Loading...

Top
Help
×

By creating an account you can:

Logo TaxTMI
Call Us / Help / Feedback

Contact Us At :

E-mail: [email protected]

Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters 0/2000
Make Most of Text Search
  1. Checkout this video tutorial: How to search effectively on TaxTMI.
  2. Put words in double quotes for exact word search, eg: "income tax"
  3. Avoid noise words such as : 'and, of, the, a'
  4. Sort by Relevance to get the most relevant document.
  5. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
  6. Text Search
  7. The system will try to fetch results that contains ALL your words.
  8. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
  9. Text Search
Add to...
You have not created any category. Kindly create one to bookmark this item!
Create New Category
Hide
Title :
Description :
❮❮ Hide
Default View
Expand ❯❯
Close ✕
🔎 News - Adv. Search
TEXT SEARCH:

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In:
Main Text + AI Text
  • Main Text
  • Main Text + AI Text
  • AI Text
Category: ?
Categorized by AI
---- All Categories ----
  • ---- All Categories ----
  • Income Tax
  • GST
  • Customs, DGFT & SEZ
  • FEMA & RBI
  • Corp. Laws, SEBI & IBC
  • PMLA, Black Money & ED
  • Budget
  • News and Press Release
  • PTI News
Month:
---- All Months ----
  • ---- All Months ----
  • January
  • February
  • March
  • April
  • May
  • June
  • July
  • August
  • September
  • October
  • November
  • December
Year:
---- All Years ----
  • ---- All Years ----
  • 2026
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
Sort By: ?
In Sort By 'Default', exact matches for text search are shown at the top, followed by the remaining results in their regular order.
Relevance Default Date
    Will talk to Japan on increasing basmati rice exports from India: Goyal
    Will consider Air India's biz strategy, other factors before deciding on additional fund requests: Singapore Airlines
    Commerce and Industry Minister Shri Piyush Goyal Concludes Japan Visit; Calls for Greater Japanese Investment and Stronger Industrial Partnerships wit...
    PM Jan Dhan Yojana Completes 12 Years of Transforming India’s Financial Inclusion Landscape
    Rassense Becomes First Indian CFS Company to Cross 5,000+ Employees; On Track to Cross INR 600 Crore in Revenue
    SVC Bank's Nationwide Cyber Safety Drive Reaches Over 19,061 Citizens Across 213 Housing Societies
    'Not haircut but mundan': Cong on NCLT clearing Subhash Chandra's Rs 6.5 crore payout
    Keralam: Escaped Assam prisoner reaches police station for Aadhaar card, flees again
    Women's Savings Account: Features that make opening one worth it
    Best Pension Plans and Annuity Plans in India 2026: A Full Comparison
    Rupee rises 4 paise to 95.40 against US dollar in early trade
    Minister of State for Commerce and Industry and Electronics & Information Technology Shri Jitin Prasada Concludes Official Visit to Morocco; Co-Chairs...
    Hyderabad police caution citizens against ''Hybrid Cyber Fraud''
    Hoping to work towards further expanding scope of India-Japan trade pact: Goyal
    Bajaj Finance Personal Loan Offers Limited-Time Rewards During Loan Utsav 2026
    Commerce and Industry Minister Shri Piyush Goyal Highlights India’s Growing Startup Ecosystem at India–Japan Startup Roundtable in Tokyo
    Sugar prices rise again by Re 1 per kg to Rs 65 in retail market
    SIDBI organizes a conclave of the Heads of Regional Rural Banks (RRBs) on expanding SIDBI-RRB MSME Co-Lending arrangement
    SC sets aside show cause notice to Tata Steel over input tax credit availed during FY19-23
❯❯
Maximize Maximize Maximize
0 / 200
Expand Note
Add to Folder

No Folders have been created

+

Are you sure you want to delete "My most important" ?

