 2017
    Increase in number of tax payers post demonetization
    Show AI Summary
    Cash transaction restrictions increased tax compliance and e return filings after demonetization, prompting expanded reporting and PAN-linked deposit rules.
    Post-demonetization measures imposed transactional limits under Section 269ST, mandated PAN for specified cash deposits, expanded reporting via the Statement of Financial Transaction (SFT) and amended Form 61A to capture aggregate cash credits, and restricted cash-based deductions and political donations to strengthen reporting and curb cash transactions.
    December 22, 2017
    Mobilization of funds for Infrastructure Development
    Show AI Summary
    Infrastructure financing reforms expand market vehicles and tax pass-through to mobilize long-term private capital for projects.
    Government initiatives to mobilize long-term infrastructure finance prioritize market-based vehicles - Infrastructure Debt Funds, REITs/InvITs, the National Investment and Infrastructure Fund, and a municipal bonds framework - together with permitting complete tax pass-through to securitisation trusts and ARCs and facilitating take-out finance. Concurrently, bank lending constraints have prompted modified guidelines for flexible structuring, refinancing of project loans and the 5/25 Scheme to extend loan tenor and improve bankability.
    December 22, 2017
    IMF and WB release the Financial System Stability Assessment (FSSA) and Financial Sector Assessment (FSA) respectively on their websites
    Show AI Summary
    Bank recapitalization conditionality urged; public capital should be tied to meaningful restructuring and governance reforms.
    The FSAP finds India's financial system expanded and supported by regulatory and supervisory improvements but identifies vulnerabilities in some public sector banks that require additional capital; it notes a government recapitalization plan is expected to address much of the need and stresses that public capital should be conditional on meaningful restructuring, with recommendations for PSB consolidation, divestment and privatization and strengthened resolution and supervisory arrangements.
    December 21, 2017
    Expenditure On 'Startup India' Programme
    Show AI Summary
    Tax exemption under Section 80 IAC enables eligible startups to access fiscal relief alongside funding and IP support.
    Recognition and support under the Startup India initiative include funding via a Fund of Funds administered through SIDBI, tax relief eligibility under Section 80 IAC for a subset of startups, an Intellectual Property Protection scheme, an online Startup India Hub for registrations and query resolution, and a learning and development module. DIPP reports cash releases to implementing entities, commitments and draws by Alternative Investment Funds, investments made into startups, and itemised internal programme expenditures; reported employment impact is partially compiled.
    December 21, 2017
    Japanese Grant Aid signed for Bengaluru Project for Advanced Traffic Information and Management
    Show AI Summary
    Grant aid agreement enabling installation of an advanced traffic information and management system to improve urban connectivity.
    An exchange of notes formalised Japanese Grant Aid to fund an Advanced Traffic Information and Management System in core Bengaluru, providing finance for installation of signaling systems and traffic congestion length sensors to reduce congestion and improve the urban environment and local connectivity.
    December 20, 2017
    Release of Income Tax Return Statistics for AY 2015-16
    Show AI Summary
    Income tax return statistics released: detailed AY 2015 16 income and tax distribution data now publicly available.
    The Central Board of Direct Taxes released detailed Income Tax Return Statistics for AY 2015 16 based on returns captured up to 30 September 2017; 4.35 crore returns meeting defined consistency rules were analysed. The publication provides disaggregated tables by income heads (GTI, salary, house property, business, capital gains, other sources, interest), tax payable, returned income and loss set offs across value ranges and by taxpayer class (individuals, HUF, firms, AOP/BOI, companies), accompanied by methodology, consistency rules, definitions and noted limitations.
    December 20, 2017
    India signs Financing Agreement with the World Bank for US$ 125 Million for “Skills Strengthening for Industrial Value Enhancement Operation (Strive) Project."
    Show AI Summary
    Financing agreement boosts vocational training and apprenticeships to strengthen market-driven skills and institutional capacity.
    A Financing Agreement between the Government of India and the World Bank provides an IDA credit for the STRIVE Project to support market-driven vocational training and apprenticeships. The project focuses on improving Industrial Training Institutes' performance, enhancing State Government capacities for ITI and apprenticeship support, improving teaching and learning, and broadening apprenticeship opportunities, with a project closing date of 30 November 2022.
    December 19, 2017
    Initiatives taken to boost GDP growth
    Show AI Summary
    Economic growth initiatives aim to accelerate GDP through infrastructure, tax and regulatory reforms and GST-enabled market integration.
    The Government adopted measures to boost GDP by targeting manufacturing, transport, power, and urban and rural infrastructure, reforming foreign direct investment policy, and supporting textiles; budget measures granted infrastructure status to affordable housing, increased highway and coastal connectivity investment, and included fiscal and regulatory steps to improve business conditions, expand agricultural credit and promote employment. The GST is noted as reducing trade barriers and supporting growth momentum, and official quarterly estimates show an increase in GDP growth between the first and second quarters of 2017-18.
    December 19, 2017
    Measures taken by Government to Control and Curb Parallel Economy and Unaccounted Transactions
    Show AI Summary
    Anti-black money legislation and reporting mandates strengthen disclosure, third-party reporting, and international information exchange to curb unaccounted transactions.
    The Government adopted a multifaceted program combining specific legislation against undisclosed foreign assets and benami transactions, stricter reporting and PAN/Aadhaar linkage requirements, and enhanced third party reporting. It established specialist investigative bodies and task forces, conducted post demonetization enforcement including searches, surveys and computer assisted scrutiny, and offered a voluntary declaration scheme. Internationally, India expanded automatic information exchange and amended bilateral tax treaties, while administrative integrations improved electronic PAN issuance and inter agency information sharing to strengthen detection and investigation of unaccounted transactions.
    December 18, 2017
    I-T dept unearths undisclosed income of ₹ 7,961 cr
    Show AI Summary
    Undisclosed income detection intensified after demonetisation, prompting search-and-seizure actions and police counterfeit currency seizures.
    Income-tax authorities, following demonetisation, executed searches across numerous groups that produced asset seizures and admissions of undisclosed income, combining search-and-seizure operations with assessment follow-up to record concealed income; the cancellation of legal tender also prompted police seizures of suspected fake currency, reflecting coordinated tax and law-enforcement action against black money and counterfeit notes.
    December 18, 2017
    Strong Macro-Economic Fundamentals and Reforms for Sustained Growth defined 2017 for Ministry of Finance
    Show AI Summary
    Goods and Services Tax rollout reshapes indirect taxation, enabling input tax credit and a unified domestic market.
    The Ministry pursued comprehensive tax and fiscal reform in 2017: the Goods and Services Tax replaced multiple indirect levies with a Centre State administered framework allowing input tax credit and unified markets, while direct tax initiatives introduced simplified returns, a Safe Harbour Regime and a Task Force to draft a new Direct Tax law. Enforcement intensified post demonetisation through Operation Clean Money and coordinated investigations, and financial sector measures included PSB recapitalisation, an Alternative Mechanism for amalgamations and operationalisation of the Insolvency and Bankruptcy Code; simultaneous disinvestment via ETFs and strengthened public expenditure management supported infrastructure and inclusion objectives.
    December 15, 2017
    Cabinet approves special package for employment generation in leather and footwear sector
    Show AI Summary
    Employment incentives for leather and footwear expand tax deductions and introduce fixed-term employment to boost formalization and investment.
    A central package creates the Indian Footwear, Leather & Accessories Development Programme comprising seven sub schemes that provide placement linked and up skilling training with mandatory placement thresholds; investment subsidies for plant and machinery for MSMEs and other units; institutional facility upgrades; mega cluster infrastructure grants with capped assistance; support for effluent treatment and environmental compliance; brand promotion assistance; and an employer contribution incentive to formalise employment, alongside tax and labour law adjustments including relaxation of Section 80JJAA employment day requirements and introduction of fixed term employment provisions to accommodate sector seasonality.

