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    December 29, 2023
    CBDT issues guidelines under section 194-O of the Income-tax Act, 1961
    December 28, 2023
    Ministry of Finance Year Ender 2023: Department of Revenue
    December 27, 2023
    Ministry of Finance Year Ender 2023: Department of Investment and Public Asset Management (DIPAM)
    December 27, 2023
    Ministry of Finance Year Ender 2023: Department of Financial Services
    December 27, 2023
    Ministry of Finance Year Ender 2023: Department of Expenditure
    December 27, 2023
    Ministry of Finance Year Ender 2023: Department of Public Enterprises
    December 27, 2023
    Ministry of Finance Year Ender 2023: Department of Economic Affairs
    December 22, 2023
    World Bank and Department of Economic Affairs launch PPP Beginner’s e-course to foster collaboration between public and private sectors in infrastru...
    December 22, 2023
    Government of India and ADB sign $100 million loan agreement to improve urban services and tourism facilities in Tripura
    December 21, 2023
    Income Tax Department conducts search operations in Odisha, Jharkhand and West Bengal
    December 20, 2023
    Gross Direct Tax collections for FY 2023-24 register a growth of 17.01%
    December 20, 2023
    Revised Fund Flow Procedure Under MPLAD Scheme
    December 18, 2023
    69% of the total 44.46 crore loans sanctioned under Pradhan Mantri Mudra Yojana, have been sanctioned to women
    December 16, 2023
    Saint Lucia’s Tax Inspectors without Borders (TIWB) programme launched in partnership with India
    December 14, 2023
    Joint Statement of the Co-Chairs of the ‘U.S.-India Anti-Money Laundering and Countering the Financing of Terrorism Dialogue’
    December 14, 2023
    Government of India and ADB sigh $200 million loan for Uttarakhand climate resilient power system development project
    December 12, 2023
    Tax evasion by lottery distributors
    December 9, 2023
    Sovereign Gold Bond Scheme 2023-24
    December 7, 2023
    Prime Minister Shri Narendra Modi to address the 2nd Edition of IFSCA’s Flagship Event – Infinity Forum 2.0 on December 09, 2023
    December 6, 2023
    Government of India and ADB sign $175 million loan to improve connectivity in Madhya Pradesh
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    News
    All› Income Tax › Income Tax - 2023
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    December 29, 2023
    CBDT issues guidelines under section 194-O of the Income-tax Act, 1961
    Show AI Summary
    E-commerce withholding obligations clarified by CBDT guidance, addressing applicability and compliance in multi-operator digital commerce platforms.
    Section 194-O imposes a withholding obligation on e commerce operators to deduct tax on gross sales or services facilitated via their platforms; CBDT Circular No. 20/2023 clarifies implementation, addresses multiple operator models such as the Open Network for Digital Commerce with scenario based examples, and provides FAQs to resolve representations and guide operators on which entity is responsible for deduction.
    December 28, 2023
    Ministry of Finance Year Ender 2023: Department of Revenue
    Show AI Summary
    Tax administration modernisation strengthens compliance through faceless processes, risk based GST controls and streamlined refunds.
    CBDT expanded taxpayer facilitation and digitalisation through faceless assessment, TIN 2.0 payment platform, pre filled and Updated ITRs, faster refund processing, enhanced helpdesk support and outreach, and a revamped national income tax website; while CBIC strengthened GST integrity with risk based registration and refund verification, geo tagging, sequential GSTR filing, measures against fake registrations, rationalised late fees, eased compliance for small suppliers via e commerce, and customs reforms including duty rationalisation, ICEGATE 2.0, Electronic Cash Ledger and RODTEP e scrips.
    December 27, 2023
    Ministry of Finance Year Ender 2023: Department of Investment and Public Asset Management (DIPAM)
    Show AI Summary
    Value creation in CPSEs drives strategic disinvestment and dividend optimisation under DIPAM's recent asset-management and divestment policy.
    DIPAM's 2023 programme prioritises value creation in CPSEs through calibrated capital management, timed disinvestment, and market interventions. The Department utilised both IPO issuance and Offer for Sale transactions to realise disinvestment proceeds and fresh equity, and it implemented a consistent dividend policy to increase CPSE payouts. Expressions of Interest have been issued for selected strategic disinvestments, signalling continued use of competitive EoI procedures to attract strategic investors.
    December 27, 2023
    Ministry of Finance Year Ender 2023: Department of Financial Services
    Show AI Summary
    Banking reform agenda expands regulatory tools and digital payments infrastructure to strengthen asset quality and inclusion.
    The Department of Financial Services advanced a comprehensive reform package in 2023 centered on the EASE Reform agenda and EASENext, statutory and supervisory measures (including IBC, SARFAESI amendments, Prudential Framework, NARCL and DRT enhancements) to improve asset quality and recoveries; it transferred and expanded the DIGIDHAN mission to deepen UPI led digital payments and introduced product innovations to broaden financial inclusion through PMJDY, insurance schemes, MUDRA, Stand Up India, APY and strengthened agriculture credit via Kisan Credit Cards and targeted interest subvention.
    December 27, 2023
    Ministry of Finance Year Ender 2023: Department of Expenditure
    Show AI Summary
    Digital financial governance: PFMS and SNA integration streamline fund flows and enable just-in-time release and monitoring.
    The Department of Expenditure implemented Fifteenth Finance Commission grant modalities and enhanced digital financial governance through the Data Gap Initiative, PFMS-driven Direct Benefit Transfer, and integrated treasury systems including Single Nodal Account and Central Nodal Account models. GIFMIS, eGramSwaraj integration and SNA-SPARSH pilots aim to consolidate payment flows, reduce float and enable just-in-time releases via state IFMIS and central bank e-kuber. A redesigned Special Assistance to States for Capital Expenditure and defined net borrowing ceilings with performance-linked additional borrowing operationalise incentives for capital investment and sectoral reform.
