CCI approves acquisition of majority of the shares and voting rights in Volkswagen subsidiary Everllence SE by funds managed and/or advised by Bain Ca...
DRI busts pan-India gold smuggling network and seizes around 6.6 kg of foreign-origin gold worth more than Rs. 10 crore; 11, including a mastermind, a...
Merger control clearance permits Chubu's acquisition of equity in Continuum Green Energy through primary and secondary transactions. Competition Commission of India approval covers the acquisition of certain equity shareholding in Continuum Green Energy Limited by Chubu Electric Power Company Netherlands B.V. The proposed combination comprises a primary subscription for, and secondary purchase of, the Target's equity shares from Continuum Green Energy Holdings Ltd., Singapore. The Target and its Indian subsidiaries primarily generate and sell renewable power from wind and solar sources.
Competition clearance authorises Bain Capital funds to acquire majority control of Everllence through a share transfer from Volkswagen. Competition approval covers the indirect acquisition of a majority of the shares and voting rights in Everllence SE and its direct and indirect subsidiaries by funds managed or advised by Bain Capital Investors, LLC, from Volkswagen Aktiengesellschaft through a share transfer. Nikolaus (BC) Bidco GmbH acts as the purchaser and is a special purpose vehicle ultimately controlled by Bain Capital-managed or advised funds.
Full-shareholding acquisition in crop protection receives competition clearance, combining businesses spanning agrochemicals, seeds, and agricultural equipment. Competition Commission of India approved Crystal Crop Protection Limited's acquisition of the entire, fully diluted shareholding of FMC India Private Limited from FMC Netherlands Holdings II B.V. and its affiliates. The approved combination comprises the acquisition of 100% of FMC India's shareholding by Crystal Crop. Crystal Crop is an Indian public limited company engaged in development, manufacture, and distribution of crop protection products, seeds, and agricultural equipment.
Investment facilitation supports cross-border manufacturing, technology, supply-chain, and business expansion partnerships between the two economies. India-U.S. economic engagement extends beyond conventional trade to investment, manufacturing, technology, innovation, resilient supply chains, and high-value capabilities. Business engagement with manufacturing and technology companies addresses opportunities in India and expansion of partnerships. The Government of India indicates readiness to facilitate corporate operations, expansion, and investments in India.
Monthly fiscal accounts report receipts, tax devolution, and revenue and capital expenditure against budget estimates. Monthly accounts up to August 2026 record total receipts of Rs.13,67,709 crore, comprising net tax revenue, non-tax revenue and non-debt capital receipts. Tax devolution to State Governments totals Rs.5,90,391 crore. Total expenditure is Rs.20,77,958 crore, divided between revenue expenditure of Rs.15,68,009 crore and capital expenditure of Rs.5,09,949 crore, with revenue expenditure including interest payments and major subsidies.
Rules-based multilateral trade engagement supports bilateral agreement negotiations, enterprise opportunities, investment partnerships, and developing-country policy space. India's G20 trade engagement promotes a rules-based, open and non-discriminatory multilateral trading system while preserving policy space for developing countries. Bilateral discussions seek to expand opportunities for farmers, fishermen, women entrepreneurs, startups, MSMEs and other enterprises. India-United States engagement is intended to advance a balanced Bilateral Trade Agreement and an interim trade deal, alongside investment and industry outreach promoting manufacturing partnerships with Indian enterprises.
Cross-border investment facilitation under CEPA supports local-currency settlement, payment integration, joint projects and timely resolution of investor concerns. Financial-sector cooperation covers local-currency settlement, integration of payment and messaging systems, and central-bank digital currencies, with steps to support timely implementation for more efficient, accessible and resilient bilateral trade and investment. The UAE-India Fast Track Mechanism remains available for addressing outstanding concerns affecting investments and companies in both jurisdictions, and the parties agreed to support timely resolution of such matters.
Return filing and tax audit deadlines are extended for the identified taxpayer category under the applicable statutory framework. CBDT extends the Assessment Year 2026-27 Return of Income filing deadline for persons identified at serial no. 2 in the Table below Explanation 2 to section 139(1) of the Income-tax Act, 1961, from 31 October 2026 to 21 November 2026. The specified date for furnishing the audit report for the same class is extended from 30 September 2026 to 21 October 2026.
