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
Corp. Laws, SEBI & IBC

Text of PM’s address at India-Singapore Economic Convention

November 24, 2015

Contents
Summary
Note

Note

-

Bookmark

Print

Print

Mr S. Iswaran, Minister for Trade and Industry, Hounorable Ministers and Dear Friends !

It is a matter of great pleasure to be here with you. I am really happy to address the India-Singapore Economic Convention. My visit has been very productive and positive. I had excellent meetings with Singapore leaders today morning. We have concluded the Strategic Partnership which takes the relationship to a new level of engagement. We have set a high level of ambition for this relationship.

Friends! our historical ties and cultural proximity are our assets. A large Indian Diaspora is enriching the life and work environment of Singapore. In recent years, economic engagement has been a key driver of our relationship. Singapore is our 10th largest trade partner globally. It is also the 2nd largest in ASEAN. Bilateral trade has expanded manifold after the conclusion of Comprehensive Economic Cooperation Agreement in 2005. Singapore has emerged as the 2nd largest source of FDI into India. Outward Indian FDI to Singapore has also increased in recent times. Singapore is now one of the top destinations for Indian investments.

A significantly large number of Indian companies are registered in Singapore. Singapore companies also have a level of familiarity with Indian market due to involvement over the past few decades. Our companies are positioned to explore and develop promising engagements. With the significant and growing number of companies of both sides and of foreign companies in both markets, I expect even more exciting partnerships.

  • You have the habit of precision; India has the scope for expansion;
  • You are fond of going vertical; India's development is both vertical and horizontal
  • You are an exciting incubator; India is a vast laboratory

 Thus, Singapore and India can work together in many promising areas.

   Last month, I had the opportunity of laying the foundation of two projects in India with participation of Singapore. One is the new capital city of Andhra Pradesh–Amaravati.  Singapore is involved in preparation of the Master Plan for this new city. Secondly, I have laid the foundation stone for the fourth container terminal at JNPT, Mumbai which is being built in partnership with PSA, Singapore. We are also exploring collaboration with Changi Airport to operate two Indian airports. These are recent examples of the deepening of our economic partnership.

Singapore is also an important and valuable friend of India in our global outlook. We regard Singapore as an essential ally in the implementation of our Look and Act East Policy. I am fully aware of the important role Singapore has played in the implementation of this policy. I look forward to working with Singapore in a bigger way.

Beyond the bilateral scope, there are also significant opportunities through collaboration with third countries. One example is the ASEAN Economic Community which has come into effect. It is going to create a 2 trillion US Dollar market of 600 million people. It will further enable our businesses to jointly explore opportunities in the wider South East Asian region.

 The Regional Comprehensive Economic Partnership (RCEP), comprising ASEAN and its six Dialogue Partners, is another potential opportunity for our companies. Recently, in the India Africa Forum Summit held in New Delhi, Singapore was a special invitee. This is recognition of another dimension of India-Singapore togetherness. We can work jointly in the African countries.

Ladies and Gentlemen!

India is undergoing economic and social transformation on a scale and a speed that is unmatched in history. Our growth rate was 7.3% in the last year. World Bank has projected even better growth this year. Indian economy is the fastest growing economy among major countries. We are also working hard that the benefits of this growth reaches to the common man. We have launched major schemes on financial inclusion. Our strategy is to:

  • Energise the Economy
  • Empower the people
  • fund the un-funded
  • secure the poor
  • and enhance the income level of all.

 Money must reach the Marginalized.  With this objective, we opened 190 million new bank accounts. Through them, we are trying to ensure direct transfer of benefits to the poor. This targeting is also bringing discipline in Government expenditure. We have also launched new insurance and pension schemes. Through a new Bank, called MUDRA, we are funding the small traders and businessmen. We have set time bound goals for providing access to housing, water, electricity and sanitation for all. Thus, India is now the next frontier of economic revolution. Our changing paradigm has created new opportunities for global investor community.

These opportunities range from building 50 million affordable houses to setting up 100 smart cities; modernization of railway network and re-development of our railway stations to setting up new railway corridors; generation of 175 GW of renewable energy to transmission and distribution networks. Construction of National Highways, bridges, and Metro rail networks.

Such a huge potential for creation of infrastructure and production of goods will not be available in any other country. More importantly, no one place on the earth can offer the customer base on such a massive scale.

We are trying to harness this development potential through our policies and people. The campaigns like Digital India and Skill India are designed to prepare the people to take part in this process. We have witnessed massive growth in the number of start-ups in the recent past. Some of these have begun to challenge established global players. To tap this energy fully, we have recently launched the Start up India Campaign. Start up India, Stand up India.

Friends! In past few months, the interest of foreign investors in India has gone up tremendously. However, there were a number of regulatory and taxation issues which were adversely impacting on their sentiments. We have taken very decisive steps to remove many of long the pending concerns.

