Fixation of tariff value: notification updates prescribed import values for edible oils, metals, seeds and areca nut.
The Central Board, invoking its power under the Customs Act, substitutes TABLE-1, TABLE-2 and TABLE-3 in Notification No. 36/2001-Customs (N.T.) by Tariff Notification No. 62/2020-Customs (N.T.), prescribing tariff values in US dollars per metric tonne or per specified weight units for listed goods-edible oils, brass scrap, poppy seeds, areca nut, and specified forms of gold and silver-largely noting no change to prior values and including explanatory qualifications for metal entries.

Tax administration modernization improves taxpayer-centric services through simplified regimes, e-governance and pandemic relief measures.
The Income-Tax Department has reoriented toward a taxpayer-centric model through reforms including a simpler tax regime, reduced corporate rates and concessional treatment for domestic manufacturing, alongside e-governance measures (enhanced Form 26AS, pre-filled returns), dispute-reduction via the Vivad Se Vishwas scheme, pandemic-era procedural relaxations and liquidity measures, and deployment of data analytics and faceless assessment to improve transparency and balance enforcement with service.

Data sharing for enterprise classification enables use of income tax return information to classify micro, small and medium enterprises.
A Memorandum of Understanding creates a formal data sharing arrangement permitting transfer of specified Income tax Return information to the Ministry of Micro, Small and Medium Enterprises to enable checking and classification of enterprises as Micro, Small and Medium under the Ministry's notified criteria. The MoU is effective on signature and requires each party to appoint a Nodal Officer and Alternate Nodal Officers to facilitate and manage the authorised exchange of ITR related information.

Voluntary compliance: e-campaign invites taxpayers to verify high-value transaction data and update returns online before deadline.
An electronic outreach enables taxpayers to validate transaction data held by the tax administration, targeting non-filers and filers with discrepancies identified through information triangulation (SFT, TDS/TCS, remittances, GST, trade and securities data). Identified taxpayers receive electronic notices, may view their high-value transactions on a portal, and submit an online response classifying items as correct, incorrect, relating to another person/year, duplicate, or denied, without visiting tax offices, to facilitate filing or revision before the statutory cut-off.

Form 26AS SFT disclosure improves taxpayer compliance and e filing accuracy by surfacing reported financial transactions.
The enhanced Form 26AS will display SFT information in a new Part E to enable taxpayers to reconcile high value financial transactions reported by specified persons under Section 285BA against their income tax returns; Part E will include fields such as transaction type, SFT filer, date, party status, number of parties, amount, payment mode and remarks to facilitate accurate e filing, voluntary compliance and greater transparency.

Tax refunds processing expedited to provide liquidity; taxpayers must respond electronically for swift online credit to bank accounts.
The Central Board of Direct Taxes accelerated issuance of income tax and corporate tax refunds to provide liquidity during the COVID 19 pandemic, issuing refunds online directly into taxpayers' bank accounts. Taxpayers are urged to respond promptly to departmental emails to expedite processing. All refund related demand clean up, rectifications, and giving effect to appeal orders are to be uploaded and processed on the ITBA platform, with the administration attending electronic responses in a time bound manner and targeting completion of the clean up exercise.

Search and survey operations uncover cash bullion trading and suspected investment of unaccounted income into real estate.
The tax authority conducted search and survey operations targeting three business groups-one spanning hotel, hydro power, metal and auto sectors suspected of channeling unaccounted income into real estate; a second engaged in silver/gold jewellery and antique silver trading with foreign associates alleged to have significant bullion transactions outside books and overseas accounts; and a third hotel group whose investment sources require verification. Investigators found loose papers, diaries and digital data suggesting cash bullion trading and cash investments in properties; further investigations are ongoing.

TDS on cash withdrawals: new PAN based utility lets banks instantly determine applicable withholding and automate compliance.
A departmental PAN based verification utility allows banks and post offices to determine and display the applicable TDS rate under section 194N on cash withdrawals, and is available via the Income Tax e filing portal and as web services for integration with banking core systems to automate withholding and compliance.

Procurement preference limits global tenders to boost domestic suppliers while extending contractual relief and liquidity support.
The package implements procurement limits on global tenders to favour domestic suppliers, grants contractual relief through force majeure extensions and proportional return of performance security, and delivers targeted liquidity via a government guaranteed Emergency Credit Line Guarantee Scheme for eligible MSMEs alongside partial credit guarantees, NABARD refinance, and special liquidity for NBFCs/HFCs/MFIs; tax measures reduce withholding/collection rates and extend compliance deadlines, while insolvency rules are relaxed by raising the corporate default threshold and temporarily suspending initiation of corporate insolvency resolution processes.

Hybrid annuity public private partnership model supports sewage infrastructure and river basin management with guarantee backing.
The document describes a World Bank financing package combining a long maturity loan and a separate guarantee to support expansion of sewage networks and treatment plants, strengthen the National Mission for Clean Ganga, and extend interventions to tributaries. It emphasises institutional strengthening, long term operation and maintenance, and use of the Hybrid Annuity Model where upfront government capital payments are complemented by performance linked payments to private operators, with a project finance guarantee to backstop selected government payment obligations.

