Extension of audit filing deadline: specified date for audit report submission extended to alleviate taxpayer filing difficulties.
CBDT announced an administrative extension of the specified date for the filing of audit reports under the Income-tax Act for Assessment Year 2024-25 due to taxpayer difficulties, communicated by Circular No. 10/2024 in F.No. 225/205/2024-ITA-II dated 29.09.2024 and published on the official income tax website to allow additional time for compliance with audit reporting obligations.

Insolvency and Bankruptcy Code impact highlighted at IBBI Annual Day; publication released and quiz winners felicitated.
The IBBI is holding its Annual Day to mark eight years of the Insolvency and Bankruptcy Code, featuring keynote lectures, the release of an annual publication "IBC : ", and felicitation of National Online Quiz winners with certificates, medals, and cash prizes. The announcement highlights the Code's practical effects: faster insolvency resolution, increased investor and stakeholder confidence, and a deterrent effect through the potential transfer of control of a Corporate Debtor.

FDI liberalisation expands automatic-route access, encouraging manufacturing investment and integration with production-linked incentives and export growth.
The regulatory framework advances manufacturing by liberalising FDI-allowing 100% automatic-route access in most sectors-and deploying Production Linked Incentive (PLI) schemes to drive investment, production and employment. Procedural reforms, including the National Single Window System (NSWS), decriminalisation of provisions, and ease of doing business measures, are designed to reduce compliance and accelerate approvals. Infrastructure and logistics policies, together with targeted sectoral programmes such as a semiconductor ecosystem policy and One District One Product, function as planning and support instruments to lower costs and enhance export competitiveness.

Monetary limits for tax appeals revised, reducing departmental appeals and expected to ease tax litigation backlog.
Revision of monetary thresholds for departmental appeals raised the monetary limit required for filing appeals in direct tax and specified legacy indirect tax matters; revenue boards issued implementation orders. The changes apply across tribunals, High Courts and the Supreme Court and are expected to lead to withdrawal or non-filing of numerous departmental appeals, with administrative measures to dedicate more officers to significant income-tax appeals to reduce the volume of pending tax litigation.

Bilateral Investment Treaty signed to deepen long term economic cooperation and promote cross border investment and infrastructure collaboration.
The Union Finance Minister will attend the Ninth Annual Meeting of the AIIB as India's Governor and lead the Indian delegation; during the visit she will hold bilateral meetings, participate in a joint India Uzbekistan business forum, interact with the diaspora, and sign a Bilateral Investment Treaty to promote long term economic cooperation, investment promotion and protection between the two countries.

Debt recovery tribunal reforms require banks to strengthen monitoring and adopt new regulations for faster recoveries.
Banks were directed to implement effective monitoring and oversight mechanisms, adopt best practices and clear policies for small and high value cases, and frame settlement policies that account for transaction costs to optimise recovery. Stakeholders were urged to work collectively to reduce pendency and mobilise capital, and all DRTs were to adopt the DRT Regulations 2024 to make processes more efficient and less time consuming.

Direct Tax Vivad Se Vishwas Scheme offers reduced settlement amounts for new appellants and early declarants via electronic filings.
Direct Tax Vivad Se Vishwas Scheme sets a framework for settling income-tax appeals by allowing declarants to file prescribed electronic Forms to effect payment and withdraw proceedings, with reduced settlement amounts for new appellants and for declarations filed within the early filing window. Four Forms govern declaration, certification, payment intimation with proof of withdrawal, and final settlement order, and separate Form-1s are required for each dispute except where both parties have appealed the same order.

Digital payments growth drives UPI expansion and cross-border payments, enhancing real-time inclusive digital transactions.
The Department of Financial Services is promoting rapid expansion of digital payments through the Unified Payments Interface, which has driven strong compounded growth in transaction volumes and values and now dominates real time retail payments, particularly low value person to merchant transactions; simultaneous international rollout of UPI and RuPay aims to enable cross border payments and support financial inclusion while strengthening India's role in global real time payments.

