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
❯❯
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
September 1, 2026
Show AI Summary
Windfall gains tax on petroleum exports rises for petrol and diesel while aviation turbine fuel levy is reduced.
Special additional excise duty and road and infrastructure cess on petroleum-product exports are revised with effect from 1 September 2026. The export duty on diesel is increased, the levy on aviation turbine fuel is marginally reduced, and a duty is imposed on petrol exports. Existing duty rates for petrol and diesel cleared for domestic consumption remain unchanged. The windfall-tax framework seeks to support domestic fuel availability and deter exporters from benefiting from domestic and international price differences.
September 1, 2026
Show AI Summary
Automated Free Sale and Commerce Certificate issuance reduces manual scrutiny while preserving risk-based review for eligible exporters.
DGFT has enabled automated issuance of Free Sale and Commerce Certificates through its portal for eligible exporters of items not covered by the Drugs & Cosmetics Act, 1940. Applications satisfying prevailing framework and automated processing parameters may be issued without manual scrutiny. Applications requiring verification or not meeting those parameters may be routed for manual processing, while auto-approved applications may be flagged later for risk-based review. The mechanism seeks faster, more transparent and predictable processing while retaining necessary oversight.
September 1, 2026
Show AI Summary
Five-day banking and equitable performance incentives drive planned nationwide bank union strike amid unresolved pension demands.
United Forum of Bank Unions has proposed nationwide strike action over delayed five-day banking, the performance-linked incentive framework, and unresolved pension demands. Five-day banking was agreed under the 12th Bipartite Settlement/9th Joint Note with extended Monday-to-Friday working hours, but remains pending for implementation. Unions challenge the incentive scheme for departing from a uniform, bank-performance-linked approach and for disproportionately benefiting senior officers. The dispute is under conciliation and pending before the Delhi High Court, while pension updation, a uniform dearness allowance formula, and an old pension scheme option remain unresolved.
September 1, 2026
Show AI Summary
Equity market volatility intensified as higher crude prices, geopolitical tensions and tighter monetary expectations weakened domestic investor sentiment.
Indian equity markets closed marginally lower as higher crude oil prices, US-Iran tensions, and expectations of prolonged tight United States monetary policy weakened risk appetite. The phased Closing Auction Session contributed to a late recovery in the benchmark index. Rising crude prices and global bond yields triggered broad-based selling across several domestic sectors, while foreign institutional equity sales and weakness in overseas markets added to pressure despite stronger-than-expected domestic economic growth.
September 1, 2026
Show AI Summary
GST revenue collections show higher gross and net receipts alongside increased refunds and state-level settlement data.
GST revenue collections for August 2026 recorded total gross GST revenue of Rs. 1,99,853 crore, reflecting 14.8% growth over August 2025. Total refunds were Rs. 31,795 crore, including domestic refunds and export IGST refunds processed through ICEGATE. After adjustment of refunds, total net GST revenue was Rs. 1,68,057 crore, representing 8.3% growth. SGST collections and the SGST component of IGST settlement were separately identified for States and Union Territories, with post-settlement SGST aggregating Rs. 95,531 crore.
September 1, 2026
Show AI Summary
Trade facilitation and customs preparedness feature in AILBIEA's Silver Jubilee knowledge conference on liquid bulk commerce.
AILBIEA's Silver Jubilee programme focuses on trade facilitation, customs modernisation, GST dispute preparedness and maritime-risk issues affecting liquid bulk trade. The Knowledge Conference includes sessions on the Authorised Economic Operator advantage, next-generation customs technology, GST Appellate Tribunal-era dispute preparedness, and geopolitical risks to sea-borne trade. It also marks the launch of AGS 360, integrating port information, vessel tracking, port-call estimates and maritime intelligence.
September 1, 2026
Show AI Summary
Personal guarantor insolvency: repayment plan stayed pending majority determination, with restraint on direct or indirect asset alienation.
Personal-guarantee insolvency proceedings involve a stay on implementation of a repayment plan because the earlier members' views did not produce a clear majority capable of taking effect. The personal guarantor has been restrained from directly or indirectly alienating assets pending further hearing. The dispute follows split views on approval of the plan, claim admission and voting, followed by a third-member opinion that did not resolve the absence of a determinative majority. Creditors dispute the proposed recovery, claim treatment and declared net worth relevant to the guarantees.
September 1, 2026
Show AI Summary
Rupee exchange-rate movement reflects portfolio inflows, growth data and possible central-bank support, while crude oil prices constrain gains.
Foreign-exchange market conditions strengthened the rupee by 28 paise to 94.94 against the US dollar, supported by domestic growth, controlled fiscal slippage and portfolio inflows. Possible Reserve Bank of India intervention was also identified as supportive. Higher crude oil prices, weak domestic equities and hawkish US monetary-policy signals were identified as constraints on further appreciation. Foreign investment flows, stronger-than-expected domestic growth and the fiscal-deficit position remained material factors affecting currency conditions.
September 1, 2026
Show AI Summary
Money-laundering probe into public service recruitment irregularities examines alleged question-paper leaks, selection manipulation, and laundering through purported CSR donations.
Money-laundering investigation under the Prevention of Money Laundering Act concerns alleged irregularities in Public Service Commission recruitment examinations. Allegations include question-paper leaks, manipulation of candidate selection, and illegal gratification for securing appointments of relatives and favoured candidates. Recruitment rules were allegedly amended to facilitate selection of relatives. Alleged proceeds of crime were collected in cash and routed through layered banking transactions, including through a family-controlled samiti presented as receiving corporate social responsibility donations for a non-existent college.
September 1, 2026
Show AI Summary
Personal guarantor settlement scrutiny intensifies as asset alienation is restrained pending review of a disputed creditor repayment proposal.