Merger of revenue boards denied as government confirms no proposal to amalgamate boards created under the revenue act.
Government affirms there is no proposal to merge the two boards constituted under the Central Boards of Revenue Act; the merger recommendation of the Tax Administrative Reforms Commission was examined and not accepted, a position communicated in Parliament and recorded in the Department of Revenue's action taken report available on its website.

Credit de-risking for MSMEs to unlock liquidity and incentivize bank and NBFC lending through guarantees and fintech.
The MSME Emergency Response Programme will de-risk MSME lending by deploying targeted instruments, including credit guarantees and refinance support, to incentivize banks and NBFCs to extend credit to viable micro, small, and medium enterprises and protect employment; complementary measures will strengthen NBFCs and small finance banks and mainstream fintech and digital financial services to broaden formal credit access.

TDS reporting obligations updated - amended forms require reasons for non-deduction and expanded categories of reportable payments.
The Income Tax Rules amendments revise Forms 26Q and 27Q to require deductors to report reasons for non-deduction, apply separate codes for lower-rate or non-deduction cases, mandate PAN for non-government deductors, and expand TDS reporting to include e-commerce operator payments, dividend distributions by mutual funds and business trusts, professional fees, interest and cash withdrawal TDS.

Income tax refunds issued electronically to taxpayers during pandemic, requiring prompt confirmation of bank details and reconciliations.
The tax authority accelerated issuance of income-tax and corporate-tax refunds by electronically processing and directly depositing refunds into taxpayers' bank accounts without taxpayers needing to approach the department; taxpayer cooperation in promptly responding to departmental emails to confirm outstanding demand, bank account details, or reconcile defects/mismatches was required to enable final processing and disbursement.

Tariff value fixation for specified imported goods set by notification, affecting customs valuation and import duty assessment.
The Central Board of Indirect Taxes & Customs, under sub section (2) of section 14 of the Customs Act, 1962, substitutes TABLE 1, TABLE 2 and TABLE 3 of the principal notification to fix tariff values for specified goods, including edible oils, brass scrap, poppy seeds, areca nut, and prescribed values for gold and silver in specified forms, as the operative schedule for customs valuation and import assessment.

Public debt management: reduced dated securities issuance and softer yields amid heightened liquidity injections and longer maturities.
Public debt management in Jan-Mar 2020 featured lower dated securities issuance, softer weighted average yields, and longer weighted average maturity of new issues; substantial cash was raised via Cash Management Bills. Reserve Bank liquidity operations, including long-term repo measures, produced large liquidity absorption under LAF. Total government liabilities rose slightly with public debt dominant, a significant share of dated securities maturing within five years, and concentrated secondary market trading in central government securities, while yields moved down reflecting domestic and international policy rate cuts and falling oil prices.

Affordable housing financing: World Bank loans to support policy reform and a housing fund enabling private participation.
IBRD loans finance a two part initiative in Tamil Nadu to expand affordable housing by shifting the State's role from provider to enabler through regulatory reform and private sector incentives, while capitalising a Tamil Nadu Shelter Fund to enable cross subsidisation and make affordable housing commercially viable; both projects include institutional capacity strengthening to support implementation and housing finance innovation.

Floating Rate Savings Bonds: taxable bonds with floating semiannual interest, non transferable, seven year tenor with limited premature redemption.
Floating Rate Savings Bonds, 2020 (Taxable) are RBI issued government bonds held in Bond Ledger Accounts available to resident individuals and HUFs, issued at par with a minimum subscription, no overall investment ceiling, and accepted via prescribed receiving offices. They bear a floating interest rate reset semiannually with coupon payments twice a year and no cumulative option. Bonds have a fixed repayment tenor, are non transferable and non tradable except for succession on death, permit limited premature redemption for certain senior citizens, and attract taxable interest under the Income tax Act.

Devolution of grants: phased tied and untied fiscal transfers proposed to strengthen rural local bodies and service delivery.
The article summarizes a meeting in which the Ministry of Panchayati Raj requested the Fifteenth Finance Commission to set an aggregate award for PRIs for 2021-26 with a phased grant design: initial years with 50% untied for basic services and 50% tied to drinking water and sanitation, moving to a larger untied share in the final year; additional capital grants for Gram Panchayat buildings and community halls; permissible uses of untied funds for recurring and service-delivery expenses; and institutional measures including online audit software and pandemic-response support such as community kitchens.

Extension of tax compliance deadlines: filing, TDS/TCS, investment deductions and notices timelines postponed to ease taxpayer obligations.
The Notification extends multiple compliance and procedural deadlines under direct tax and benami laws: filing and revision windows for income tax returns, deferred due dates for the next year's returns and tax audit reports, extended timelines for Chapter VIA B investment deductions, capital gains rollover investments, SEZ deduction commencement, and postponed TDS/TCS filing and certification deadlines; it limits self assessment tax payment relief to taxpayers below a specified small liability threshold, preserves interest consequences for larger liabilities, and delays issuance of orders, notices, Aadhaar PAN linking and certain procedural reforms, with legislative amendments to follow.