Direct tax revenue mobilisation urged through ethical, transparent compliance measures and information-led enforcement to boost collections.
Senior income-tax officers are directed to pursue direct tax revenue mobilisation ethically and transparently while facilitating taxpayers. Revenue augmentation measures include monitoring advance tax, TDS and MAT/AMT payments, follow-up on non-filers, use of information sources (AIR, CIB, TDS, declarations, property valuation provisions), exchange-of-information arrangements, and targeted taxpayer outreach. Administrative reforms - expansion of service centres, e-delivery, ITBA implementation, NJRS deployment, and dispute-resolution reviews - are presented as complementary steps to improve compliance, reduce litigation and enhance tax recovery.

Wealth tax filing obligations require electronic return with valuation as on valuation date and detailed asset schedules.
Form BB requires assessees whose net wealth exceeds the non-chargeable limit to declare all includible immovable and movable assets as on the valuation date, valuing them per Schedule III, and to file the return electronically under digital signature (with limited transitional paper filing relief). The form is divided into parts and schedules that mandate PAN, asset-by-asset descriptions, separate disclosure of debts related to assessable assets, reporting of valuer details where applicable, and adherence to clubbing, exemption and debt deduction rules in computing net wealth.

Tax exemption compliance failures: detection occurs through return processing and audits, yet centralized monitoring of cases is absent
Irregular claiming of exemptions and tax concessions under the Income-tax Act is liable to be detected during return processing or scrutiny. Oversight depends on internal audits, C&AG audits and inspections/reviews by supervising authorities, but no centralized data is maintained on detected cases, actions taken or outcomes, limiting consolidated monitoring.

Minimum Alternate Tax on SEZs applied to align tax contribution and permit MAT credit carryforward against future regular tax.
MAT was extended to SEZ developers and units from 1 April 2012, reversing an exemption previously created by the SEZ Act, 2005 which excluded SEZ income from MAT. The policy rationale was tax equity-ensuring corporate participants contribute despite exemptions-and MAT paid may be carried forward as credit to set off against future regular tax under the Income tax rules.

Prohibition on legalising black money: government maintains enforcement, reporting and international information exchange to combat tax evasion.
The Government affirms there is no proposal to legalise black money and stresses active enforcement-assessment, tax demands, penalties, prosecutions, and searches-alongside a multi pronged strategy of asset reporting, institutional mechanisms, a Special Investigation Team, treaty renegotiation, Tax Information Exchange Agreements, automatic exchange of information, and multilateral mutual assistance to combat cross border tax evasion.

Exchange rate notification fixes official conversion rates for foreign currencies for import and export customs valuation, effective from specified date.
Determination under section 14 of the Customs Act fixes official exchange rates for conversion between specified foreign currencies and Indian rupees for import and export goods, superseding the earlier notification and taking effect from 18th July, 2014; distinct rates for imported and exported goods are listed in Schedule I and Schedule II.

Accountability of Assessing Officers drives conference agenda, focusing on compliance, data analytics, transfer pricing and settlement guidance.
The conference focuses on strengthening tax administration through accountability of Assessing Officers, Non-filers Monitoring System, Data Warehousing & Business Intelligence, and the role of the Directorate of I&CI. It addresses revenue strategies, Revenue Audit, Transfer Pricing in multinational restructuring, international taxation including composite contracts, arrear management, search, seizure and surveys, and releases a Handbook on handling cases before the Settlement Commission.

Tariff value revision for specified edible oils, metals and agricultural commodities updates customs valuation benchmarks.
Amendment to import tariff valuation: under sub section (2) of section 14 of the Customs Act, 1962, CBEC substitutes TABLE 1, TABLE 2 and TABLE 3 of Notification No. 36/2001 Customs (N.T.), prescribing revised tariff values for specified commodities. TABLE 1 sets per metric tonne values for edible oils, palmolein variants, crude soybean oil, brass scrap and poppy seeds; TABLE 2 fixes valuation units for gold and silver; TABLE 3 sets the per metric tonne value for areca nuts, thereby updating the tariff valuation benchmarks used for import assessment.

Chit fund regulation: prize-chit offences and company-law breaches trigger parallel state and corporate investigations.
Chit fund operations are regulated by state registration under the Chit Funds Act, 1982, while cheating through fraudulent chit schemes is an offence under the Prize Chits and Money Circulation Schemes (Banning) Act, 1978, subject to State investigation and prosecution. Corporate-law violations by chit fund companies are pursued under the Companies Act via investigations conducted by the Serious Fraud Investigation Office, which operate in addition to actions initiated by State police authorities.

Tax Reform: post budget direct and indirect tax changes, including GST and transfer pricing, explained for practitioners.
The conference analyses post budget direct and indirect tax measures, notably changes in corporate and individual tax rates, transfer pricing revisions, taxation of real estate and infrastructure trusts, mutual fund taxation, inbound investment consequences, the proposed introduction of GST, service tax and CENVAT credit reforms, dispute resolution and appellate procedure changes, customs and excise adjustments, and expanded search and seizure powers; sessions led by government and industry experts address compliance and practical implications, with registration and fee details provided for attending professionals.