NOTE:

News
Showing Results for :
Reset Filters
Results Found:
Show All Summaries Hide All Summaries
August 27, 2026
Show AI Summary
Basmati rice market access may be pursued through trade agreement review, subject to import limits and safety standards.
Market access for Indian basmati rice may be pursued through review of the Comprehensive Economic Partnership Agreement, as rice remains a sensitive sector subject to import quantity limits and duties beyond permitted quantities. Processed food exports offer further opportunities where exporters comply with Japanese quality and safety standards. Bilateral cooperation also covers investment, supply chains, technology partnerships and capital flows supporting infrastructure, manufacturing and semiconductor ecosystems.
August 27, 2026
Show AI Summary
Capital allocation discipline governs consideration of further Air India funding alongside business strategy, cash flow and investment requirements.
Further capital investment in Air India will be evaluated by Singapore Airlines' board through a disciplined capital-allocation process. Assessment will consider the group's capital requirements, Air India's business strategy, operating cash flow, investment needs for aircraft and products, and multi-hub investments intended to support long-term growth and returns. As a significant minority shareholder, Singapore Airlines supports Air India's transformation programme with Tata Sons, but no commitment to provide additional capital is indicated.
August 27, 2026
Show AI Summary
Semiconductor investment cooperation anchors expanded India-Japan industrial partnerships across technology, manufacturing, clean energy, infrastructure, and financial services.
Semiconductor and artificial-intelligence cooperation centres on a six-pillar semiconductor strategy encompassing chip design, semiconductor machinery and materials, fabrication, ATMP/OSAT, research and development, and talent development. Japanese participation is sought across semiconductor materials and equipment, power semiconductors, electronics, AI, logistics and related advanced technologies. Development of semiconductor clusters is linked to reliable power, ultra-pure water, skilled manpower and social infrastructure.
August 27, 2026
Show AI Summary
Financial inclusion through basic bank accounts enables direct welfare transfers, digital payments, insurance access and credit for excluded households.
PMJDY provides unbanked adults with basic bank accounts without minimum-balance or maintenance-charge requirements, free RuPay debit cards with accident insurance cover, and eligible overdraft support. Through the JAM framework, PMJDY accounts enable direct transfer of welfare benefits using bank accounts, Aadhaar-based biometric verification and mobile connectivity, reducing intermediary involvement and delays. The scheme emphasises rural, semi-urban, marginalised and women account holders while supporting access to insurance, pensions, savings, digital payments and credit, including MUDRA loans.
August 27, 2026
Show AI Summary
Contract food services expansion strengthens Rassense's nationwide institutional operations through new academic partnerships and technology-led service delivery.
Rassense Pvt Ltd reports crossing a workforce of more than 5,000 employees and projects revenue exceeding INR 600 crore. Its contract food services operations serve educational institutions, corporate campuses, healthcare facilities and industrial locations. New operations at IIM Jammu, IIM Bangalore and IIT Guwahati strengthen its nationwide institutional presence. Expansion is supported by academic institution partnerships, local workforce development, operational excellence, and technology-led capabilities in food production, food waste reduction and supply-chain management.
August 27, 2026
Show AI Summary
Cyber fraud awareness promotes safe digital banking by teaching customers to verify communications, protect credentials, and report suspicious transactions.
Cyber-fraud awareness and digital banking safety were promoted through community sessions addressing phishing, impersonation, OTP and UPI fraud, QR-code scams, digital-arrest fraud, and fraudulent customer-care calls. Participants were guided to identify authentic banking communications, avoid sharing confidential credentials, verify callers and links before acting, and promptly report suspected unauthorised transactions. Customer vigilance, financial literacy, and institutional security measures were emphasised as complementary safeguards against digital financial fraud.
August 27, 2026
Show AI Summary
Personal insolvency repayment plans may be approved despite minimal creditor recovery when requisite voting support and comparative valuation support them.