Courier-based gold smuggling enforcement targets concealed distribution through paper entities and foreign-origin gold consignments nationwide. Coordinated customs enforcement targeted an organised gold-smuggling network that used courier consignments to distribute foreign-origin gold after cross-border entry. The operation led to seizure of 6.61 kg of gold bars under the Customs Act, 1962, and arrests of eleven associated persons. The network allegedly split gold into small consignments and used paper entities or persons without legitimate gold transactions to conceal distribution through courier channels.
Anti-drug awareness and cultivator outreach combine prevention, direct grievance redressal, and safeguards against illicit narcotics diversion. Jan Sunwayi programmes provide direct, prompt and accessible grievance redressal for opium cultivators, including name corrections, Namantaran, and eligibility connected with the upcoming Settlement Operation. Cultivators are advised to avoid middlemen or intermediaries and seek clarification or assistance directly. These measures complement anti-drug awareness and preventive outreach aimed at preventing illegal trafficking, diversion and abuse of narcotic drugs and psychotropic substances.
NDPS enforcement targets concealed poppy straw, opium and cannabis trafficking through seizures, arrests, and continuing supply-chain investigation. Narcotics enforcement operations in Rajasthan led to seizures of poppy straw, opium, hydroponic cannabis, cash, vehicles and a loaded country-made pistol, with four arrests. Poppy straw was recovered from vehicles and premises, including a truck where it was concealed beneath cement bags. Opium and cash were recovered from residential premises, while hydroponic cannabis concealed in an international parcel was recovered at the Foreign Post Office, Jaipur. The seized articles were taken under relevant provisions of the Narcotic Drugs and Psychotropic Substances Act, 1985, and supply-chain investigation continues.
Free trade agreement market access is positioned to expand export opportunities and international investment for local entrepreneurs. Free Trade Agreement-led market access is positioned to expand international opportunities for entrepreneurs in Uttar Pradesh by supporting exports, investment inflows and access to overseas markets. International trade engagement is supported through direct business access to global markets, buyer-seller meetings and promotion of the State's products, cuisines and services. Export expansion, international investment, tourism and global recognition of State brands form the stated next phase of economic development, supported by coordination between governments and trade and industrial stakeholders.
Multilateral infrastructure cooperation guides annual development bank participation and bilateral engagement on sustainable investment and economic connectivity. The official visit includes participation, as India's Governor, in the Annual Meeting of the Board of Governors of the Asian Infrastructure Investment Bank, alongside bilateral meetings and engagement with governmental leadership, business leaders and investors. The AIIB focuses on sustainable infrastructure and productive-sector investment in Asia to promote sustainable economic development, wealth creation and infrastructure connectivity.
Reciprocal trade agreement negotiations face tariff and subsidy pressures as both governments pursue lower bilateral trade barriers. India-US bilateral trade negotiations seek completion of the first-phase Bilateral Trade Agreement through a reciprocal trade arrangement lowering trade barriers and tariffs. Further negotiations are required because of changed US tariff conditions, forced-labour tariffs on Indian goods, a possible investigation into excess industrial capacity and subsidies, and sanctions legislation relating to Russia. Ministerial and bilateral engagements will review progress on the proposed reciprocal arrangement.
Banking strike contingency measures direct customers toward advance transactions and digital channels as branch operations may be disrupted. Banking-service continuity measures anticipate possible disruption from a three-day employee strike. Customers are advised to complete essential transactions in advance and use ATMs/ADWMs, mobile and internet banking, UPI, business correspondent points and other digital channels. Branch and office operations at participating institutions may be affected, while essential services are to be maintained where possible. Union demands include a five-day banking week, pension improvements and transition options from the National Pension System to the old pension scheme.
Government borrowing calendar: Reduced dated-securities borrowing will use weekly auctions, green bonds, switches and buyback operations. Second-half dated-security borrowing will be completed through weekly auctions across maturities ranging from 3 years to 50 years, including Sovereign Green Bonds. Switching and buyback operations will continue to smooth the redemption profile, while a greenshoe option may permit retention of additional subscriptions. Treasury Bill borrowing will proceed through 91-day, 182-day and 364-day instruments. Auctions will offer non-competitive bidding for specified retail investors, and flexibility is retained to modify issuance terms or introduce non-standard maturity instruments, floating-rate bonds and inflation-indexed bonds.