    December 27, 2023
    Ministry of Finance Year Ender 2023: Department of Public Enterprises
    Show AI Summary
    Public procurement expansion through digital marketplaces boosts CPSE procurement and MSE access, enhancing CAPEX monitoring and performance evaluation.
    The Department of Public Enterprises monitored CAPEX of selected CPSEs, noting lower achievement against estimated expenditure by 30 November 2023; implemented an online MoU Dashboard for centralized performance assessment of CPSEs from 2021-22, which earned e governance recognition; and promoted procurement reforms with marked growth in CPSE procurement through the Government e Marketplace and procurement from Micro and Small Enterprises exceeding targets.
    December 27, 2023
    Ministry of Finance Year Ender 2023: Department of Economic Affairs
    Show AI Summary
    Sovereign Green Bonds mobilise resources for green infrastructure; coordinated initiatives advanced climate finance and financial sector reforms.
    The Department of Economic Affairs in 2023 implemented a capex led growth strategy and mobilised resources for green infrastructure through issuance of Sovereign Green Bonds, introduced targeted retail savings schemes for financial inclusion including the Mahila Samman Savings Certificate, and pursued infrastructure financing reforms via the Harmonised Master List and the National Infrastructure Pipeline. Under India's G20 Presidency the DEA led Finance Track outcomes on strengthening MDBs, a G20 Roadmap on crypto assets, climate finance mobilisation, Digital Public Infrastructure for financial inclusion, debt restructuring mechanisms and the Sustainable Finance Technical Assistance Action Plan.
    December 22, 2023
    World Bank and Department of Economic Affairs launch PPP Beginner’s e-course to foster collaboration between public and private sectors in infrastructure capacity-building
    Show AI Summary
    Public-Private Partnership capacity-building: new beginner e-course offers foundational training, self-paced modules and certification for infrastructure practitioners.
    A joint World Bank-DEA e-course offers foundational PPP capacity-building through five self-paced modules covering PPP introduction, project identification, project structuring, tendering, and implementation and monitoring, with expert-curated content, interactive elements and certification to strengthen public-private collaboration in infrastructure delivery.
    December 22, 2023
    Government of India and ADB sign $100 million loan agreement to improve urban services and tourism facilities in Tripura
    Show AI Summary
    Loan agreement to finance urban services and tourism upgrades in Tripura, focusing on water systems, roads, and capacity building.
    A loan agreement between the Government of India and the Asian Development Bank finances Tripura's urban and tourism development, funding water supply and stormwater infrastructure, upgrading accessible urban roads, capacity building for 12 urban local bodies in planning and financial management, updating building regulations for climate and disaster resilience, and tourism site improvements including a digital museum, an adventure park, and a 10 year tourism business plan.
    December 21, 2023
    Income Tax Department conducts search operations in Odisha, Jharkhand and West Bengal
    Show AI Summary
    Search and seizure by tax authorities uncovers extensive undisclosed cash and jewellery and admissions of unaccounted income.
    Search and seizure by the Income Tax Department across Odisha, Jharkhand and West Bengal uncovered records of unaccounted sales, systematic undisclosed cash receipts and movement of unaccounted cash; employees and a family member admitted seized cash represented the group's unaccounted income. The operation seized undisclosed cash amounting to more than Rs. 351 crore and unaccounted jewellery exceeding Rs. 2.80 crore, much of which was recovered from concealed locations, and further investigations are in progress.
    December 20, 2023
    Gross Direct Tax collections for FY 2023-24 register a growth of 17.01%
    Show AI Summary
    Direct tax revenue growth reflects stronger net collections and increased advance tax mobilisation in the current fiscal period.
    Provisional receipts for FY 2023-24 show increased Direct Tax mobilisation: net collections rose year on year and gross collections expanded prior to refund adjustments. Major components reported include Corporation Tax and Personal Income Tax (including Securities Transaction Tax), with Advance Tax, Tax Deducted at Source, Self Assessment Tax, Regular Assessment Tax and other minor heads specified, and refunds issued reducing gross to net receipts as of 17 December 2023.
    December 20, 2023
    Revised Fund Flow Procedure Under MPLAD Scheme
    Show AI Summary
    Annual drawing limits under MPLADS allow MPs to recommend projects without awaiting actual fund releases, enhancing transparency.
    The Revised Fund Flow Procedure for MPLADS allocates annual drawing limits to Members of Parliament at the start of each financial year, enabling MPs to recommend new projects without waiting for actual fund releases. The fund flow and monitoring are conducted via an IT platform that provides real-time status to MPs, central and state agencies, and district authorities, enhancing transparency, accountability, and efficiency in project implementation.
    December 18, 2023
    69% of the total 44.46 crore loans sanctioned under Pradhan Mantri Mudra Yojana, have been sanctioned to women
    Show AI Summary
    Women's access to credit expands through targeted loan schemes, promoting entrepreneurship and financial inclusion among women.