Personal insolvency repayment plan approval was granted under the Insolvency and Bankruptcy Code, 2016, despite objections that creditor recoveries were negligible and the proposed payment uncertain. The plan received 80.81 per cent voting support, while dissenting creditors held less than 20 per cent voting share. Valuation showed that the debtor's personal estate was materially below the offered amount, and rejection could result in bankruptcy and lower recovery. Assessment of settlement adequacy was treated as a matter of creditor commercial wisdom.
August 27, 2026
Show AI Summary
Prison escape security lapses prompt coordinated tracing measures, transport monitoring, inter-state alerts, and a detailed custodial-security inquiry.
Prison escape and custodial-security lapses arose after a detainee escaped from Aluva Sub Jail, allegedly by using an under-construction structure within the premises to cross the compound wall. Following his later appearance at a police station seeking return of his Aadhaar card, search measures included a lookout circular, information sharing with police stations, railway-security coordination, and alerting police in Assam. A detailed inquiry has been initiated into the prison-security deficiencies enabling the escape.
August 27, 2026
Show AI Summary
Women's savings account selection depends on practical benefits, charges, eligibility, and banking needs rather than the account label.
Women's Savings Accounts may provide standard banking facilities together with additional services or benefits for eligible women. Their suitability depends on practical use of digital banking, transfers, payments, alerts, debit-card facilities, accessibility, security features, charges, and minimum-balance conditions. Since regular Savings Accounts may offer comparable facilities, the additional benefits should be assessed against associated costs and conditions. Selection should be based on comparison of eligibility, facilities, balance requirements, benefits, customer support, and authentication safeguards rather than the account's women-focused label alone.
August 27, 2026
Show AI Summary
Retirement annuity selection prioritises payout structure, taxation, insurer strength and flexibility over brand comparison for informed retirement decisions.
Retirement planning may combine market-linked accumulation during working years, deferred annuities that lock future guaranteed income, and immediate annuities that convert retirement savings into regular payments. Annuity choice depends on whether the priority is higher income, continuation for a surviving spouse, or return of capital on death. Product comparison should consider market-linked growth versus income certainty, taxation of annuity income at applicable slab rates, insurer strength, and flexibility in deferment, payout frequency and policy loans.
August 27, 2026
Show AI Summary
Foreign exchange inflows through deposit and borrowing measures provided near-term rupee support amid lower crude prices.
Reserve Bank special measures relating to FCNR(B) deposits, Overseas Foreign Currency Borrowings and External Commercial Borrowings were identified as attracting foreign-exchange inflows and providing near-term support to the rupee. The Reserve Bank became a net dollar buyer in June after two months of sales to support the rupee. The FCNR(B) window remained open until August 31, while the market outlook anticipated broader rupee depreciation over subsequent weeks.
August 27, 2026
Show AI Summary
Preferential trade agreement exploration advances bilateral market access, pharmaceutical cooperation, investment partnerships, and diversified trade.
India-Morocco economic cooperation is expanded through the seventh Joint Commission framework, targeting deeper and more diversified trade, investment, industrial collaboration and market access across goods and services. An India-Morocco Joint Working Group is to examine bilateral trade opportunities and the feasibility of a preferential trade agreement, including tariff and non-tariff barriers, improved market access and trade facilitation. Cooperation also addresses pharmaceutical market authorisation and approval timelines, food safety, sustainable agriculture, renewable energy, artificial intelligence, healthcare, and phosphates and fertilisers.
August 26, 2026
Show AI Summary
Hybrid cyber fraud exploits stolen smartphones and intercepted verification codes to compromise digital banking and payment accounts.
Hybrid cyber fraud combines physical smartphone theft with digital financial exploitation. Offenders obtain screen-lock credentials, steal devices and use control of the active SIM card to intercept verification codes and reset UPI and digital banking credentials. Preventive measures include withholding PINs, passwords and OTPs; avoiding storage of financial and identity records on phones; and immediately blocking the SIM card and freezing digital banking and UPI services after a theft.
August 26, 2026
Show AI Summary
CEPA review aims to expand bilateral trade engagement, address export barriers, and support regulatory registrations for exporters.
