Income tax e Filing portal: over 6.2 crore ITRs and 21 lakh TARs filed; filers urged to submit pending returns now.
More than 6.2 crore ITRs and about 21 lakh major TARs were filed on the new e Filing portal as of 10 February 2022, with detailed breakdowns by ITR type and substantial tax audit filings (3CA 3CD, 3CB 3CD and other audit forms). The Department issues reminders to taxpayers and chartered accountants to avoid last minute filings and provided two dedicated helpdesk email addresses for e filing grievances. The ITR 1 specimen sets out eligibility, income heads, deductions, tax computation, schedules for advance tax and TDS/TCS, bank details for refund and verification fields.

Investment facilitation: coordinated policy, incentive and single window measures to streamline foreign company entry and expansion.
Central initiatives to attract foreign investment comprise the Make in India programme, Production Linked Incentive schemes for manufacturing, FDI policy reforms, Project Development Cells, an Empowered Group of Secretaries to fast track investment, a GIS-enabled Industrial Land Bank for site selection, and a National Single Window System to streamline approvals, supported by state reforms under the Business Reforms Action Plan and complementary fiscal and regulatory measures to reduce compliance burdens and promote outreach.

Core sector growth signals industrial recovery as infrastructure and manufacturing policy measures aim to boost output.
Growth in the Core Sector rose by 3.4% in November 2021 year on year, with April-December 2021 expansion at 12.6%. The Core Sector accounts for 40.27% of the IIP weight, affecting industrial output. Government measures to bolster industry include PM Gati Shakti, National Infrastructure and Monetization Pipelines, India Industrial Land Bank, Industrial Park Rating System, National Single Window System, PLI schemes, GST, corporate tax reduction, labour code reforms, ease of doing business efforts, FDI reforms, procurement support, and the Phased Manufacturing Programme. Budget 2022-23 increases capital expenditure allocation, while the Economic Survey projects strong GDP and manufacturing growth for 2021-22.

Income tax return filing encouraged with dedicated e filing helpdesks and reminders to avoid last minute submissions.
Around 6.17 crore Income Tax Returns and about 19 lakh major Tax Audit Reports have been submitted on the new e Filing portal, covering multiple ITR types and tax audit forms including Forms 3CA 3CD, 3CB 3CD and other audit filings. The Department is issuing reminders to taxpayers and tax professionals to avoid last minute filing and has provided two helpdesk email addresses ([email protected] and [email protected]) for e filing grievance resolution.

Post Devolution Revenue Deficit Grants released to eligible states to meet assessed revenue expenditure gaps after devolution.
Post Devolution Revenue Deficit Grants have been provided as equal monthly instalments to 17 States under Article 275 to cover assessed revenue-expenditure gaps after devolution. The Department of Expenditure released the eleventh instalment in the current financial year in accordance with the Fifteenth Finance Commission's recommendations on eligibility and quantum, and most of the Commission's recommended grant for the year has been released to eligible States.

Startup recognition expands rural micro-entrepreneur access to seed funding, procurement relief and eased compliance.
Recognition of micro enterprises as recognized startups under the Startup India Initiative enables rural micro-entrepreneurs to access financial support through a Seed Fund Scheme and a Fund of Funds that channel capital to startups via incubators and registered funds. DPIIT-recognized startups receive procurement relaxations, a dedicated Government e-Marketplace corner, limited-period self-certification under specified labour and environmental laws, temporary income-tax exemption, procedural facilitation for exit, and expedited intellectual property support.

Fiscal deficit reduction signals stronger revenue-led recovery and renewed emphasis on asset monetisation and privatisation.
Fiscal deficit for April-November 2021 was substantially lower than in the prior two years, reflecting a realistic budget that internalised off budget items and relying on strengthened revenue mobilisation to reduce both fiscal and primary deficits for the period.

AatmaNirbhar Bharat reforms boost industrial growth through PLI incentives, infrastructure pipelines and asset monetisation.
Initiatives under AatmaNirbhar Bharat combine structural and procedural reforms to reinforce industrial performance through instruments such as the Production Linked Incentive, the National Infrastructure Pipeline and the National Monetization Plan, supplemented by sector-specific measures including a revised MSME definition with Udyam registration, telecom and aviation liberalisation, a new inland vessels statute, targeted electronics and renewable energy support, enhanced credit flows and a strategic disinvestment framework to mobilise private investment and improve capacity utilisation.

Sustainable Development Goals progress prompts strengthened environmental regulations, plastic phase-out measures and expanded air quality programmes.
India's SDG performance improved with more states and districts classified as front runners, underpinned by environmental policy actions: increased forest cover, rules to phase out single use plastic and draft extended producer responsibility for packaging, groundwater and reservoir management, improved compliance by grossly polluting industries in the Ganga basin, implementation of the National Clean Air Programme across designated cities, and reaffirmed climate commitments with emphasis on mindful resource use and sustainable finance initiatives.

Power sector reform-linked borrowing space enables states to access additional fiscal room contingent on meeting sectoral performance benchmarks.
The central government authorises additional borrowing space for States conditional on implementation of specified power sector reforms and satisfaction of performance benchmarks. Mandatory reforms include state assumption of DISCOM losses, transparent financial reporting, timely accounts and audits, and legal and regulatory compliance. Eligibility is assessed on metering coverage, direct benefit transfer of subsidies, government entities' bill payments, prepaid meters in offices, and adoption of innovations; bonus marks apply for privatization. The Ministry of Power evaluates performance and recommends States for borrowing permission.

