Offshore fund regime: funds with India based managers require CBDT approval through a committee review and conditions.
A special tax regime for offshore funds with fund managers in India was implemented by statute and rules, with application of the regime contingent on adherence to notified rules and forms. Rule-based implementing provisions establish an administrative approval process: funds must apply to the Member (Income tax), CBDT, and a Board constituted Committee of senior international taxation and transfer pricing officials reviews applications and recommends whether approval should be granted and on what conditions.

Income Declaration Scheme clarifies eligibility and immunities for voluntary asset declarations under the finance legislation.
The Income Declaration Scheme, 2016 establishes a statutory process for voluntary declaration of undisclosed income and assets, prescribing eligibility criteria, categories of assets, periods for making declarations, immunities granted to declarants, and classes of persons excluded from relief; published FAQs explain these operative provisions and will be updated as needed.

Finance Act 2016 amendments expand indirect tax regime with new cesses and disclosure and dispute resolution schemes.
Amendments effected by the Finance Act, 2016 revise multiple taxation statutes and associated rules, introducing new levies and procedural frameworks across direct and indirect tax regimes. The Act amends Income Tax, Service Tax, Customs and Central Excise law and updates subordinate rules and notifications. It establishes the Krishi Kalyan Cess, Infrastructure Cess and an Equalisation Levy, and institutes an Income Declaration Scheme together with Direct and Indirect Tax Dispute Resolution Schemes, requiring adjustments to tariffs, notifications and compliance procedures to implement collection and assessment changes.

Viability Gap Funding approved for two Rajasthan PPP projects: in principle road approval and final power transmission approval.
The Empowered Institution approved Viability Gap Funding (VGF) support under the central PPP support scheme for two Government of Rajasthan projects: an in principle approval for the Chomu-Chandwaji highway road project and final approval for the Bikaner-Sikar power transmission project, at a meeting chaired by the Additional Secretary (Investment), Department of Economic Affairs.

FRBM framework review initiated; committee to recommend targets, deficit range feasibility and alignment with credit cycles.
Constitution of a five member expert committee to review and recommend a roadmap for the Fiscal Responsibility and Budget Management framework, including review of past operation, assessment of factors informing FRBM targets, feasibility of a fiscal deficit range in place of fixed targets, alignment of fiscal stance with credit cycles, and assessment of expected impact on the general government deficit; supported by the Budget Division and authorised to consult stakeholders and determine procedures.

Exchange of Information requests require clear identification, foreseeable relevance, and justified nondisclosure to obtain beneficial ownership information.
Exchange of Information requests to the BVI must accurately identify the entity, seek RA-held due diligence and beneficial ownership records where nominee arrangements exist, and demonstrate foreseeable relevance to Indian tax administration. Requests should be focused and justified, avoid routine nondisclosure requests without documentary reasons, and ensure timely responses to BVI clarifications and prescribed feedback on received information.

Advance payment of income tax at authorised bank branches or online to avoid end period congestion and receipt delays.
The Reserve Bank urges taxpayers to remit income-tax dues sufficiently before the deadline at RBI counters, authorised agency bank branches, or via online payment facilities offered by those banks to avoid end-period congestion; twenty-nine agency banks are authorised to accept such payments and the Bank provides additional counters where possible.

Gold Monetisation Scheme: banks urged to mobilize more gold, expand CPTC agreements and ease collateral requirements.
Gold Monetisation Scheme progress was reviewed; banks were directed to intensify mobilisation of gold, expand tripartite and bipartite agreements with CPTCs and refiners, enrol eligible jewellers as CPTCs in underserved areas, and adopt a practical approach to guarantees or collateral, while IBA and World Gold Council will run a government supported media campaign. Separately, Sovereign Gold Bond tradability was to commence soon and a further tranche will be issued.

Income declaration scheme enables taxed disclosure of undisclosed income with conditional immunity and asset valuation rules.
The Income Declaration Scheme, 2016 allows persons to declare undisclosed income or asset investments for taxation under Chapter IX, with declared amounts taxed at prescribed rates plus cess and penalty. Declarations filed within the scheme window may be made online or with principal Commissioners; asset declarations use fair market value as on the scheme start date, while foreign assets under the Black Money Act are excluded. Declared assets are exempt from wealth tax and declarations attract immunity from scrutiny and prosecution under specified laws, subject to compliance conditions and transfer requirements; non payment or misrepresentation voids the declaration and triggers regular assessment and penalties.

Tariff value notification: substitution of valuation tables fixing import values for specified commodities under customs law.
The Central Board of Excise & Customs, exercising powers under sub-section (2) of section 14 of the Customs Act, 1962, substitutes TABLE-1, TABLE-2 and TABLE-3 of the cited notification with updated tariff valuation schedules, fixing US dollar tariff values per metric tonne (and per unit weight for precious metals) for specified commodities including palm oil products, crude soybean oil, brass scrap, poppy seeds, areca nuts, gold and silver.