A five-member special bench found that no clear majority view existed under section 419(5) of the Companies Act and stayed the third member's order that had permitted the proposed recovery. Notices were directed to all parties, and the guarantor was restrained from directly or indirectly alienating property pending further consideration. The dispute concerns approval of a personal guarantor's repayment proposal, treatment of guarantee claims, creditor voting support, assessment of the personal estate, and scrutiny of declared net worth.
September 1, 2026
Show AI Summary
Personal insolvency proceedings restrict property alienation while notices issue to parties in the debtor's case.
A five-member special National Company Law Tribunal bench hearing Subhash Chandra's personal insolvency matter issued notices to all parties and restrained him from alienating property directly or indirectly. The restraint applies during the continuing insolvency proceedings and concerns dealings with the relevant property. The procedural measure requires the interested parties to participate in the matter.
September 1, 2026
Show AI Summary
Aadhaar authentication alternatives enable eligible farmers with failed fingerprint verification to access loan-waiver benefits after identity verification.
Elderly farmers whose fingerprints cannot be captured for Aadhaar authentication may approach an Aaple Sarkar Seva Kendra with their Aadhaar card and bank passbook. Loan-account details are verified on the scheme portal before authentication is initiated. If authentication fails, the concerned tehsildar verifies identity using the Aadhaar card, bank passbook and 7/12 land record extract. Eligible farmers receive loan-waiver benefits directly in their bank accounts after authentication, identity verification and satisfaction of the scheme's eligibility criteria.
September 1, 2026
Show AI Summary
GST collection growth reflected higher domestic and import revenue, while increased refunds moderated net collections during August.
GST collections recorded year-on-year growth in August, with gross receipts reaching about Rs 2 lakh crore. Domestic transaction revenue increased to over Rs 1.37 lakh crore, while import-related revenue rose to Rs 62,604 crore. Refunds increased to Rs 31,795 crore, and net GST collections stood at Rs 1.68 lakh crore after refunds.
September 1, 2026
Show AI Summary
Personal insolvency repayment plan faces fresh hearing after a split bench prevents enforcement and restrains guarantor property transfers.
Personal insolvency proceedings were reopened before a five-member special bench after a split view on a repayment plan. As no majority view existed, including that of the third member, no final order was in force and the repayment-plan determination could not be acted upon. Notices were issued to all parties, including dissenting creditors, and the guarantor was restrained from directly or indirectly alienating property pending further consideration. Dissenting creditors also challenged the repayment-plan determination before the appellate tribunal.
September 1, 2026
Show AI Summary
Equity market sentiment weakens as higher crude prices, geopolitical tensions and tighter monetary policy expectations curb risk appetite.
Equity-market sentiment weakened as higher crude oil prices, renewed US-Iran tensions, and expectations of prolonged tight US monetary policy reduced emerging-market risk appetite. The Sensex and Nifty declined, while domestic GDP growth above projections offered partial support. Weakness in several Asian markets, a lower US market close, and net foreign institutional equity sales reinforced cautious trading conditions.
September 1, 2026
Show AI Summary
Money laundering investigation triggers searches linked to alleged Public Service Commission irregularities, including premises of a former chief minister's assistant.
A money-laundering investigation under the Prevention of Money Laundering Act has led to searches at seven locations in Chhattisgarh in connection with alleged irregularities at the Chhattisgarh Public Service Commission. The search operation includes the premises of K. K. Chandrakar, personal assistant to former Chief Minister Bhupesh Baghel. The investigation remains at the search and inquiry stage.
September 1, 2026
Show AI Summary
Income-tax return filing: non-audit business and professional taxpayers use applicable forms by prescribed due dates.
August 31, 2026 was the due date for taxpayers having business or professional income who were not subject to audit. Such non-audit taxpayers may use ITR-3, ITR-4, ITR-5 or ITR-7, as applicable. ITR-3 applies to individuals and Hindu Undivided Families with proprietary business or professional income, while ITR-4 is intended for small and medium taxpayers. ITR-5 applies to firms, limited liability partnerships and cooperative societies, and ITR-7 applies to trusts and charitable institutions.
September 1, 2026
Show AI Summary
Gold smuggling enforcement targets transit abuse, concealed carriage, and border routes through coordinated seizures and arrests nationwide.
Intelligence-led enforcement against organised gold smuggling resulted in the seizure of over 42 kg of foreign-origin gold and around 10 kg of foreign-origin silver, collectively valued at more than Rs. 65 crore, and the arrest of 25 persons. Operations targeted networks using airport transit routes, airport personnel, land-border corridors, coastal routes, and domestic road transport. Gold was concealed in wax, compound, paste, raw-chain and bar forms, including through body concealment, internally secreted capsules, clothing, and specially created cavities.
September 1, 2026
Show AI Summary
Predictive consumption-expenditure framework will use household survey data to support poverty estimation, consumption analysis, and economic planning.
MoSPI and Thapar Institute of Engineering & Technology have entered into a memorandum of understanding for a research study to develop a predictive and analytical framework for monthly consumption expenditure in India. The study will use Household Consumption Expenditure Survey data to estimate Monthly Per Capita Consumption Expenditure at national and state levels, analyse household consumption patterns, and generate evidence relevant to poverty estimation and broader economic planning.
August 31, 2026
Show AI Summary
Personal insolvency repayment plans: conflicting views on binding dissenting creditors prompted reconsideration through an expanded adjudicatory bench.
National Company Law Tribunal constituted a five-member bench after conflicting views on a personal insolvency repayment plan left no majority position for a formal order. The central issue is whether creditor approval of the plan binds dissenting creditors and extinguishes their claims against the personal guarantor. One view preserved dissenting creditors' independent recovery rights, while another applied the creditor-approved plan uniformly to all creditors. Disagreement also concerns the Adjudicating Authority's power to examine the resolution professional's report of the creditors' meeting.