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      Income Tax

      Expenditure On 'Startup India' Programme

      December 21, 2017

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      As on 1st December, 2017, a total of 5350 Startups have been recognized by Department of Industrial Policy and Promotion (DIPP) for availing benefits under Startup India initiative.

      • Under the Fund of Funds for Startups, 75 startups have received funding to the tune of INR 337.02 crore,
      • A total of 74 Startups have been recognized to avail tax exemption under Section 80 IAC of Income Tax Act,
      • 975 applicants have received benefits under the Startups Intellectual Property Protection (SIPP) scheme,
      • Startup India Hub has been established as a single point of contact for the entire Startup ecosystem to enable knowledge exchange and access to funding. So far, 15,000 users have registered on the Startup India Online Hub. The hub has resolved 75,643 queries pertaining to starting a business, access to incubation, raising funds, etc.
      • Learning and Development module of the Startup India program has been used by1,89,000 individuals so far.

      The details of expenditure incurred by DIPP under Startup India initiative are as under:

      Under the Fund of Funds for Startups (FFS):

      • INR 500 crore has been released to SIDBI in Financial Year 2015-16 and INR 100 crore in Financial Year 2016-17
      • Total commitments under FFS by SIDBI are at INR 605.7 crore to 17Alternative Investment Funds (AIFs).
      • AIFs have drawn INR 90.62 crore from the FFS and have invested atotal of INR 337.02 crore in 75 Startups.
      • The expenditure incurred by DIPP through different activities undertaken by DIPP for Startup India initiative is INR 2.7 crore in Financial Year 2015- 16, INR 4.8 crore in Financial Year 2016-17 and INR 13.2 crore in Financial Year 2017-18.

      Under DIPP recognized 5350 Startups atleast 40,000 people have been employed. The data about other Startups is not centrally compiled.

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