 To give you some examples:

  • We have expedited regulatory clearances including security and environmental clearance;
  • We have greatly liberalised the licencing regime;
  • We have increased the validity period of defence industrial licences up to eighteen years from three years;
  • We have taken almost 60% of the defence items out of the licensing process and liberalised a number of restrictions like end-use certificate for the exports
  • We have clearly articulated that we will not resort to retrospective taxation
  • and we demonstrated this position in a number of ways
  • We have introduced the concept of composite sector caps for the FPIs and other foreign investors.
  • We have notified the regulations for the Alternative Investment Funds and
  • We have rationalized the capital gains tax regime for Real Estate Investment Trusts
  • We have modified the Permanent Establishment norms;
  • We have also decided to defer the implementation of the General Anti-Avoidance Rules for two years;
  • We have introduced the GST Bill in parliament; we are hopeful to roll it out in 2016;
  • A new bankruptcy code and a new IPR policy is being drafted • The Company Law Tribunal is going to be formed soon.
  • Our system for transparent auction and allocation of key natural resources like coal, spectrum, and iron ore has now become stable.

 These are just a few examples. We are working hard to make sure that our tax regime is transparent and predictable.  We are also keen to see that genuine investors and honest tax payers get quick and fair decisions on tax matters.  To this objective we have already made a number of corrections.

As a result of our initiatives: 

  • The sentiments for inflow of foreign investment are turning into commitments;
  • FDI inflows have gone up by 40% compared with previous year’s corresponding period.
  • Perceptions are turning into positive outcome-
  • We have jumped 12 ranks in the latest ranking by the World Bank on ease of doing business.
  • India climbs to become the world's 7th most valued nation brand with a 32% sprint in brand value.
  • India has consistently been ranked as the most attractive investment destination by several agencies and institutions.
  • India has also improved its UNCTAD ranking of investment attractiveness. We were 15th place so far. Now we are at 9th place.
  • India has also jumped 16 places on the World Economic Forum’s global competitive index.
  • MOODY’s have upgraded the rating of India as positive.

Thus, just in eighteen months, we have successfully restored the credibility of India in the eyes of global players. As soon as my government took over, we started liberalizing the FDI regime alongwith other reforms. We allowed 100% FDI in railways and enhanced the FDI limit to 49% in Defence and Insurance. We are also conscious of the last mile operational issues in such policies. In that spirit, we are finetuning the procedures also. Early this month, we have taken very dynamic steps to further open up the economy for FDI.

With this last round of reforms: 

  • India is among the most open economies for FDI.
  • Some new sectors have been fully opened for FDI
  • For most of the sectors, FDI clearances are now on automatic route
  • In addition to Greenfield areas, many sectors can freely absorb FDI in Brownfield projects. This includes Roads, construction and medical devices.
  • Entry and exit conditions have been greatly relaxed for FDI

Friends! We are keen to scale up investments in next generation infrastructure including digital networks and clean energy. In addition to the core infrastructure, we are keen to invest in our social, industrial and agri-infrastructure to give better income and quality of life to our people.

With tight control over expenditure, we have greatly increased capital investment by the public sector. To leverage this, we are setting up National Investment and Infrastructure Fund.  We are also coming up with Tax Free Infrastructure Bonds with a view to broaden the corporate bond market. This will also provide long term finance for infrastructure. For infrastructure, we have also decided to launch Rupee Bonds in some countries. Singapore could be among them. We are quite eager to work with Singapore in this regard.

Friends! About 800 million people in India are below the age of 35 years. Their aspirations, energy, enterprise and skills will be the force for India's economic transformation. But the immediate challenge is to productively employ the youth. For meeting this challenge, we need to provide a huge push to manufacturing which has stagnated at around 16% of the GDP for several decades. This share must reach around 25% in the short and medium term. With this in view, we have launched the “Make in India”  initiative. We are working on all fronts to make India a global manufacturing hub. We are creating the global skill pool to establish a modern economy with a world class manufacturing sector.

 To achieve these objectives, apart from vigorous exercise for ease of doing business, we have fast tracked approvals and clearances for industry and infrastructure. The hall mark of our strategy is Good Governance which is Participative and Policy Driven.

 Through PPP, we are encouraging private investments in areas where earlier only government used to invest. We are also divesting our stake in the public sector enterprises, to instill market discipline. We are consistently working to integrate our economy with the rest of the world. I hope to further dedicate the next three months to address even the remotest issues affecting free flow of capital and business to India.

 Friends! Whatever we are doing; it is driven by two basic commitments: One is that our people should be in the center. It is for them that we want investments. Our faster growth will transform lives of one sixth of global community.

 The second commitment is towards our climate, our planet, our Nature. Our commitment to mitigate the dangers of climate change do not arise from Economics or Politics. They also do not arise from Fear or Favour. They arise from our fundamental belief that nature is our Mother. Nature provides and sustains our life; hence we must nurture it. It is an article of faith. I assure the Global community that we will do more than required. We will stretch ourselves to do more than what we can normally do.

   Both these commitments generate a wave of economic opportunities and activities which cannot be matched by any other country. They also open up enormous opportunities for investors.

   To sum up; I would like to say that In the last eighteen months, 

  •  Reforms are happening in a big way. They are now reaching to the last mile;
  •  Reform is to Transform the systems so that they Perform;
  •  Simply put, they aim at enabling the people to realise their potentials and dreams;
  •  Putting even more simply, it means more charm on the faces and less forms in offices;
  •  In addition, new frontiers and Deeper Foundations for financial markets have been laid;
  •  All together, Runways for take –off of the economy have been made.

 Recently, the IMF chief has said that India is a bright spot in the Global economy. I did not want to wait for that brightness to reach to you on its own.

 Hence, I am here.

I am here to invite you to India in a bigger way.

I have also come to assure you that I am there to carefully hold your hands.

Thank you! Very much, thank you.

Topics

Acts Income Tax