Tax evasion via undisclosed cash sales and offshore structures exposed, investigations ongoing into asset transfers and shell companies
Search and seizure operations uncovered systematic tax evasion by corporate groups through unrecorded cash retail sales documented by 'kucha' bills, bogus purchases, book and stock manipulation to shift profits, non declaration of income on conversion of stock to capital and payments to retiring partners, and diversion of unaccounted income into domestic and offshore real estate. Recovered evidence shows promoters controlling undisclosed offshore entities and use of purported and illicit share capital from offshore and shell entities. A separate group was found to have unrecorded cash transactions and no inventory registers; substantial cash and jewellery were seized and bank lockers restrained.

Income tax raid targets real estate and manufacturing groups, seizing tax-related records and prompting compliance reviews.
The Income Tax department conducted coordinated search-and-seizure operations at premises linked to a Noida-based real estate group and at least two other business groups in Uttar Pradesh, recovering tax-related documents during surprise raids carried out with police escort; the realty group stated it was cooperating with authorities and earlier agency interactions had also involved cooperation.

Dividend compliance: SPMCIL paid final dividend to the Government under DIPAM guidelines reflecting prescribed share of net worth and profit.
SPMCIL paid a Final Dividend to the Government of India for FY 2020-21 in compliance with DIPAM guidelines, calculated as 5% of the company's net worth as at 31 March 2021 and stated relative to profit after tax for the year; the cheque was presented by company officials to the Union Minister, and the release records the company's key production, revenue and profit before tax metrics for 2020-21.

E filing portal uptake: nearly 5.9 crore tax returns filed by the extended due date, with online and offline filing split noted.
The new e filing portal recorded about 5.89 crore ITRs for AY 2021-22 by the extended due date, with a form wise distribution showing nearly half as ITR 1 and notable shares in ITR 4 and ITR 3; over 45.7% of returns were filed using the portal's online ITR form and the remainder uploaded from offline utilities.

Related party royalty remittances and disclosure failures trigger tax searches, exposing transfer pricing and TDS compliance risks.
Pan India search operations targeting foreign controlled mobile handset manufacturers uncovered alleged non compliance with related party disclosure and transfer pricing norms, unsupported royalty remittances to group entities abroad, suspect foreign borrowings with interest claimed as deductions, inflation of expenses and payments for associated enterprises, failures in tax deduction at source obligations, and evidence of nominal directorships with substantive foreign management control; investigators also identified use of shell vendors to siphon funds. Investigations remain in progress.

Export targets and monitoring frameworks established to scale merchandise exports through trade agreements and incentive schemes.
A national export strategy set a monitorable export target supported by an Export Monitoring Desk and digital trade facilitation tools, extended trade policy measures for procedural stability, and implemented the RoDTEP Scheme to reimburse non-refunded central, state and local duties via an end-to-end digital platform. Concurrently, bilateral trade agreements expanded market access and services commitments, while logistics, infrastructure and procurement reforms-including a National Logistics Policy, PM Gati Shakti GIS master plan, TIES extension and scaling of the Government e Marketplace-aim to enhance export competitiveness.

Tax evasion uncovered in industrial groups leads to seizures and investigations into parallel books and bogus invoices.
Searches across two industrial groups in Chhattisgarh uncovered incriminating documents, digital evidence and parallel books showing systematic unaccounted transactions exceeding Rs. 200 crore, suppression of production, unrecorded cash sales and seized parallel records evidencing about Rs. 50 crore. The operations revealed use of bogus purchase invoices and, in a separate group, issuance of share capital with unsubstantiated share premium and bogus purchase expenses with an admission of undisclosed income of Rs. 20 crore; unexplained cash and jewellery over Rs. 3 crore were seized and investigations continue.

Income tax return filing on the new e filing portal shows strong uptake; taxpayers urged to e verify promptly to avoid late fee.
High-volume filing activity has occurred on the Income Tax Department's new e filing portal, with many returns submitted via the portal's online form and others uploaded from offline utilities. A large share of returns have completed e verification, predominantly through Aadhaar OTP, and the Department has processed many e verified returns and issued refunds. The Department is reminding taxpayers through emails, SMS and media campaigns to file and e verify returns promptly to avoid late fees and to enable processing.

Public debt management: increased government securities issuance and yield hardening amid RBI open market operations and accommodative policy.
Public debt management in July-September 2021 recorded increased dated securities issuance with higher weighted average yield and slightly lower weighted average maturity; repayments occurred and no Cash Management Bills were raised. Total liabilities rose quarter on quarter with public debt as the dominant component and a significant share of dated securities having residual maturity under five years. Market yields hardened amid increased supply, trading concentrated in the 3-7 year segment, and Reserve Bank open market purchases and liquidity absorption under LAF accompanied an accommodative policy stance.

Search and seizure operations reveal systematic suppression of taxable income via fictitious subcontracts and unaccounted cash in land deals.
Search and seizure operations on construction and land-development businesses produced incriminating documents and digital evidence indicating suppression of taxable income by inflating expenses through non-genuine sub-contracts to relatives and unverifiable creditors, unrecorded cash expenses, and extensive unaccounted cash land transactions including receipts of 'on-money' and large cash loans; seizures of unaccounted cash and jewellery were made and further investigations continue.