Anti-money laundering and counter-terrorist financing framework strengthened as India placed in regular follow-up category for implementation.
India's AML/CFT framework is technically compliant and operationally effective, meriting placement in FATF "regular follow-up"; authorities use financial intelligence and cooperate domestically and internationally, achieving results in international co-operation, asset recovery and targeted sanctions. Remaining priorities include broader sharing of risk insights, concluding prosecutions of terrorist financiers, implementing a risk-based approach for the non-profit sector, extending domestic PEP coverage and strengthening supervision and preventative measures for non-financial sectors and virtual asset service providers, with urgent attention to cash restrictions in precious metals and stones.

Container availability measures ease storage rules and reduce handling charges to speed export clearance nationwide.
Coordinated measures direct free short-term storage of empty containers at JNPA, significant reductions in loading, handling and detention charges, immediate expansion of container shipping capacity through chartering and purchases, implementation of simultaneous container scanning and expedited customs screening, establishment of a multidisciplinary help desk, mandatory registration of private container yards with tax authorities and prohibition of cash charges to prevent illegal profiteering.

Swachhata campaign mobilises financial institutions and branches nationwide to conduct mapped cleanliness, plantation and outreach events.
The Department of Financial Services launched Swachhata Hi Seva 2024 mobilising 120 organisations and over 86,000 branches to implement mapped cleanliness activities. Core measures include transformation of identified black spots, plantation drives, cleanliness of public touchpoints, exhibitions on waste segregation, recycling and composting, Nukkad Natak, and outreach for Safai Mitra enrolment. Events will be geographically mapped on the dedicated SHS portal; NABARD and RRBs are asked to organise thematic street theatre. Lead District Managers must identify and remediate black spots, targeting at least five per district, and over 6,200 events have been created on the portal.

Exemption under income tax law: campaign outreach and capacity building to promote compliance and public grievance redressal.
CBDT will participate in Special Campaign 4.0 to continue initiatives improving office sanitation, waste management, and citizen outreach; regional outreach under themes like "NER Converses" has sensitized citizens on duties under the Income-tax Act and on eligibility for exemption under applicable provisions of the Act. The Department continues HARIT Aayakar regenerative-garden and bio-gas installations for environmental sustainability, reclaims office space for improved facilities, and promotes an e-learning Grievance Redressal Module to build capacity in public grievance handling.

Compounding rules modernisation streamlines application processing and introduces digital payments to ease investment.
The Foreign Exchange (Compounding Proceedings) Rules, 2024, notified under FEMA, supersede the 2000 Rules and create a streamlined framework to simplify and clarify compounding procedures for foreign exchange contraventions. They prioritise expedited processing of compounding applications, introduce digital payment options for fees and compounding amounts, and rationalise provisions to promote ease of investment and ease of doing business, following consultation with financial sector authorities.

Financial literacy as investor protection: targeted awareness programmes and materials to prevent fraud and digital scams.
IEPFA, constituted under sub section 5 of Section 125 of the Companies Act, 2013, reaffirmed its focus on investor protection through targeted financial literacy and fraud prevention initiatives. The Foundation Day highlighted partnership-based outreach, segment specific IEC materials, and programmes-such as postal and common service centre collaborations, tele lecture series, and financial literacy camps-alongside newly launched handbooks for distinct population groups to mitigate risks from fraud and digital scams.

Financial cooperation advanced in India Japan dialogue, with agreement to continue talks and consider a New Delhi round.
The 2nd India Japan Finance Dialogue affirmed a framework to advance financial cooperation through ongoing exchanges on macroeconomic outlooks, bilateral and third country collaboration, and regulatory coordination. Participants focused on regulation and supervision, financial digitalisation, policy initiatives, and measures to facilitate cross border investment, and agreed to continue discussions and consider holding the next round in New Delhi.