Fixation of tariff values for edible oils, brass scrap, areca nut, gold and silver, altering import valuation consequences.
Fixation of tariff values under sub-section (2) of section 14 of the Customs Act, 1962: the CBIC substitutes TABLE-1, TABLE-2 and TABLE-3 in the principal notification to set specified US dollar tariff values for edible oils (including crude and refined palm oils and crude soybean oil), brass scrap, areca nut (no change), and unit tariff values for designated forms of gold and silver, with clarifications on included and excluded forms.

Infrastructure project development fund guidelines launched to support PPP project development and centre state collaboration for urban infrastructure.
The workshop, convened by Madhya Pradesh and the Department of Economic Affairs with participation from multiple States, UTs, industry and academia, featured the launch of scheme guidelines for Financial Support for Project Development Expenses of PPP Projects under the IIPDF Scheme and focused on exchanging implementation models, enhancing centre state coordination, and generating practical recommendations for project preparation and infrastructure delivery.

Tariff elimination under ECTA to liberalise trade and expand services commitments including visa and professional mobility.
The Agreement provides for elimination of duties on 100 percent tariff lines by Australia under the India-Australia ECTA, establishes an institutional mechanism for trade facilitation following extensive stakeholder consultations, and awaits domestic ratification. It secures broad services liberalisation across about 135 sub sectors with mobility measures (quota for chefs and yoga teachers, post study work visas, mutual recognition of professions, Work & Holiday visas) and resolves a double taxation issue affecting IT/ITES, while projecting increased bilateral trade, job creation, investment and regulatory facilitation for pharmaceuticals and higher value industries.

Tax search and seizure uncovers alleged conversion of unaccounted income into assets and restraints on bank lockers.
Search and seizure operations by the Income Tax Department at premises of jewellery and real estate groups uncovered seized documents and digital evidence of tax evasion, showing conversion of unaccounted income into cash purchases of jewellery, shop renovations and immovable property, recording unexplained receipts as customer advances, unaccounted stock on verification, and extensive unaccounted cash transactions in land and apartment dealings; multiple bank lockers were restrained and investigations continue.

Repayment at par for government securities: holders must provide bank details or tender securities early for payment.
Outstanding balance of 6.84% GS 2022 is repayable at par on December 19, 2022, with no interest accruing thereafter; if a State holiday falls on the due date repayment will occur on the previous working day. Maturity payments shall be made by pay order with bank particulars or by electronic credit per Government Securities Regulations, 2007, and holders must submit bank account particulars in advance; absent those particulars, holders may tender duly discharged securities at designated paying offices 20 days before the due date.

Undisclosed capital gains in joint development agreements prompt detection, admissions, tax liabilities, and seizure of assets.
Search and seizure operations uncovered documents and digital data from landowners who entered Joint Development Agreements, revealing nondisclosure of income from capital gains, artificial inflation of acquisition costs, and non filing of returns; several assessees admitted omissions and agreed to disclose detected capital gains and pay applicable taxes, while undisclosed cash and jewellery were seized and further investigations continue.

International cooperation in corruption investigations strengthened to enhance cross border information sharing and asset recovery frameworks.
International cooperation in investigating corruption and economic crimes is India's core G20 ACWG priority, focusing on strengthened cross-border information sharing, mutual assistance, and systems for recovery and confiscation of proceeds of crime. India's AML/CFT framework, a whole of government confiscation approach, multi agency disruption of laundering networks, and the Reserve Bank of India's Risk Based Approach to KYC/AML supervision and FinTech regulatory sandbox were presented as measures to detect, assess and mitigate money laundering and terrorist financing risks.

Taxpayer facilitation expanded through interactive Taxpayers' Lounge to promote digital compliance and taxpayer awareness.
Establishment of a Taxpayers' Lounge as a taxpayer-facilitation and outreach initiative to promote digital compliance and public awareness. The Income Tax Department set up the Lounge to provide assistance with PAN/e PAN services, PAN-Aadhaar linking, e filing and Form 26AS queries, guidance on Faceless Assessment and e Proceedings compliance, and to disseminate informational materials including international taxation matters. The Lounge also includes educational features for children and young adults and highlights tax incentives for Start Ups, agriculture, local manufacturing and co operatives while serving as a stakeholder feedback channel.

Trade fair expansion: promote biannual and local fairs to boost swadeshi industry, quality standards and digital transactions.
The Minister proposed biannual trade fairs including a dedicated Atmanirbhar/Swadeshi edition to prioritise women, MSMEs and new exhibitors; mandatory quality certification for exhibitors; a shift of fair financial transactions to digital platforms and consideration of virtual/hybrid fairs; development of professional courses for fair management; use of the PM GatiShakti Master Plan for nationwide fair planning; and cooperative centre-state implementation, alongside logistical and sustainability improvements at IITF.

Municipal Financing: strengthening urban local bodies' capacity and access to capital markets to improve creditworthiness and infrastructure funding.
The workshop focuses on strengthening Urban Local Bodies' capacity and municipal finance management to improve creditworthiness by promoting diversified financing models, augmenting own revenues as a precursor to market borrowing, enhancing access to capital markets, and adopting municipal investment planning and PPPs as practical mechanisms for sustainable urban infrastructure financing.