Interest-free working capital assistance for FCV tobacco growers supports liquidity, institutional loan repayment, crop inputs, and reduced private borrowing. A one-time, interest-free working-capital loan of Rs. 50,000 per barn is approved for FCV tobacco growers in Andhra Pradesh under the Interest-Free Working Capital Assistance Scheme. Covering about 44,000 growers, the assistance is proposed to be delivered through direct benefit transfer. It is intended to provide liquidity for household requirements, institutional loan repayment and crop inputs, while reducing dependence on private borrowing.
Government securities auction calendar establishes retail bidding access, flexible issuance terms, greenshoe subscriptions, and periodic debt switch operations. Each auction carries a non-competitive bidding facility, under which five per cent of the notified amount is reserved for specified retail investors. The Government may modify indicated amounts, issuance periods and maturities, and may issue instruments with non-standard maturities, floating-rate bonds or inflation-indexed bonds, having regard to governmental requirements, market conditions and other relevant factors. It may retain additional subscriptions through a greenshoe option and conduct switch or buyback auctions of dated securities.
Market borrowing plan sets dated securities auctions, Treasury Bill issuance, redemption management, and temporary cash-flow support. Government market borrowing for the second half of FY 2026-27 is to be raised through weekly auctions of dated securities, including Sovereign Green Bonds, across maturities from 3 to 50 years. Debt-management measures include switching and buyback operations to smooth the redemption profile and a greenshoe option for additional subscriptions. Treasury Bills are to be issued through weekly auctions in 91-day, 182-day and 364-day maturities. The Ways and Means Advances limit is fixed to address temporary mismatches in government accounts.
GI-tagged agricultural exports expand farmer access to international markets through FPO-led value chains and higher price realisation. APEDA facilitated the export of a one-metric-tonne consignment of GI-tagged Gulbarga Tur Dal from Karnataka to the Maldives through an FPO-led brand. Gulbarga Tur Dal has held GI registration since 2019. The export-linked channel provides farmers a realisation of Rs.82 per kg compared with a prevailing market price of Rs.60 per kg, while supporting closer integration of FPOs and farmers into export-oriented supply chains.
1. Chapter XV of the Discussion Paper on the Direct Taxes Code (DTC) deals with taxation of non-profit organizations. The Code uses the phrase „permitted welfare activities‟ instead of the phrase "charitable purpose" used in the current legislation to define the activities to be pursued by these organisations. Permitted welfare activities has been defined to mean any activity involving relief of the poor, advancement of education, provision of medical relief, preservation of environment, preservation of monuments or places or objects of artistic or historic interest and the advancement of any other object of general public utility. Advancement of any other object of general public utility will not include any activity in the nature of trade, commerce or business, or any activity of rendering any service in relation to any trade, commerce or business, for a fee or for any other consideration, irrespective of the nature of use, application or retention of the income from such activity.
1.1 The Discussion Paper mentions thatwhiletrusts and institutions established for charitable purposes have generally enjoyed tax exemptions, the following shortcomings have been observed in the exemption regime:- (a) The exemption regime is complex, overlapping and dissimilar since it varies across institutions based on their activities. (b) The provisions fail to meet the test of efficiency as they provide different conditions for institutions carrying on similar activities. (c) The provisions also do not meet the test of equity as the compliance cost for an institution varies depending upon the provision of law under which the exemption is granted. (d) The concept of income of such an institution has been the subject matter of litigation. Should gross receipts of the institution or the net income of the institution be reckoned as the income? This question has been the subject matter of extensive debate. (e) A vexed issue is whether the institution should be allowed to accumulate income not applied or utilized for charitable purposes and how the accumulation should be treated. (f) There is unending dispute whether a business is incidental to attainment of the objectives of the institution or not, since the income from incidental business is exempt from tax.