News

Back

All News

Showing Results for :
Reset Filters
No Records Found

News

Showing Results for : Reset Filters
Customs, DGFT & SEZ

Opening Statement of the Union Finance Minister Shri P Chidambaram at a Press Conference Today

July 31, 2013

Contents
Summary
Note

Note

-

Bookmark

Print

Print

Following is the text of the Statement made by the Union Finance Minister Shri P.Chidambaram while addressing a Press Conference here today:

“I complete one year as the Finance Minister today. I look back to the First Statement made by me on August 6, 2012 and how we overcame, in good measure, the challenges outlined by me in that statement.

An economy is made up of three sectors: agriculture, industry and services. In 2012-13, the three sectors recorded the following growth rates:

                       Agriculture                                      ..         1.9 percent

                       Industry                                          ..         2.1 percent

                      Of which manufacturing                     ..         1.0 percent

                       Services                                           ..         7.1 percent

                       Total                                                ..         5.0 percent

As far as agriculture is concerned, the monsoon so far has been very good. It is 16 percent more than the normal long term average. In terms of spread, out of 36 meteorological sub-divisions, 18 sub-divisions received excess rainfall and 11 sub-divisions received normal rainfall. The sown area of major crops is considerably higher for the forthcoming kharif. The total net sown area is 747.78 lakh hectares in the current kharif season as against 635.05 lakh hectares in the corresponding period last year. We therefore expect that agriculture will record a growth rate significantly higher than the growth rate of last year. As I travel around the country, I find that there is a high degree of optimism among farmers. At the beginning of the year, it was estimated that banks will provide agricultural credit of Rs. 7,00,000 crore this year (as against last year’s level of Rs. 5,75,000 crore). However, having regard to the good monsoon and the increase in the sown area, I am asking banks to gear up to provide agricultural credit in excess of Rs. 7,00,000 crore.

As far as the services sector is concerned, the indicators for some services are positive. For example, the freight traffic of railways grew year-on-year by 4.9 percent in the first quarter of 2013-14. Exports of services have registered a growth of 13.8 percent in April-May 2013. Hence, I am confident that the growth rate of services sector will be as good as, if not better than, last year’s rate of growth.

