Automatic Exchange of Information portal consolidates CRS reporting guidance and compliance resources for financial institutions.
A consolidated web portal centralizes material related to the Automatic Exchange of Information under the Common Reporting Standard, serving as a repository of policy, technical circulars, guidance and notifications to facilitate compliance by financial institutions, assist tax officers and inform foreign authorities. India committed to CRS-based automatic exchange from 2017, supported by a 2015 domestic legal framework and Guidance Note setting out reporting obligations, with sectoral regulators issuing complementary measures and CBDT conducting stakeholder consultations to promote compliance.

Industrial policy measures aim to stimulate manufacturing and core sector investment, production and infrastructure through tax, credit and reform.
The Government links industrial and manufacturing sector performance to demand, investment and prices and has implemented a coordinated policy package to boost investment, production and demand. Key measures include corporate tax reductions for domestic and new manufacturing firms, expedited GST refunds for MSMEs, capital injections and liquidity support to banks to expand credit, interest rate reductions, an Alternate Investment Fund for housing completion, and administrative reforms on self-certification, labour laws and environmental clearances. Sector-specific reforms target steel trade remedies and procurement preference, coal auction liberalisation with full FDI on automatic route, power sector operational schemes and renewable capacity expansion, and multiple hydrocarbon exploration and production policy initiatives.

Concessional tax regime lets domestic companies choose lower tax if they forgo incentives, with special manufacturing relief.
A statutory amendment establishes a concessional tax regime under which an existing domestic company may elect a lower corporate tax rate if it forgoes specified incentives and deductions and will not be subject to MAT; a separate concessional rate is available to qualifying new domestic manufacturing companies that forgo incentives and commence manufacturing within prescribed conditions and are likewise not subject to MAT.

Startup incentives and tax reliefs enable simplified compliance and funding support for recognised start ups under the national initiative.
The Startup India Initiative provides regulatory simplification, funding support, and industry-academia incubation to nurture start ups, including self certification under specified labour and environmental laws, procurement relaxations, expedited insolvency exit, patent fee rebates and expedited examination, income tax relief under Section 80 IAC, exemption for certain investor contributions, and capital from a Fund of Funds; DPIIT recognition is based on self reported data and state/industry annexures list recognised start ups, while three year survival and product level data are not compiled.

Fraud detection framework strengthens bank scrutiny and reporting of large non-performing accounts and wilful defaults.
A regulatory package requires banks to apply a structured fraud detection and reporting framework for large NPAs, initiate wilful default proceedings upon detection, obtain inter-agency borrower intelligence, and strengthen due diligence by collecting certified identity documents and publishing wilful defaulter information under board-approved policies; administrative controls such as rotational transfers and Look Out Circular requests are mandated. Complementary measures include an independent audit regulator to enforce audit standards, and a statutory regime enabling attachment and disentitlement of fugitive economic offenders, together with freezing of inoperative company accounts to enhance systemic transparency.

Search and seizure under section 132 reveals bogus invoicing with cash back scheme and large undisclosed income deployed into assets.
A search under section 132 uncovered a systematic scheme of inflating expenditure using bogus invoices, with payments made by cheque or electronic transfer and cash returned to promoters, producing suppressed taxable income that was deployed into immovable property, share capital, fixed deposits, cash and other valuables; searches resulted in seizure of substantial cash and gold and enquiries are ongoing.

Integrated Water Resource Management strengthens basin institutions and modernizes irrigation to improve water-use efficiency and agricultural productivity.
The second project loan advances integrated water resource management by strengthening state and basin institutions, upgrading Vijayanagara Channel headworks and canals, supporting river basin management planning and water governance, and establishing water user cooperative societies to improve irrigation efficiency and generate water savings for expanded irrigated area and higher farm incomes.

Tax evasion investigation uncovers bogus companies and accommodation entries leading to probes of bank fraud and inflated expenses.
Searches and surveys on contractors and entry providers uncovered use of bogus companies to create accommodation entries as loans or expense bills, inflated expenses to suppress income, and a systematic modus operandi including bank fraud, forgery and siphoning of bank loans into property and share investments; investigations continue to identify beneficiaries and quantify the extent of accommodation entries and tax evasion.

Aadhaar KYC eased: self-declaration of current address accepted for bank account opening, not for updating Aadhaar address.
Amendment to the PML Rules permits Aadhaar KYC for bank account opening where the address on Aadhaar differs from the current address by accepting a self-declaration of the local/current address as sufficient address proof. The change was effected via amendment to the PML Rules and does not permit or effect change of address in the Aadhaar database under the Aadhaar Act or its regulations.

Aadhaar KYC self-declaration permitted for bank account opening, without effecting change of address in Aadhaar.
Amendment to the PML Rules allows banks to accept a self declaration of a local or current address as sufficient address proof for Aadhaar KYC when an individual's residence differs from the address in Aadhaar, solely to facilitate opening bank accounts or branch changes; it does not permit or affect changing the address on the Aadhaar record since the Aadhaar Act and its regulations were not amended.

