Tariff value notification: adjusted import valuation benchmarks for specified edible oils, metals, and agricultural commodities.
Amendment to import valuation substitutes Tables 1-3 of Notification No. 36/2001-Customs (N.T.) to prescribe revised tariff values in US dollars per metric tonne for specified edible oils, brass scrap, poppy seeds and areca nuts, and unit tariff values for gold and silver where specified notification benefits apply, thereby establishing the operative valuation benchmarks for customs assessment.

Advance payment of income-tax dues recommended to avoid last-minute queues; authorised banks accept payments and offer online facilities.
Taxpayers are advised to remit Income-tax dues well in advance of the due date to avoid congestion at RBI counters. Select branches of accredited agency banks in Mumbai have been authorised to accept Income-tax payments, and many of these branches provide on-line payment facilities as alternatives to RBI counters to expedite remittance and minimise queueing.

Timely tax payment: taxpayers advised to remit dues early and use bank or online channels to avoid last minute congestion.
The Reserve Bank advised taxpayers to remit income tax liabilities sufficiently in advance of statutory deadlines to avoid end of period congestion and long queues, noting that additional counters have not fully prevented rushes. It urged use of alternate payment channels-select bank branches and online facilities-and planning remittances ahead of advance tax instalment, securities transaction tax return, and annual income tax return filing deadlines to reduce operational inconvenience.

Government securities auction: re-issue using multiple-price method with non-competitive facility and e-bidding schedule, payment date specified.
Re-issue auctions for four Government Stocks will be conducted by the Reserve Bank of India using the multiple price method with bids submitted electronically on E-Kuber. Up to 5% of each notified amount is reserved under the Scheme for Non-Competitive Bidding Facility. Non-competitive bids must be submitted within a prescribed shorter window and competitive bids within the full bidding window on the auction date. Auction results are announced on the auction date and payment by successful bidders is due on the specified settlement date. The stocks are eligible for When Issued trading per RBI guidelines.

Aadhaar exemption allows specified individuals to file returns or seek PAN without quoting Aadhaar when they do not possess it.
Requirement to quote Aadhaar/Enrolment ID for filing income tax returns and for PAN application is subject to exemptions for individuals lacking Aadhaar/Enrolment ID who are in specified resident categories, non residents under tax law, those aged eighty years or more in the previous year, and non citizens, pursuant to the Central Government's power to notify exceptions to the general quoting obligation.

Disinvestment of CPSEs accelerated via a Rolling Plan, CPSE ETF bundling, strategic selloffs and time bound listings.
Disinvestment receipts increased markedly in 2014-15 to 2016-17 through procedural reforms enabling timely sales and reduced price disruption: a Rolling Plan replaces annual schedules, SEBI moved OFS notices to T 1, and retail reservations of up to 20% are used. The CPSE ETF bundled multi stock divestments with strong retail oversubscription. A coordinated process and timelines were established to fast track strategic disinvestment, while measures to promote digital payments and a mechanism for time bound listing of CPSEs were promulgated to unlock value and broaden public participation.

Percentage of completion method mandated for comparable real estate projects, with objective triggers and fair value treatment for development rights.
Draft ICDS governs tax computation for real estate transactions, defining project, project costs and project revenues, and requires revenue and costs to be recognised by the percentage of completion method where projects resemble construction contracts. It sets objective thresholds for applying POCM, prescribes fair value treatment for transferable development rights acquired by surrender, mandates allocation of multi-element contract consideration by fair value, and requires specified disclosures for projects in progress.

Income Computation and Disclosure Standards on real estate transactions proposed; stakeholders invited to submit comments to align ICDS with tax law.
The Central Board of Direct Taxes has released a draft Income Computation and Disclosure Standard on Real Estate Transactions, based on the ICAI Guidance Note with suggested changes to harmonise with the Income-tax Act, and has invited stakeholder comments by the prescribed deadline. The draft cites the statutory authority of section 145(2) and follows earlier ICDS notifications covering valuation of inventory, construction contracts, foreign exchange effects and borrowing costs, which apply to computation of income under business or profession and other sources for specified assessees.

Linking PAN with Aadhaar online without login requires exact Aadhaar name, DOB/gender match, and Aadhaar OTP for minor name mismatches.
Taxpayers can link PAN with Aadhaar on the Income Tax e filing website without logging in by submitting PAN, Aadhaar number and the name exactly as on Aadhaar; UIDAI verification confirms the link. Minor name mismatches require an Aadhaar OTP to the mobile registered with Aadhaar. Date of birth and gender must match across PAN and Aadhaar; wholly different names cause linking to fail and will prompt correction in either database. The facility is also available under Profile settings when logged in, with PAN details pre populated.

Re-appointment of Chairman CBDT confirms continuation of board leadership under a fixed annual administrative term by government order.
The Government issued an office order re-appointing the incumbent as Chairman of the Central Board of Direct Taxes for a one-year administrative term, specifying commencement and expiry dates to continue incumbent leadership and administrative continuity in central tax administration.