    High proportions of loans under flagship credit programmes are directed to women: PMMY and Stand up India prioritize collateral free institutional credit and lending targets for women and SC/ST entrepreneurs to promote women's entrepreneurship. Complementary schemes provide collateral free tranches for street vendors, integrated support for artisans, SHG bank linkages, NABARD skill programmes, cluster based livelihood promotion, and Jan Dhan accounts that enable social security coverage, collectively enhancing women's financial inclusion and economic empowerment.
    December 16, 2023
    Saint Lucia’s Tax Inspectors without Borders (TIWB) programme launched in partnership with India
    Show AI Summary
    Automatic exchange of information under the CRS: India provides tax experts to strengthen Saint Lucia's tax administration.
    TIWB, a UNDP-OECD initiative, launched a 12-18 month programme in Saint Lucia with India as Partner Administration providing Tax Experts to strengthen tax administration through technical knowledge transfer and best-practice sharing, with operational focus on effective use of automatic exchange of information under the Common Reporting Standard (CRS) and support from the TIWB Secretariat and UNDP.
    December 14, 2023
    Joint Statement of the Co-Chairs of the ‘U.S.-India Anti-Money Laundering and Countering the Financing of Terrorism Dialogue’
    Show AI Summary
    AML/CFT cooperation to strengthen virtual asset oversight, beneficial ownership transparency, and sanctions information-sharing across jurisdictions.
    Reaffirmed bilateral commitment to strengthen AML/CFT frameworks through continued India-U.S. cooperation, focusing on shared policy development, technical engagement, and multilateral coordination. Participants concentrated on regulation of virtual assets and VASPs consistent with FATF standards, enhanced transparency of beneficial ownership via registries and verification, and strengthened cooperation on sanctions implementation and information sharing to prevent sanctions evasion and terrorist financing.
    December 14, 2023
    Government of India and ADB sigh $200 million loan for Uttarakhand climate resilient power system development project
    Show AI Summary
    Climate-resilient power infrastructure financed to modernise urban distribution networks and support capacity development and livelihoods.
    The project finances installation of underground cables, ring main units, compact substations and upstream substations to modernise distribution, reduce outages and technical losses, and enable renewable energy integration, paired with livelihood support for women's self help groups, community training, NGO participation, institutional capacity development for transmission and distribution entities, and formulation of an energy transition roadmap.
    December 12, 2023
    Tax evasion by lottery distributors
    Show AI Summary
    Withholding on lottery winnings: statutory tax rate enforced and authorities pursue enforcement and recoveries against distributors.
    Payers of lottery prizes must deduct tax at source under Section 194B and winnings are taxed under Section 115BB at the statutory rate specified by the Finance Act, 2023, with no deductions allowed; prize disbursements through formal banking channels have been recommended to address money laundering and related risks. The Income Tax Department pursues enquiries, searches, seizures, surveys, assessments and consequential actions on credible information of direct tax violations, and authorities have detected multiple GST non compliance cases by lottery distributors, resulting in recoveries including interest and penalties.
    December 9, 2023
    Sovereign Gold Bond Scheme 2023-24
    Show AI Summary
    Sovereign Gold Bonds issue in tranches with fixed tenor, tradability, interest and subscription limits under a defined issuance and tax framework
    Sovereign Gold Bonds 2023-24 will be issued in tranches via designated banks, SHCIL, CCIL, post offices and recognised stock exchanges; issue and redemption prices are based on the simple average of IBJA closing prices of 999 purity gold for specified preceding working days, with an online payment discount. The scheme sets eligibility (resident individuals, HUFs, trusts, universities, charitable institutions), denomination in gram multiples, fiscal-year subscription ceilings with self-declaration, issuance as Government of India Stock with demat option, a fixed semi-annual interest on nominal value, specified tax treatment for interest and capital gains, tradability, collateral use subject to RBI LTV norms, KYC and PAN requirements, and commission arrangements.
    December 7, 2023
    Prime Minister Shri Narendra Modi to address the 2nd Edition of IFSCA’s Flagship Event – Infinity Forum 2.0 on December 09, 2023
    Show AI Summary
    GIFT IFSC as New Age International Financial Centre: hybrid fintech forum with thematic tracks and investor pitching opportunities.
    Prime Minister Narendra Modi will address Infinity Forum 2.0, a hybrid flagship fintech and thought leadership event hosted by IFSCA and GIFT City to position GIFT IFSC as a New Age International Financial Centre. The programme comprises three tracks-Plenary, Green and Silver-and features ministerial addresses, industry leaders, and an Investors Meet for IFSCA authorised fintech entities including pitching sessions and one to one investor meetings, with in person CXO participation and global virtual engagement.
    December 6, 2023
    Government of India and ADB sign $175 million loan to improve connectivity in Madhya Pradesh
    Show AI Summary
    Infrastructure finance enables climate resilient and inclusive state road upgrades with capacity building, safety, and gender inclusion measures.
    A loan agreement finances upgrading about five hundred kilometres of state highways and major district roads to a two lane standard with climate and disaster resilient design, road safety innovations, and accessibility features. The project conditions include capacity building for the state road agency on climate adaptation, disaster resilience, and road safety; strategies for green construction and electric vehicle charging infrastructure; and a gender equality and social inclusion strategy with internships for female students, engagement of women's groups for safety awareness, livelihood training for women and girls, and construction of roadside markets.