India and Japan are considering a review of the Comprehensive Economic Partnership Agreement to make the bilateral trade framework more contemporary and expand its scope, scale and commercial opportunities. The review is linked to balanced trade and to identifying export barriers arising from procedural requirements, language issues and time involved in market access. Regulatory compliance assistance may support product registrations required for overseas markets, including costly chemical registrations and pharmaceutical registrations.
August 26, 2026
Show AI Summary
Personal loan reward eligibility depends on successful campaign-period disbursal, alongside review of borrowing costs and repayment capacity.
Loan Utsav 2026 provides a limited-period reward bundle to eligible customers whose personal loan is successfully disbursed during the campaign period, subject to applicable terms and conditions. Personal loans are collateral-free and available subject to eligibility, customer profile, documentation and applicable loan terms. Applicants may choose a loan amount and repayment tenure based on their requirements. Extended tenures can reduce monthly EMI obligations but may increase total interest payable. Customers should review interest rates, EMI, processing charges, other loan costs and repayment capacity before accepting a loan offer.
August 26, 2026
Show AI Summary
Deep-tech investment cooperation advances through capital corridors, innovation bridges, manufacturing integration and startup pitching platforms for cross-border growth.
India-Japan startup cooperation is proposed to advance through a deep-tech capital corridor, a two-way innovation bridge, manufacturing and technology integration, and joint startup pitching platforms. Collaboration is directed towards patient capital, early-stage research, deep-tech commercialisation, technology validation, precision manufacturing, investment and market access. The partnership also emphasises MSME integration with startups and global supply chains, co-investment mechanisms, plug-and-play infrastructure, and institutional links among universities, research institutions, incubators and industry.
August 26, 2026
Show AI Summary
Sugar price-control measures combine raw-sugar imports, stockholding limits and export restrictions to curb retail price pressures.
Sugar price-control measures combine authorised raw-sugar imports, stockholding limits for dealers and bulk consumers, and an existing export prohibition to address elevated domestic prices. Imports are permitted within the specified period, while stockholding restrictions seek to curb speculation and hoarding. Retail prices continued to rise despite lower ex-mill prices, and the regulatory approach focuses on augmenting supply, limiting stock accumulation, and preventing export-related pressure on domestic availability.
August 26, 2026
Show AI Summary
Alternative dispute resolution enabled settlement of long-pending disputes, alongside reporting on court administration and regulatory compliance concerns.
Legal developments include resolution of long-pending tenancy, commercial and property disputes through a special Lok Adalat mechanism, including a digitally signed international settlement. Other matters concern a challenge to a riot-related murder conviction, allegations of administrative irregularities and selective case listing, fast-track court pendency, cancellation of a recruitment process following suspected examination malpractice, fraudulent identity documents used to claim citizenship, medical-qualification standards, and opposition to uranium exploration and mining.
August 26, 2026
Show AI Summary
MSME co-lending supports digital paperless credit delivery through rural banks for underserved rural and semi-urban enterprises.
SIDBI-RRB MSME co-lending arrangement is proposed for expansion to increase credit access for micro, small and medium enterprises in rural and semi-urban areas. The arrangement combines SIDBI's understanding of MSME credit requirements with Regional Rural Banks' local reach. SIDBI's Co-Lending Origination Platform provides an end-to-end digital credit process intended to enable faster, paperless loan processing, in-principle sanction communication, documentation and direct account disbursement without branch visits.
August 26, 2026
Show AI Summary
Input tax credit mismatch alone cannot support fraud-based GST demand without an assessing officer's recorded satisfaction of fraud or suppression.
Section 74 GST demand proceedings require the assessing officer's independent satisfaction of fraud, wilful misstatement or suppression of facts. An input tax credit mismatch or alleged short payment alone cannot establish these conditions. Unsupported assertions of suppression for invoking extended limitation are insufficient, and audit objections cannot replace the assessing officer's satisfaction. A show cause-cum-demand notice lacking factual allegations of a deliberate device to evade tax or avail excess input tax credit is vulnerable.

