Destruction of contraband under SpecialCampaign4.0: customs removed seized illegal cigarettes, narcotics and tobacco products lawfully.
Under SpecialCampaign4.0, Delhi Customs conducted a safe, non hazardous destruction on 25 October 2024 at a waste management facility of seized foreign cigarettes, narcotic drugs (heroin, cocaine, ganja, charas) and banned tobacco preparations including gutkha, pan masala and e cigarettes. The goods had been seized for violations of customs, narcotics and tobacco laws, and senior customs commissioners attended the disposal as part of anti smuggling enforcement.

Compounding of tax offences simplified: revised guidelines streamline procedures and lower compounding charges, including companies and HUFs.
The CBDT issued revised guidelines for compounding of offences under the Income tax Act, which supersede earlier guidelines and apply to pending and new applications. Key changes eliminate offence categorisation, remove limits on application frequency, permit fresh applications after curing defects, extend compounding to additional penal offences, and remove the prior time limit for filing. For companies and HUFs the main accused need not file; compounding may be effected by payment from main or any co accused. Compounding charges are rationalised by abolishing interest on delayed payment, consolidating multiple rates into a single monthly rate for certain defaults, simplifying the calculation for non filing, and removing separate fees for co accused.

TCS/TDS credit for salaried employees enabled via employer reporting; TCS credit transferable where minor's income is clubbed with parent.
Amendments require employees to furnish particulars in Form No. 12BAA to their employers so employers can adjust TDS on salary after accounting for tax deducted or collected at source; additionally, rules permit credit of tax collected at source to a person other than the collectee when the collectee's income is assessable in that other person's hands, enabling parents to claim TCS credit of minors whose income is clubbed with theirs.

Direct Tax Vivad Se Vishwas scheme clarifies taxpayer eligibility and procedural settlement mechanics under the new framework.
The Central Board of Direct Taxes issued a Guidance Note of Frequently Asked Questions to explain operative features and implementation mechanics of the Direct Tax Vivad Se Vishwas Scheme, clarifying taxpayer eligibility, procedural steps for settlement, prescribed Forms, and administrative procedures as set out in the Scheme's statutory framework and accompanying Rules.

Multilateral finance engagement: Minister to lead participation at IMF-World Bank and G20 finance forums, promoting investment ties.
The Union Finance Minister will visit Mexico and the United States to advance multilateral and bilateral economic engagement: in Mexico to chair a technology leaders roundtable, meet Mexican counterparts and parliamentarians, deliver a keynote at an India-Mexico trade and investment summit and engage the diaspora; in the United States to participate in IMF-World Bank annual meetings, G20 Finance Ministers and Central Bank Governors meetings, pension fund and sovereign debt roundtables, meet multilateral development bank leaders and financial CEOs, and promote India's investment agenda.

Tax audit filing compliance strengthened as increased TAR submissions were supported by outreach and helpdesk assistance.
More than 34.84 lakh audit reports, including about 34.09 lakh Tax Audit Reports, were filed on the e-filing portal by the due date for AY 2024-25, with TAR filings up year-on-year. The Department ran outreach campaigns and guidance materials for filing audit forms (Forms 10B, 10BB, 3CA-3CD, 3CB-3CD, 29B, 29C, 10CCB), while an e-filing Helpdesk handled around 1.23 lakh queries via calls, live chat, WebEx, co-browsing and online social media response to assist taxpayers and professionals.

Economic reform and investment promotion drive policy priorities, paired with green transition and AI governance focus for future growth.
The conclave emphasized economic reform and investment promotion-noting structural reforms in banking, taxation, infrastructure, and industrial policy-to strengthen the investment climate and fiscal management as mechanisms toward a developed-economy objective. It foregrounded the green transition through initiatives like green hydrogen and international solar cooperation and called for reforms of international financial architecture and policy responses to geo-economic fragmentation. Technological governance, especially the impact of artificial intelligence on productivity and employment, was identified as a key policy concern requiring anticipatory measures.

Income-tax Act review invites public suggestions to simplify language, reduce litigation and compliance burdens through e-filing portal
An internal committee of the Central Board of Direct Taxes will comprehensively review the Income-tax Act, 1961 to simplify language, reduce litigation and compliance burdens, and identify redundant or obsolete provisions. The committee invites stakeholders and the public to submit proposals via a dedicated Income-tax e-filing portal page, requiring specification of the precise Act or Rules provision and categorisation under the four review themes, with access subject to basic identification and OTP validation.

Investor protection under India UAE BIT secures arbitration for disputes after mandatory local remedies and preserves states' regulatory space.
The India-UAE BIT, effective 31 August 2024, provides continuity of investment protection with a closed asset based definition of Investment, guarantees minimum treatment standards (no denial of justice, no targeted discrimination, no manifestly abusive or arbitrary treatment), protection from expropriation, transparency, transfers and compensation, and offers ISDS by arbitration subject to mandatory exhaustion of local remedies; it preserves state regulatory space through carve outs and exceptions and bars claims where investments involve corruption or fraud.

Central sector financing reclassification shifts primary funding responsibility to the Centre, altering loan routing and repayment obligations.
Reclassification as a Central sector project shifts primary funding and loan liabilities to the Central Government, which will treat existing multilateral and bilateral loans as loans to the Centre, reroute disbursements through the Central Government budget to the implementing company as pass-through assistance, and designate the Ministry acting through the implementing company as project executing agency; the implementing company remains responsible for loan repayment, with the State obliged to provide support if the company cannot repay.

Reforming international financial architecture featured at Kautilya Economic Conclave to shape global south policy responses.
The Institute of Economic Growth, with the Ministry of Finance, will host the third Kautilya Economic Conclave from October 4-6, 2024, gathering about 150 national and international academics and policymakers. The Conclave-featuring a plenary address by the Prime Minister-focuses on policy agendas including reforming the international financial architecture, financing the green transition, addressing geo-economic fragmentation, sustaining productivity to avoid the middle-income trap, job creation and skilling, and leveraging artificial intelligence and fintech for public policy.

Insolvency and Bankruptcy Code reforms praised for improving resolution rates and driving economic recovery through research and technology adoption.
The IBC and its regulatory ecosystem were highlighted at IBBI's Eighth Annual Day for improving corporate resolution outcomes, credit discipline, and recovery for the banking system. Speakers emphasised technology adoption, stakeholder engagement, and capacity building to ensure timely admissions and resolutions. IBBI released an annual publication addressing taxation and insolvency intersections, workmen's dues, international obligations, data privacy, homebuyer challenges, direct dissolution during CIRP, valuation framework needs, and AI and blockchain applications in insolvency processes.