Bogus billing and hawala transactions exposed leading corporate-linked diversion of infrastructure project funds; enforcement uncovered intermediary networks.
A coordinated enforcement operation uncovered a large-scale scheme of bogus billing and hawala transactions in the infrastructure sector, where fraudulent invoices and intermediary networks of entry operators, lobbyists and hawala dealers were used to divert funds intended for public infrastructure and EWS projects; searches and seizures documented the chain of delivery, cash disbursements, unexplained assets, and the mechanism of siphoning funds through artificial contracts.

Search action on educational trusts uncovers alleged diversion of trust funds and suppression of fee income, investigation ongoing.
Searches under the Income-tax Act on a group of educational trusts uncovered suppression of fee receipts, unrecorded cash transactions, loans in cash, non-disclosure of property sale receipts, and an alleged scheme where actual fees were recorded as advance liabilities and routed to sister concerns against inflated expenses, resulting in diversion of trust funds; searches produced significant cash and jewellery seizures and a preliminary estimate of substantial undisclosed income, with investigations continuing.

Budget 2020-21 suggestions: industry urged to submit tax proposals with data, justification, formats, and 21 November deadline.
Solicitation of pre-budget proposals for Budget 2020-21 from trade and industry associations to suggest changes in direct and indirect taxes with economic justification and supporting statistics; requests must quantify revenue implications, production, prices and value addition for inverted duty correction. Direct tax proposals should account for recent corporate tax rate rationalisation and the policy shift away from exemptions toward lower rates. Procedural requirements include prescribed synopsis and Customs/Central Excise formats, Annexure-A data, email submission addresses for indirect and direct taxes, hard copy addressees, exclusion of GST requests, and a submission deadline of 21 November 2019.

Search and seizure under the Income Tax Act uncovers undisclosed income from bogus losses and purchases, probe continues.
Search and seizure action under the Income Tax Act using statutory powers at multiple premises uncovered evidence of alleged bogus losses, bogus purchases and fabricated subcontract expenses; a brought forward loss claimed pursuant to a demerger is indicated as not compliant with the Act, unaccounted cash and restrained lockers were found, and provisional detection of substantial undisclosed income from assessment years beginning 2016 17 has been reported while verification continues.

Cash seizure uncovers unaccounted funds after search and survey under section 133A, prompting ongoing tax investigation.
Search and seizure operation executed at a businessman's residence and a concurrent survey under section 133A at his business premises following intelligence of large cash holdings; the individual, engaged in construction subcontracting and real estate activities, was found to possess unaccounted cash which was seized, and investigations are ongoing.

Comprehensive Strategic Partnership promoting investment facilitation and regulatory reforms to boost bilateral economic cooperation and ease of doing business.
India and the United Arab Emirates maintain a Comprehensive Strategic Partnership aimed at deepening bilateral investment and economic cooperation. The Union Minister of State for Finance cited a new investment policy, corporate tax reductions, and measures to facilitate ease of doing business as key mechanisms to attract investment into Himachal Pradesh, and noted task forces, Joint Working Groups and Ministerial Groups as the institutional framework for coordinating investment, trade and skills cooperation.

Financial stability oversight: council reviewed vulnerabilities and sought measures to strengthen resolution framework and cyber security.
The council reviewed the global and domestic macroeconomic outlook and financial stability concerns, highlighting risks related to non-banking financial companies and credit rating agencies. It examined implementation of prior decisions, considered proposals to strengthen the resolution framework and enhance cyber security of the financial sector, and noted activities of the FSDC Sub-Committee and regulatory initiatives to improve inter-regulatory coordination and resilience.

Double taxation avoidance updated to modern standards, adding anti abuse measures and clearer taxing rights to aid cross border investment.
The Protocol amends the India Brazil income tax Convention to modernise taxing rights, lower source state withholding on interest, royalties and technical service fees, and to introduce anti abuse measures including a Principal Purpose Test, a general anti abuse clause and a Simplified Limitation of Benefits, implementing BEPS minimum standards and recommendations to enhance treaty clarity and curb tax avoidance.

Economic and Financial Partnership promotes enhanced cooperation on investment, tax transparency, AML/CFT and market-based infrastructure financing.
The statement commits to an ongoing Economic and Financial Partnership to deepen bilateral cooperation on financial sector reform, investment promotion and infrastructure financing, regulatory dialogue including an insurance-sector MoU, enhanced tax transparency and data exchange mechanisms, and strengthened cooperation on combating money laundering and terrorist financing to uphold international AML/CFT standards.

Extension of filing deadline for income-tax returns in Jammu and Kashmir and Ladakh to protect taxpayer compliance.
The Central Board of Direct Taxes has extended the due date to 30th November 2019 for filing income-tax returns and tax audit reports by all categories of assessees in the Union Territory of Jammu and Kashmir and the Union Territory of Ladakh due to internet disturbances, and clarifies that returns filed after the earlier August due date but before issuance of this order by certain categories shall be deemed filed within the due date.