Repayment of government security: holders must provide bank details for electronic credit or tender securities early for discharge.
Repayment of the government bond will be made at par on the maturity date with no interest accruing thereafter; if the repayment day is a holiday under the Negotiable Instruments Act, payment will be made on the previous working day. Payment of maturity proceeds to registered holders in Subsidiary General Ledger, Constituent Subsidiary General Ledger accounts, or Stock Certificates will be by pay order with bank particulars or by electronic credit; holders must submit bank account particulars in advance or tender duly discharged securities at designated paying offices twenty days before the due date.

Direct tax collections show sustained year on year growth and form a major share of fiscal year budgeted receipts.
Provisional figures show Direct Tax collections through 10 November 2022 with gross and net increases year on year, a significant share of the fiscal year's Budget Estimates, and separately reported growth rates for Corporate Income Tax and Personal Income Tax alongside the quantum and growth of refunds issued.

Climate finance cooperation to scale public and private finance and strengthen MDB roles for energy transition support.
The joint statement commits India and the United States to deepen cooperation on climate finance-scaling public and private finance and engaging multilateral development banks-and to pursue a new collective post 2025 climate finance goal. It stresses coordination on macroeconomic challenges, supply chain resilience, and a shared commitment to debt sustainability and transparent bilateral lending under the G20 Common Framework. The parties endorse OECD/G20 tax framework progress, seek completion of Pillar One and Two work, enhance tax information sharing and FATCA reciprocity, continue the Financial Regulatory Dialogue, promote infrastructure financing including NIIF support, and strengthen AML/CFT cooperation.

International tax and anti money laundering cooperation strengthens joint action on climate finance and multilateral development bank reform.
Enhanced bilateral cooperation prioritized international taxation coordination, multilateral anti money laundering and counter terrorism financing measures, and reforms to multilateral development banks. The joint statement also advanced collaboration on climate finance, sustainable infrastructure, and explored digital innovation partnerships to support human centric solutions and small business empowerment, indicating intent to operationalize priorities through continued dialogue and targeted initiatives.

Search and seizure operations uncover tax-evasion schemes, prompting asset restraints and ongoing investigations involving corporate groups and professionals.
Search and seizure action targeted business groups in coal trading, contracting and iron ore extraction, yielding documentary and digital evidence of tax evasion methods: inflated expenses via non-genuine year-end entries, cash payments/receipts, suppression of production, unexplained immovable-property investments, unaccounted stock, and layering of unaccounted funds through shell companies; professionals admitted lack of due diligence. Operational measures included seizure of undisclosed cash, restraint of bank lockers and identification of substantial unaccounted transactions and investments, with investigations continuing to quantify and pursue further compliance action.

Revenue Deficit Grant released under finance commission recommendations to address post devolution revenue gaps in eligible States.
The Department of Expenditure released the eighth monthly instalment of the Post Devolution Revenue Deficit Grant to 14 States, increasing total 2022-23 releases to Rs. 57,467.33 crore against a recommended annual grant of Rs. 86,201 crore. These grants, provided under Article 275 of the Constitution, are disbursed in twelve equated monthly instalments per Finance Commission recommendations to cover the assessed post devolution revenue expenditure gap for the period 2020-21 to 2025-26; state wise instalment and cumulative figures accompany the release.

Financial support for PPP project development expenses to fund transaction advisers and improve bankability of infrastructure projects.
Notification establishes the India Infrastructure Project Development Fund (IIPDF) Scheme as a Central Sector initiative to provide financial assistance to Project Sponsoring Authorities at Central and State levels for project development expenses, specifically costs of transaction advisers and consultants, to create a shelf of bankable PPP projects; this funding is additional to existing PPP support schemes and is complemented by a pre qualified transaction adviser panel and a Manual for utilisation.

IndAus ECTA ratification advances; parliamentary steps and DTAA amendments expected to enable early implementation and ministerial talks.
IndAus ECTA ratification and early implementation were discussed; Australia informed that the agreement and domestic amendments addressing Double Taxation Avoidance have been introduced in Parliament and are expected to be ratified following the Joint Standing Committee on Treaties' report. Both sides agreed to hold expert-level consultations to prepare a roadmap for a comprehensive IndAus ECTA and to convene the Joint Ministerial Commission early next year to advance implementation and negotiations.

Condonation of delay in filing Form 10A grants additional time for applicants under charitable and deduction provisions.
The Central Board of Direct Taxes condones delay in electronic filing of Form 10A and permits belated filing up to 25th November, 2022 for applications pertaining to registration and approvals under the statutory regimes for charitable trust and institution exemptions, donation deduction eligibility, and research expenditure deduction, providing procedural relief to avoid genuine hardship.

Draft common Income-tax Return simplifies filing via a wizard, consolidated schedules, selective pre-filling and reduced compliance burden.
Draft common Income-tax Return consolidates existing ITRs (except ITR-7) into a single, wizard-driven form with mandatory core parts (basic information, Schedule TI, Schedule TTI, bank details, Schedule TXP) and conditionally visible schedules. The utility will show only applicable fields based on taxpayer answers, allow repetition of schedules where needed, expand pre-filling and third-party data reconciliation, and retain ITR-1/ITR-4 as optional formats; stakeholder inputs will inform final notification and release of the online utility.