News

Back

All News

Showing Results for :
Reset Filters
No Records Found

News

Showing Results for : Reset Filters
Customs, DGFT & SEZ

Speech of the Union Finance Minister Shri P.Chidambaram at India Day: “India - next wave of Inclusive growth”

May 3, 2013

Contents
Summary
Note

Note

-

Bookmark

Print

Print

Following is the Speech of the Union Finance Minister Shri P. Chidambaram at India Day: “India - Next Wave of Inclusive Growth today at ADB Meeting at IEML, Greater Noida today:

President, ADB, President, FICCI, delegates to the ADB Annual meeting and friends,

I am happy to be here today, when there is renewed optimism in India’s growth story. Seven years ago, when I addressed the opening session of the India Day at the ADB’s Annual Meeting at Hyderabad, I had exhorted you to participate in our efforts. Today, my confidence stems from the fact that while India may not be insulated from the difficulties plaguing the world, India‘s economic fundamentals are strong. With the economic and fiscal reforms already put in place including those on the anvil, I expect India’s growth to be robust and sustainable. I am confident that it will gather further momentum in the coming years. India has become an attractive destination for foreign investors. We have opened up the economy further to foreign direct investments.

The Indian growth story is fascinating. Let’s look at it in the global context:  

·     The global economy is yet to recover from the economic meltdown of 2008 which has impacted on both growth and employment opportunities across countries. Compounding the problems further is the European debt crisis.

·     Recent signs of economic recovery have been weak and is uncertain. Global economic growth has slowed down from 3.9 percent in 2011 to 3.2 percent in 2012. According to IMF projects, it is expected to recover only to 3.5% in 2013. The growth rate in the advanced economies, which are our major markets, declined from 1.6 per cent in 2011 to 1.3 per cent in 2012. The US fiscal difficulties continue, with sequestration and the prospect of yet another fight over debt still holding back growth. The crisis in the Euro-zone also continues to pose serious risks for the global economy, notwithstanding the OMT announced by the ECB. Actions in even a tiny economy like Cyprus, have ripple effects across the world.

While, the Indian economy grew at 6.7%, 8.6%, 9.3% and 6.2% in the four years from 2008-09 to 2011-12, respectively, GDP growth is expected to decline to 5.0 to 5.5 per cent in fiscal 2012-13. Clearly, the persistence of the global slowdown has finally impacted us significantly. I must, however, candidly admit that some of the reasons for our slowdown are home-grown. The boost to demand given by the monetary and fiscal stimulus following the global crisis of 2008 was significant. This helped in strong recovery with final consumption growing at an average of over 8 per cent annually between 2009-10 and 2011-12. An unfortunate consequence of this, however, was somewhat high and stubborn inflation. It is this that led to a strong contractionary monetary response that slowed consumption demand. Starting 2011-12, corporate investments have been adversely affected. As the growth slowed down and Government revenues failed to keep pace with welfare spending, the fiscal deficit emerged as a matter of concern. With Government savings falling and private savings also shrinking, the current account deficit (CAD) widened to 4.6 per cent in H1 of 2012-13 from 4.0 per cent in H1 of the previous year.

We are addressing this problem proactively. However, we must remember that even in face of worst possible confluence of adverse global and domestic factors, we remained, even in 2012-13, one of the fastest growing large economies in the world. Nevertheless, I am not satisfied with the 5%+ growth rate. India’s potential growth rate is 8%+ and we cannot afford to become complacent and sit back. We are a mature and vibrant democracy. We have taken effective steps to rein in economic slowdown and fiscal stress in the past few months. These measures have begun taking effect.

India’s Inherent Strengths: At the forefront of all this is the focus on inclusive growth. What is “inclusive” growth? It is growth that is broad-based, shared and one that focuses on the poor. A recent estimate was that for every one percent of GDP invested in infrastructure, India creates almost three and a half million direct and indirect jobs. With our focus on investments in the infrastructure sector, I want you to consider the reasons why I think India’s growth is likely to be high and sustained for decades:

·         First, India’s population is young. According to a recent IMF study, India’s demographic dividend could add about 2% to per capita GDP growth over the next two decades.

·         Second, India is focusing on building world class infrastructure. This policy thrust has spin-offs in terms of job creation and enhanced investments in the manufacturing. For instance, the Delhi Mumbai Industrial Corridor, entailing over $ 90 billion in investment, will link Delhi to Mumbai’s ports, covering an overall length of 1483 km passing through six States. This project will have nine mega industrial zones of about 200-250 sq. km. each, high speed freight lines, three ports, six airports, a six-lane intersection-free expressway connecting the country’s political and financial capitals, and a 4000 MW power plant, and provide a plug and play environment for manufacturing investment.

·         Third, India has a large portion of its population engaged in agriculture. We intend drawing this large workforce into the high value addition jobs created by investments in manufacturing. An ambitious skill development programme is underway to equip our populace with requisite skills and integrate into the emerging job market.