Blood donation camp organised by departmental staff and civic club, yielding significant voluntary participation and units donated.
A blood donation camp at Jeevan Deep Building was organised by the Fibre Club of the Department of Financial Services with Lions Club Pitampura, inaugurated by the Department Secretary, and yielded 101 units of blood from departmental officials and nearby offices as part of an organised inter organisational volunteer public health initiative.

Income Declaration Scheme invites stakeholder submissions for clarification ahead of implementation following publication of scheme texts.
The notice announces the Income Declaration Scheme and the Direct Tax Dispute Resolution Scheme as incorporated in the Finance Bill, indicates their expected commencement upon enactment, states that the complete texts are published as part of the Bill, and establishes a public consultation process inviting stakeholders to submit issues for clarification by specified channels and with required envelope marking prior to implementation.

Employee offer of government shares secured unprecedented participation, with allotments made at the prescribed employee discount.
The Government conducted a disinvestment in Indian Oil Corporation Limited including an Employee Offer permitting allotment to eligible employees up to 0.5% of paid up equity at a 5% discount to the OFS cut off price; the employee window ran on specified dates, employee participation was approximately forty percent and constituted the highest post OFS employee response, and the employee offer price was calculated by applying the prescribed discount to the OFS cut off.

Indirect tax collections growth signals stronger early-year revenue performance and progress toward budget targets.
Indirect tax receipts for April 2016 totaled Rs. 64,394 crore, a 41.8% year-on-year increase, contributing 8.3% toward the 2016-17 BE target and reflecting a 17% growth excluding additional revenue measures. Central Excise rose 70.7% to Rs. 28,252 crore, Service Tax rose 27.9% to Rs. 18,647 crore, and Customs rose 22.5% to Rs. 17,495 crore versus the same month in the prior year.

Source-based taxation of capital gains: India acquires taxing rights on post-protocol share disposals, subject to Limitation of Benefits.
The Protocol amends the India-Mauritius tax convention to establish source-based taxation of capital gains on shares for post-cut-off acquisitions while grandfathering pre-existing investments; a transitional reduced tax treatment is available subject to the Limitation of Benefits provisions which deny benefits to entities failing main-purpose or bona fide business tests or deemed to be shell/conduit companies. The Protocol also imposes source-based taxation on interest for new debt claims of Mauritian banks, updates exchange-of-information standards, and provides assistance in tax collection.

Assets and Liabilities disclosure now required in income-tax returns for higher-income individuals and HUFs after wealth-tax repeal.
The income-tax return forms now include a mandatory Assets and Liabilities (AL) Schedule to capture details of specified movable and immovable assets and liabilities, replacing asset information formerly reported under the Wealth-tax return after repeal of the Wealth-tax Act; the schedule targets higher-income individuals and Hindu undivided families and is designed to record asset and liability particulars rather than net worth.

State debt to multilateral development banks disclosed as outstanding per state in parliamentary written reply.
Outstanding liabilities of State Governments to multilateral development banks as at 31 March 2016 are itemised by state and by lending institution category (IBRD, IDA, ADB, IFAD); the Ministry of Finance disclosed the tabulated state-level outstanding debt figures in a written parliamentary reply.

Countering black money and fake currency: Government strengthens legal and enforcement measures to disrupt circulation and prosecute offenders.
Government emphasises sustained tax enforcement-searches, surveys, assessments, penalties and prosecutions-and legislative and policy measures including a specialised investigation team, a dedicated Black Money law for undisclosed foreign assets, benami transaction amendments, and international information sharing arrangements; for counterfeit currency and terror funding the Government adopts inter agency intelligence coordination, an FICN coordination group, a Terror Funding & Fake Currency Cell in the national investigative agency, and classifies high quality counterfeit currency production or circulation as a terrorist act under amended unlawful activities law.

Tax administration reform establishes permanent Tax Policy Council and Research Unit to guide evidence-based tax policy decisions.
Recommendations target comprehensive tax administration reform across direct and indirect tax authorities, emphasizing organizational restructuring, taxpayer services, ICT adoption, inter-agency information exchange, human resource strengthening, and analytical capabilities such as predictive analysis and revenue forecasting. Two permanent bodies have been established: the Tax Policy Council (TPC) as an advisory body to review research and suggest policy measures, and the Tax Policy Research Unit (TPRU) under the Revenue Secretary to conduct empirical studies, produce policy papers, assist the Council, and liaise with state tax departments.

Corporate Social Responsibility tax treatment clarified: CSR expenses are not business deductions though certain qualifying activities retain tax exemptions.
The Finance Act, 2014 clarifies the tax treatment of CSR: CSR expenditures do not qualify as business deductions under income tax law. However, activities specified in Schedule VII that align with income-tax provisions-including rural development, skill development, notified agricultural extension projects and contributions to designated relief funds-may receive relief under separate sections of the Income Tax Act, 1961, subject to fulfilment of relevant conditions and compliance requirements.