1.2 The DTC proposes a new tax regime for all trusts and institutions carrying on charitable activities. The salient features of the new regime are as under:-
(a) An organization shall be treated as a non-profit organization if,- (i) it is established for the benefit of the general public; (ii) it is established for carrying on permitted welfare activities; (iii) it is not established for the benefit of any particular caste; (iv) it is not established for the benefit of any of its members; (v) it actually carries on the permitted welfare activities during the financial year and the beneficiaries of the activities are the general public; (vi) it does not intend to apply its surplus or other income or use its assets or incur expenditure, directly or indirectly, for the benefit of any interested person; (vii) any expenditure by the organisation does not enure, directly or indirectly, for the benefit of any interested person; (viii) the funds or assets of the organisation are not used or applied, or deemed to have been used or applied, directly or indirectly, for the benefit of any interested person; (ix) the surplus, if any, accruing from its permitted activities does not enure, directly or indirectly, for the benefit of any interested person; (x) the funds or the assets of the non-profit organisation are not invested or held in any associate concern or in any prescribed form or mode; (xi) it maintains such books of account and in such manner, as may be prescribed; (xii) it obtains a report of audit in the prescribed form from an accountant before the due date of filing of the return in respect of the accounts of the business, if any, carried on by it; and the accounts relating to the permitted welfare activities and (xiii) it is registered with the Income-tax Department under the Code.
(b) The tax liability of a non-profit organisation shall be 15 per cent.of the aggregate of the following:- (I) the amount of surplus generated from the permitted welfare activities; and (II) the amount of capital gains arising on transfer of an investment asset, being a financial asset;
Surplus generated from permitted welfare activities;
The amount of surplus generated from the permitted welfare activities shall be the gross receipts as reduced by the outgoings. The gross receipts shall be the aggregate of the following:- (i) The amount of voluntary contributions received during the financial year; (ii) Any rent received in respect of a property consisting of any buildings or lands appurtenant thereto; (iii) The amount of any income derived from a business which is incidental to any of the permitted welfare activities; (iv) Full value of the consideration received from the transfer of any investment asset, not being a financial asset; (v) Full value of the consideration received from the transfer of any business capital asset of a business incidental to its permitted welfare activities; (vi) The amount of any income received from any investment of its funds or assets; and (vii) All other incomings, realizations, proceeds, donations or subscriptions received from any source.
The amount of outgoings shall be the aggregate of- (i) voluntary contributions received during the financial year by the non- profit organisation made with a specific direction that they shall form part of the corpus of the non-profit organisation; (ii) the amount actually paid during the financial year for any expenditure, excluding capital expenditure, incurred wholly and exclusively for earning or obtaining any "gross receipts"; (iii) the amount actually paid during the financial year for any expenditure, excluding capital expenditure, on the permitted welfare activities; (iv) the amount of capital expenditure actually paid during the financial year in relation to- (A) any business capital asset of a business incidental to any of the permitted welfare activities; or (B) any investment asset, not being a financial asset. (v) any amount actually paid during the financial year to any other non- profit organisation engaged in a similar permitted welfare activity; (vi) any amount applied outside India during the financial year if the amount is applied for an activity which tends to promote international welfare in which India is interested and the non-profit organisation is notified by the Central Government in this behalf. (c) The surplus generated from permitted welfare activities will be determined on the basis of cash system of accounting. (d) Capital gains arising on the transfer of an investment asset, being a financial asset, will be computed in accordance with the provisions under the head "Capital gains". (e) A non-profit organisation will be prohibited from investing any of its funds or holding any of its asset in any associate concern or in any prescribed form or mode. (f) It will be mandatory for every non-profit organisation to register with the Income-tax Department by making an application to the Chief Commissioner or Commissioner concerned. The registration, once granted, shall be valid from the financial year in which the application is made till it is withdrawn. (g) The donations made to a non-profit organisation will be eligible for deduction in the hands of the donor at the appropriate rates. (h)The income of any trust or institution recognised/registered under the religious endowment Acts of the Central Government or the State Governments shall be fully exempt from income-tax. However, donations to such trusts or institutions will not enjoy any deduction in the hands of the donor. 2. A number of inputs have been received regarding the proposed regime -
(i) The Code provides for fresh registration of NPOs after introduction of DTC. This will lead to increase in the compliance cost for NPOs and also substantially increase the workload of the income-tax department.