Bank note printing lines commissioned to expand currency production capacity, inaugurated by senior finance ministry and SPMCIL officials.
SPMCIL has commissioned new bank note printing lines at Currency Note Press, Nashik and Bank Note Press, Dewas as part of modernization and capacity-expansion initiatives; the installations add to national currency production infrastructure. The lines were inaugurated on 27 January 2022 in ceremonies involving senior finance ministry and SPMCIL officials, reported in a press release.

Customs digital transformation drives data-driven customs operations and stakeholder outreach to strengthen supply chain security and service delivery.
Emphasis on Customs digital transformation and data culture as central administrative priorities, promoted through outreach, stakeholder feedback, webinars and service-point inaugurations to strengthen supply chain security and operational resilience; leadership directed officers to enhance service delivery, predictability and transparency and to actively use and improve automated systems to institutionalise a data ecosystem.

Income tax refunds issued to taxpayers, including personal and corporate refunds, under the department's disbursal program.
The Income Tax Department announced administrative disbursal of income tax refunds to eligible taxpayers during the fiscal period, comprising both personal and corporate tax refunds. The departmental statement quantifies refund cases and distinguishes refunds by taxpayer category, describing broad issuance to individual taxpayers alongside corporate refund transactions and reflecting execution of statutory refund mechanisms and refund-processing operations.

Trade remedies enforcement accelerates investigations and procedural reforms, recommending duties to protect domestic industry and reduce compliance burdens.
The Directorate General of Trade Remedies (DGTR), a quasi judicial body under the Department of Commerce, investigates complaints of dumped, subsidised or circumventing imports and injurious import surges, gathers evidence from stakeholders and after detailed examination recommends imposition of Anti Dumping, Countervailing Duties or Safeguard measures; the Ministry of Finance makes the final decision. Investigations target completion within 12 months (extendable to 18), though DGTR averages 5-7 months, and has introduced digitalisation, simplified formats, self certification, sampling for fragmented industries and strengthened anti circumvention and anti absorption rules to reduce compliance burden.

Search and seizure uncover systematic suppression of sales and unaccounted cash leading to asset restraints and ongoing tax probes.
Income-tax authorities conducted search and seizure across multiple premises of a diversified business group and uncovered parallel books, digital evidence and documents showing suppression of sales and unrecorded cash transactions. Evidence indicates systematic generation of unaccounted cash and its investment in immovable property by key persons. The action led to seizure of unaccounted cash and jewellery and restraint on multiple bank lockers; further investigation to verify records and determine tax consequences is ongoing.

Due date extensions for income tax returns and audit reports granted, with limited exceptions for high tax liabilities and deemed advance tax treatment.
Further due date extensions were announced for furnishing Income tax filings for AY 2021 22, moving deadlines for audit reports, transfer pricing accountant reports and returns of income to specified dates in February and March 2022; the extension excludes the special relief from delayed filing interest where net tax liability exceeds the prescribed threshold, and tax paid by certain resident individuals within the original due date is to be treated as deemed advance tax.

Search and seizure uncovers concealed cash transactions by real estate developers, including software manipulation to hide unaccounted payments; probe continues.
Search and seizure operations on three real estate developer groups led to the seizure of handwritten books, agreements and digital data from a specialized software application. Investigators found that a software system had been systematically modified to omit unaccounted cash elements and to record sale consideration matching registered prices, while developers accepted cash over registered values for payments and expenditures. Digital and documentary evidence underpin ongoing inquiries into extensive undisclosed cash transactions.

Suppression of cash sales leads to seizure and detection of substantial unaccounted income; investigations continue.
Coordinated searches on two quarry operator groups uncovered a parallel set of books evidencing systematic suppression of cash sales not recorded in regular accounts, with unaccounted cash invested in immovable properties, cash loans, and unrecorded business investments; on money property payments, undisclosed bank deposits, and non accounted capital gains were also identified, leading to seizure of unaccounted cash and ongoing investigations into detected unaccounted income.

Startup policy urges scaling innovation and regulatory facilitation to boost entrepreneurship and equitable digital commerce through incentives and platform initiatives.
The national startup policy calls for institutionalizing an annual Startup India Innovation Week to mobilize capital, expand market access, showcase high-technology and frugal innovations, and build ecosystem capacity; it advances the Open Network Digital Commerce as a platform to reduce costs and promote equitable market participation, and pairs these platform and outreach measures with facilitative regulatory and fiscal tools-IPR fee rebates, procurement relaxations, self-certification, seed funding and tax incentives-to lower entry and compliance burdens and strengthen startup resilience.

Post Devolution Revenue Deficit Grant released to eligible States to cover post devolution revenue gaps per Fifteenth Finance Commission.
The Department of Expenditure released the tenth monthly instalment of the Post Devolution Revenue Deficit Grant to 17 States under Article 275, following Fifteenth Finance Commission recommendations that set eligibility and quantum based on assessed gaps in State revenue accounts after devolution; the press release provides the month's disbursements, cumulative releases for the financial year, and a state-wise schedule.