·         Fourth, India’s household final consumption is a healthy 57 percent of GDP. As incomes grow, a significant portion of it will be spent. In recent years, growing rural demand has added to healthy urban middle class consumption demand growth, buffering India somewhat, though not entirely, from paucity of aggregate demand that plagues the world.

These factors underlying India’s growth prospects are supported by many other drivers like the energy and vibrancy of our entrepreneurs, a strong services sector, emerging knowledge spheres and sunrise sectors, and a large and growing number of engineers and scientists.

  • Our fiscal deficit in 2012-13 is estimated at 5.2%. We may better this target. The Budget 2013-14 estimates a fiscal deficit of 4.8% at the end of the financial year. I am confident that this will steadily reduce to 3% or even less by 2016-17.
  • For fiscal consolidation, we have focused on controlling outgo on subsidies through better targeting. These include rationalisation of fertilizer subsidies, capping of the number of subsidized LPG cylinders, decontrol of petrol prices, gradual rationalisation of diesel prices and introduction of direct benefit transfer system to substantially eliminate leakages and to help better targeting of subsidies in various programs. Measures to pass through fuel prices will also help reduce demand for oil imports, and thus the CAD. However, let me stress that our fiscal consolidation has a human face and the Government will continue to provide support for the poor and the needy.
  • We have set up a Cabinet Committee on Investment to address and resolve bottlenecks impacting implementation of large projects. It has already cleared investments to the tune of USD 27 billion.
  • FDI regime in areas like multi / single brand retail, airlines etc. have been further liberalized and I am confident there will be forward movement in areas like insurance and pensions.
  • A 15% investment allowance for capital investment exceeding Rs. 100 Crore or about USD 20 million within a specified timeframe has been announced. This is in addition to the normal depreciation available for new plant and machinery.
  • Tax incentives for first-time home buyers have been provided. This is expected to give impetus to construction industry.
  • Public Sector Units have been advised to accelerate their capex investments.
  • Concerted steps have been taken to provide impetus to P&NG exploration and coal production (with likely medium term benefits for the CAD).
  • An independent regulatory authority will be announced shortly for the road sector and coal sector, and for tariff setting in the Railways.
  • Alleviation of coal shortages affecting power generation is being addressed by importing coal and assuring supply of definite quantities of domestic coal.
  • The Bengaluru-Chennai Industrial Corridor and Bengaluru-Mumbai Industrial corridor have been conceived to provide robust infrastructure support for industrial growth in these high potential areas.
  • MSME sector is being given special attention.
  • Two new major ports have been identified for development.
  • Fillip is being given to green, sustainable energy projects.
  • Steps have been taken to address CAD by moderating gold demand through higher import duties and efforts to monetize idle gold stocks lying with citizens and Gold ETF AMCs.
  • Steps are also being taken to address food price inflation through efforts targeting higher production of protein foods, and improved supply chain logistics to enable comprehensive procurement, processing and distribution of agri produce that would potentially reduce wastage and control food price inflation.

Simultaneously, steps are being taken to cover the most remote, least developed areas and populations in the widening infrastructure and financial scope. Integrated action is being taken in primary health, education, low-cost housing and food distribution. Pilot schemes are being launched through innovative public private partnership models.

For financial inclusion, the central bank, the RBI, has asked rural banks to set up 25% branches in un-banked regions. As on March 31, 2012, regional rural banks had a network of 16,914 branches in the country. Roll-out plans have been drawn up for opening upwards of 1700 more per year. Private banks have also started rural branches. A private bank opened 101 rural branches in December last, across six states as part of its financial inclusion plan to provide banking services in unbanked villages.

The government is, separately, aiming at skilling 500 million youth by 2022 through the ambitious Skill Development Program. About USD 2.5 billion is spent on training rural below-the-poverty-line youth.

I am sure that today’s discussions will lay out the contours of the half a trillion dollar opportunity available to the private sector to invest in our infrastructure during the next four years as well as demonstrate how this is going to be a transformational change that will benefit the lowest rungs of society.

DSM/RS/ka

(Release ID :95530)

Topics

Acts Income Tax