It is the industry sector that presents a mixed picture. Bankers have told me that there is good demand for credit from commercial real estate, small and medium enterprises, and retail sectors. Credit growth to micro and small enterprises was very strong in May, 2013 at 21.2 percent on year-on-year basis. Consumer durables lending grew by 21 percent in May this year. Housing loans were up by 17.1 percent and commercial real estate lending was up 15.4 percent in May this year, relative to May last year.

However, demand for credit is sluggish from big industry.   Indian industry – especially large industrial houses – must rediscover the sense of optimism and confidence that I find in the agriculture sector. I know that they are deterred by the fact that many projects were stalled: we are addressing the problem and have achieved significant success. The Cabinet Committee on Investment has so far cleared 157 projects with the total project value/investment of Rs. 1,60,900 crore. The Project Monitoring Group is tracking large projects and pushing for implementation. In the case of 20 power projects with an investment of Rs. 1,17,814 crore and generating capacity of 23,190 MW, fuel supply agreements will be concluded by 31st August, 2013. At the instance of the PMG, Ministry of Environment and Forest has granted environmental clearance in the case of five projects with an investment of Rs. 9,658 crore.

We must revive investment, and industry must play its part. Industrial houses appear to be confident when they decide to invest abroad. The same confidence must be exhibited in order to invest in India. The price of credit is indeed high, but it is not so dauntingly high that it should hold back investment. The RBI’s policy announced yesterday hints at easing of interest rates, once the rupee stabilizes and there is reduced volatility in the currency market. Ample funds are available with banks. Bankers have assured me that the credit needs of industry will be fully met. If anyone in industry finds that his credit needs are not being met, he may come to me and I shall put him in touch with the banks. I think it is a truism that it is only domestic investment that will bring in its wake foreign investment.

Last year, the concern about fiscal deficit was upper most in everyone’s mind. I promised to tackle the fiscal deficit and bring the economy back on the path of fiscal consolidation. We have succeeded in large measure and the fiscal deficit for 2012-13 was contained at 4.9 percent as against the earlier target of 5.3 percent. The Current Account Deficit was also a problem last year. Nevertheless, we not only fully and safely financed the current account deficit of about USD 88 billion, but also added USD 3.8 billion to the reserves. This year, again, I promise that we will tackle both deficits. The target for fiscal deficit is 4.8 percent: it is a red line and it will not be breached. As far as the current account deficit is concerned, thanks to the steps taken so far and some more steps that are on the anvil, we expect that we would be able to fully finance the current account deficit this year too and we will not be obliged to draw down on the reserves.

As you are aware, we have taken some strong measures on gold imports. In June, 2013, gold imports were down to 31 MT and upto July 25, 2013, it was 45 MT. We hope to contain gold imports at a level well below last year’s total imports of 845 MT and save a considerable amount of foreign exchange which will have a positive impact on the current account deficit.

A number of steps are under way to augment exports. There are some signs of export pick up: for instance, in services, exports on a net basis grew by 35.66 percent in April-May, 2013. My colleague, the Commerce Minister, has announced a number of measures. I have offered him full support and provided, today, additional funds of Rs.2000 crore. This will include increasing the interest subvention from 2 percent to 3 percent on certain exports.

Simultaneously, we are looking at some compression in non-oil and non-gold imports, especially of non-essential goods.

We have done our sums on FDI and FII flows. Even without additional measures, we estimate that the inflows will be well above USD 80 billion and this will be sufficient to finance, comfortably, the current account deficit which will be contained at a level below last year’s level.

We have also decided to exercise some options to increase the inflows and add to the stable financing of the current account deficit. The Government is actively considering significant liberalisation of the FDI policy which would further increase long term foreign investment. We will ask some public sector companies to raise funds abroad. We have also decided on some measures to attract longer term NRI funds. Talks are under way with long term investors such as Sovereign Wealth Funds and Pension Funds. In consultation with the RBI, we propose to liberalise longer term ECBs in a sustainable way. We are also actively considering other measures. Taken together, we are confident that we can ensure stable sources of additional financing for the current account deficit.

When the global economy is challenged, the Indian economy will also face challenges. It is the challenges that should bring out the best in the people, especially our farmers, manufacturers and service providers. I am an eternal optimist. Just as we consolidated the Indian economy in 2012-13, I am confident that we will take the Indian economy one rung higher in 2013-14. We are looking forward to a growth rate of between 5.5 and 6 percent and we will take all measures to achieve that goal.”

DSM/RS/ka

(Release ID :97505)

Topics

Acts Income Tax