Government securities auction using uniform price method; non-competitive bids reserved with electronic bidding windows and settlement date.
Auction of Government stocks will be conducted by the Reserve Bank of India using the uniform price method; up to 5% of each notified amount is reserved under the Non-Competitive Bidding Facility. Competitive and non-competitive bids must be submitted electronically on the RBI Core Banking Solution (E-Kuber) within specified windows; auction results and the payment/settlement date will be announced. The stocks are eligible for When Issued trading under RBI guidelines.

Phishing mails: do not respond or download attachments; report suspicious tax-related emails via the department's report phishing button.
The advisory warns that the Income Tax Department does not send communications from private email providers; taxpayers must not respond to phishing mails or download attachments which may contain malicious software, and should use the Report Phishing function on the Department's official website to report suspicious messages.

Service tax reform: procedural simplification and expanded tax base alongside comprehensive direct tax compliance measures.
The Bill implements a package of service tax reforms-procedural simplification for SEZs, partial reverse charge, point of taxation and place of provision rules, Cenvat credit clarifications, immediate-effect Service Tax Rule changes, targeted exemptions and base-broadening measures including taxation of service components in transport and works contracts-and a suite of direct tax amendments strengthening assessment, attachment and survey powers while revising exemptions, deductions, alternate minimum tax credit, transfer pricing definitions, TDS obligations and special tax regimes for funds and investment trusts.

Cenvat Credit changes remove invoice payment requirement for reverse charge credit and ease re credit and sectoral eligibility rules.
Cenvat Credit amendments remove the invoice payment condition for credit under full reverse charge, allow re credit of reversed credit where export proceeds are received within one year on documentary proof, and prescribe a six month time limit for taking credit from the date of the invoice or other specified document; sectoral provisions permit subcontractor paid credit for rent a cab and tour operators under conditions and allow goods transport agency abatement without a non availment certificate.

Pre deposit requirement for excise appeals introduced, alongside new information return obligations and expanded administrative definitions.
Amendments expand administrative definitions to include Principal Chief Commissioners and Principal Commissioners, introduce a government designated information return filing mechanism with penalties, revise Settlement Commission and appellate procedures (including clarification of concealment, increased appeal admission thresholds, constitution of a Review Committee by order, and Board condonation powers), and substitute a section prescribing a mandatory fixed pre deposit for appeals. They also align the Third Schedule with RSP based assessment, revise excise duties on tobacco products, enact a retrospective packing machine rule for mixed RSP pouches, and grant targeted retrospective exemptions to rectify unintended levies.

Reporting obligation: penalty for inaccurate financial-account reporting where due diligence fails or inaccuracies are not corrected.
Prescribed reporting financial institutions must furnish a statement of information for specified financial transactions and reportable accounts in the prescribed time, form and manner; they must notify the income-tax authority of any inaccuracy and furnish corrected information within ten days. The Central Government may prescribe registration, information maintenance norms and due diligence for identifying reportable accounts. Penalty rules are extended to failure to furnish statements and a new provision permits a penalty where inaccuracies result from failure of due diligence, deliberate action, or failure to disclose or correct known inaccuracies.

Inquiry powers of prescribed income-tax authority expanded to issue verification notices requiring specified documents for tax enquiries.
Insertion of section 133C empowers the prescribed income-tax authority to issue notices to any person to furnish information or documents, verified as prescribed, which are useful or relevant to any enquiry or proceeding under the Act; notices must specify a compliance date and the manner of verification.

Return filing requirement for exempt funds: entities must file returns when income excluding exemptions exceeds the non-taxable limit.
Mutual Funds, securitisation trusts and Venture Capital Companies or Funds enjoying specified income exemptions must file a return of income if their total income, computed without giving effect to those exemptions, exceeds the maximum non-taxable limit; such returns must be in prescribed form, verified, and the Act's provisions will apply as if filed under the general return-filing provision. The separate statement-filing obligation for Mutual Funds and securitisation trusts is to be removed.

Power of survey expanded to allow entry, inspection, marking and copying for TDS/TCS verification; custody limits need higher approval.
Amendments expand the power of survey to permit authorized entry after sunrise and before sunset for inspection and verification of withholding and collection obligations, allow inspection, marking, extraction of copies and recording statements, and extend the permissible retention period of inspected books or documents subject to prior approval by senior designated officers, while prohibiting impounding, retention or inventorying of cash, stock or valuables during such verification.

Income-tax authorities expansion: defined senior tax offices added and integrated with retrospective effect.
Amendments expand the statutory list of income-tax authorities and add definitions for Principal Chief Commissioner of Income-tax, Principal Commissioner of Income-tax, Principal Director General of Income-tax and Principal Director of Income-tax as persons appointed under the appointment power; consequential amendments to related definitional provisions and other sections align statutory references with the new offices and the amendments are given retrospective effect to integrate those offices into the existing framework.