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      Income Tax

      Saint Lucia’s Tax Inspectors without Borders (TIWB) programme launched in partnership with India

      December 16, 2023

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      TIWB is a joint initiative of United Nations Development Programme (UNDP) and Organisation for Economic Cooperation and Development (OECD)

      Tax Inspectors Without Borders (TIWB), a joint initiative of the United Nations Development Programme (UNDP) and the Organisation for Economic Cooperation and Development (OECD), launched a programme in Saint Lucia on 14th December, 2023. India has been chosen as the Partner Administration and will provide Tax Experts for this programme.

      This programme is expected to be of 12-18 months’ duration in which India, in collaboration with the TIWB Secretariat and support of the UNDP Country Office, Barbados and the Eastern Caribbean, aims to aid Saint Lucia in strengthening its tax administration by transferring technical knowledge and skills to its tax administration, and through sharing of best practices. The focus of the programme will be on effective use of automatic exchange of information under the Common Reporting Standard (CRS) framework.

      Smt. Pragya Sahay Saksena, Member (Legislation) of the Central Board of Direct Taxes (CBDT), Ministry of Finance, Government of India, attended the launch through video conferencing along with Mr. Francis Fontenelle, Permanent Secretary, Ministry of Finance, Saint Lucia; Mr. Ben Dickinson, Head of Global Relations and Development Division of the Centre for Tax Policy and Administration at the OECD; Ms. Rusudan Kemularia, Head of the TIWB Secretariat; and other senior officers of Saint Lucia, UNDP, OECD, TIWB Secretariat and Foreign Tax & Tax Research Division of CBDT.

      This programme is the seventh TIWB programme which India has supported by providing Tax Experts.

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