(ii) The status of public religious institutions in the DTC is not clear as the DTC exempts the income of only such religious trusts which are registered under a religious endowments legislation of the Central or a State Government. However, there are many states where such legislation does not exist or even if it exists, it does not cover all religious institutions.
(iii) The status of partly religious and partly charitable institutions is not clear under the Code.
(iv) Instances have been cited where NPOs receive grants at the end of the financial year or are unable to spend due to reasons beyond their control. In the absence of any window for carry forward of surplus for use in the subsequent years, taxation of the surplus of income over expenditure will be harsh.
(v) The phrase „charitable purpose‟ should be used instead of „permitted welfare activity‟ in order to emphasize the charitable intent of the activities rather than permitting of certain specified welfare activities. This will ensure greater clarity and will minimize litigation as the phrase has been in use for long.
(vi) Only cash system of accounting is stipulated for NPOs, whereas under the existing provisions of the Income-tax Act, 1961 NPOs can follow either cash or mercantile system of accounting. The option of choosing one of the systems should be allowed.
3. The issues have been examined and having considered the concerns, the tax regime for NPOs is proposed to be modified to provide that-
(a) NPOs already registered under the Income-tax Act, 1961 and holding valid registration on the date on which DTC comes into effect, would not be required to apply for fresh registration under the DTC. However, they would be required to provide additional information to facilitate the administration of the new provisions. (b) The income of a public religious institutions will be exempt subject to fulfillment of all the following conditions:
(A) it shall be registered under the Code. (B) the trust/institution shall apply its income wholly for public religious purposes; (C) it shall be registered under the state law, if any; (D) it is established for the benefit of the general public; (E) the trust / institution shall file the return of tax bases before the due date; (F) it shall maintain books of account and obtain an audit report from a qualified accountant in case its gross receipts exceed a prescribed limit; (G) the funds or the assets of the trust / institution shall be invested or held, at any time during the financial year, in specified permitted forms or modes; and (H) the funds or the assets of the trust / institution shall not be used or applied or deemed to have been used or applied, directly or indirectly, for the benefit of interested person.
Donations to these institutions will not be eligible for any deduction in the hands of the donor.
(c) Partly religious and partly charitable institutions will also be treated as NPOs if they are registered under the Code. Their income from public religious activity will be exempt subject to the fulfillment of the following conditions- (i)the trust deed / memorandum of the institution shall contain a clause specifying the application of its gross receipts in a pre-determined ratio between charitable and religious activities; (ii) it shall maintain separate books of account and separate financial statements in respect of religious and charitable activities; (iii) it shall fulfil the conditions stipulated in clause (b) above.
In respect of income from charitable activities, the income of the trust / institution will be liable to tax in the manner provided for NPOs if they fulfill the conditions prescribed in the Code. Donations to such trust / institution will not be eligible for deduction in the hands of the donor.
(d) To address the concern that an NPO would not be able to spend the entire receipts during the financial year itself, it is proposed that upto 15% of the surplus or 10% of gross receipts, whichever is higher, will be allowed to be carried forward to be used within three years from the end of the relevant financial year. (e) Donations by an NPO out of its accumulated surplus to another NPO will not be considered as application for the charitable purpose. (f) The definition of the phrase „permitted welfare activity‟ is on the same lines as what is currently used for the phrase „charitable purpose‟. Accordingly, to maintain continuity and minimise litigation, the phrase „charitable purpose‟ will be retained in place of „permitted welfare activity‟. (g) A basic exemption limit will be provided and the surplus in excess of such limit will be subject to tax. (h) It is proposed to retain the cash system of accounting since it is simple to follow and easy to administer. (i) It is also proposed that the Central Government shall be empowered to notify any non-profit organization of public importance as an exempt entity.
Non-profit tax regime: new eligibility, registration, cash-basis surplus taxation and revised exemption and compliance rules.
The DTC restructures NPO taxation by defining eligibility for charitable purpose status, requiring registration and prescribed accounting and audit compliance; taxing a cash-basis surplus (gross receipts less specified outgoings) plus capital gains on financial investment assets; prohibiting investments in associate concerns; allowing limited carry-forward of surplus; treating public religious and partly religious/charitable institutions under specified conditions; retaining cash accounting; and empowering the government to notify exempt public-interest NPOs.
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