Bilateral economic cooperation: call for foreign manufacturing investment and ADB to prioritise developing countries' views in operations.
The Union Finance Minister called on Japanese companies to set up manufacturing facilities in India for rolling stock as part of Make in India to deepen bilateral economic cooperation, and urged the Asian Development Bank to accord primacy to the views of developing member countries in its operations and resource planning.

Regional hub establishment urged to expedite project preparation and adopt country systems for procurement and safeguards.
A request to establish a regional hub in New Delhi to expedite project preparation and delivery and to adopt country systems for procurement, social safeguards and environmental safeguards; accompanied by policy priorities to focus on renewable energy, climate resilient agriculture, sustainable urban development, improved farm technologies, value chain management and marketing infrastructure.

Official visit to Japan to engage in multilateral and bilateral finance meetings and deliver a keynote address.
The Union Minister undertakes a three day official visit to Japan to attend the ADB Annual Meeting and related plenary and bilateral meetings, meet ADB leadership and Japan's Finance Minister, participate in investor and policy forums including an Investors' Round Table and an interactive session on India's business environment, and deliver a keynote address at the IIF Spring Meeting, accompanied by the Secretary, Department of Economic Affairs and senior ministry officials.

Valuation of unquoted equity shares: proposed rules assign FMV or book value based on underlying asset types, comments invited.
The draft prescribes asset based valuation of unquoted equity shares for tax purposes: use fair market value for jewellery, artistic works, and shares & securities; use stamp duty value for immovable property; and use book value for other assets, to determine value for receipts received without or for inadequate consideration and for transfers treated as deemed consideration for capital gains; stakeholders are invited to submit comments on the draft amendment to the income tax rules.

Valuation of unquoted equity shares: formula-based fair market value now determines tax valuation under prescribed rules.
The fair market value of unquoted equity shares is prescribed as (A+B+C+D - L) x (PV)/(PE), with A being adjusted book value of assets (excluding jewellery, artistic work, shares, securities and immovable property and reduced for certain tax and non-asset items), B the open-market value of jewellery and artistic works per a registered valuer, C the fair market value of shares and securities determined under the rule, D the stamp-duty value of immovable property, L specified book liabilities with enumerated exclusions, PE total paid-up equity capital and PV the paid-up value of the shares.

Income Tax e-filing for AY 2017-18 activated; Aadhaar required for e-verification and quoting on ITRs.
The Income Tax department activated e-filing for all ITR categories for AY 2017-18 and released all seven ITR forms, including the simplified ITR-1 (SAHAJ). Electronic verification via Aadhaar is supported so taxpayers need not send ITR V by post; the Finance Act, 2017 mandates quoting Aadhaar or enrolment ID for ITR filing and requires Aadhaar for PAN applications from July 1, 2017. Taxpayers should prepare prior-year ITR, bank statements, TDS and other documents before filing; the filing deadline is July 31.

Appointment of Controller General of Accounts: new CGA assumes office, first appointee from north-eastern region with public finance experience.
Appointment of Controller General of Accounts: Mr. Anthony Lianzuala, a career Indian Civil Accounts Service officer, assumed charge as Controller General of Accounts in the Department of Expenditure, Ministry of Finance, effective May 1, 2017, and is the first appointee from the North-Eastern Region. He has extensive central and state government experience in finance-related ministries, led the INGAF-NER training institute, initiated IT projects including computerisation of Mizoram State Treasuries, and held senior public-sector and administrative posts relevant to government accounting.

Advance Pricing Agreements provide transfer pricing certainty and include rollback options allowing prior-year application under specified conditions.
Central Board of Direct Taxes executed two unilateral Advance Pricing Agreements covering IT and Banking & Finance international transactions, including software development, IT-enabled and KPO services, each containing a Rollback provision. The APA framework specifies pricing methods and determines the arm's length price of international transactions in advance for a defined future period, and allows taxpayers to apply the agreed methodology retrospectively under rollback terms, aiming to provide transfer pricing certainty for multinational enterprises.

Allowances review: committee recommends targeted modifications and forwards proposals for inter ministerial screening and Cabinet approval.
The Committee on Allowances examined representations on the Central Pay Commission's allowance proposals, recommended targeted amendments including abolition, subsumption and modifications for universal and sector specific allowances, and forwarded its Report for departmental scrutiny and inter ministerial screening prior to placement of a consolidated proposal for Cabinet approval, with existing allowance rates remaining until formal approval.

Taxation of farm income publicly clarified as not recommended in draft; member's remarks were personal.
The Draft Three Year Action Agenda does not contain a recommendation to introduce Farm Income Taxation; the Aayog disclaims institutional endorsement and clarifies that an individual member's remarks on taxing farm income were personal and not the Aayog's position.