Search and seizure uncover undisclosed income and unrecorded sales, triggering investigation into tax non compliance across business groups.
Search and seizure operations recovered evidence that one group engaged in manufacturing concealed unrecorded sales, claimed bogus expenses, and showed undisclosed income, while a separate money lending group made predominantly cash loans and failed to report principal and interest income; seizures of unaccounted cash and jewellery have been made and investigations continue.

Concessional loan-backed energy reform enables smart metering and feeder segregation to strengthen distribution networks and sustainability.
Concessional loan and grant financing from a German development bank formalises support for an energy reform programme in Madhya Pradesh to fund two principal components: deployment of smart meters and Advanced Metering Infrastructure (AMI), and separation of agricultural and non-agricultural feeders, thereby enabling upgrades to distribution networks and improvements in system stability, technical and economic efficiency, and social and environmental sustainability.

Loan financing secured for Agra Metro provides funding for construction of metro corridors and urban transit improvement.
A Finance Contract was executed between the Government of India and the European Investment Bank providing the first tranche of loan funding under an approved loan package to support construction of the Agra Metro Rail Project. The financing will fund construction of a 29.4 km metro corridor comprising Corridor 1 (Sikandara to Taj East Gate) and Corridor 2 (Agra Cantt to Kalindi Vihar). The Ministry of Housing and Urban Affairs is the line ministry and Uttar Pradesh Metro Rail Corporation Ltd. is the implementing agency.

Investment facilitation through coordinated sectoral plans and policy reforms to boost domestic manufacturing and attract foreign investment.
The initiative centralises a national investment-promotion strategy to attract domestic and foreign investment through policy reforms, institutional coordination, and targeted sectoral plans. It prioritises specific manufacturing and service sectors, pairs departmental responsibilities for sectoral action plans, and deploys measures such as tax and regulatory relief, FDI policy reforms, reduced compliance, procurement policies, incentive schemes, and facilitative platforms including land and park information systems and a national single window.

Tax evasion schemes uncovered: searches reveal bogus expenditures, shell companies, accommodation entries and trust fund misuse.
Searches of construction, real estate, education entities and an entry operator uncovered systematic tax evasion through bogus expenditures, sham suppliers, shell-company conduits, accommodation entries and hawala-style transfers; investigators also found apparent misuse of a trust's funds for non-trust purposes suggesting potential violations of trust-registration and exemption rules and possible FEMA non-compliance.

Search and seizure uncovers parallel books and alleged underreported chit-fund income, prompting expanded tax investigation and asset probe.
A tax authority carried out search and seizure across multiple premises of a group engaged in chit funds, finance, real estate and educational trusts, seizing cash and documentary and digital evidence. Investigators discovered a remotely hosted parallel books of account; preliminary analysis indicates under-reporting of chit-fund income and cash deposits from various parties, and that unaccounted funds were used as on-money payments for investments in immovable property, with investigations ongoing.

Tax evasion exposed through searches reveals unaccounted sales, bogus purchases and accommodation entries in corporate groups.
Search and seizure operations uncovered systematic Tax Evasion by two corporate groups through parallel unaccounted sales records, parallel accounting files, cash payment ledgers, and unsubstantiated purchase claims; investigations and admissions also revealed use of paper companies and accommodation entries to route unaccounted funds back into group books as share capital or unsecured loans, with physical seizure of cash and jewellery and continuing inquiry into detected undisclosed income.

Skill development through a state university loan to establish industry-aligned training and strengthen workforce employability and partnerships.
The project finances design and construction of an environmentally sustainable, climate resilient Assam Skill University campus and facilities, and supports development of ASU's management and operating systems, business models, faculty professional development, and partnerships with institutional and industry stakeholders to deliver flexible, industry aligned curricula and collaborative programs with TVET and higher education institutions in key sectors.

Affordable housing financing expands resilient urban housing and catalyzes private investment in low-income housing projects.
The Government of India and ADB financed the Inclusive, Resilient and Sustainable Housing for Urban Poor Sector Project in Tamil Nadu to provide affordable, resilient housing, fund construction across multiple locations, relocate households from hazard-prone sites, and support regional planning and gender-sensitive measures. Part of the assistance will be invested as state equity into the Tamil Nadu Shelter Fund to catalyze private sector financing for industrial housing and working women's hostels, while technical assistance will strengthen agency capacity and document replicable delivery approaches including a graduation program for relocated beneficiaries.

Advance Tax collections show significant year-on-year growth, indicating stronger direct tax receipts and higher compliance.
Advance Tax collections for FY 2021-22 (cumulative through the third instalment as on 16.12.2021) have increased substantially versus prior years, with the Advance Tax figure comprising Corporation Tax and Personal Income Tax components and subject to upward revision pending further bank information. Gross and net direct tax receipts for the period are materially higher than corresponding periods in FY 2020-21, FY 2019-20 and FY 2018-19, while refunds of Rs. 1,35,093.6 crore have been issued in the current fiscal, affecting net realisation.