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    NCLT bars Subhash Chandra from selling assets as lenders challenge Rs 6.5 cr settlement
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September 1, 2026
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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.
August 31, 2026
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Personal insolvency repayment plans raise unresolved questions on dissenting creditors' rights and uniform extinguishment of claims.
Personal insolvency proceedings were referred for fresh adjudication because no majority emerged on the repayment plan. The Technical Member rejected the plan; the Judicial Member confined it to consenting creditors while preserving dissentents' recovery rights; and the Third Member approved it with uniform extinguishment of all creditors' claims. The dispute concerns whether creditor approval under section 115(1) binds dissenting creditors, the effect of section 79(2)(g), and the Adjudicating Authority's power to examine the Resolution Professional's creditors' meeting report.
August 31, 2026
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Rupee exchange-rate support through suspected intervention and FCNR(B) inflows offset pressure from dollar strength and higher crude prices.
Rupee exchange-rate movement reflected a recovery from early losses to close stronger against the US dollar, amid market expectations of Reserve Bank of India support at lower trading levels. Pressure arose from higher US Treasury yields, possible US rate-hike expectations and a broad dollar rally. Suspected intervention, FCNR(B)-related foreign-currency flows and the special USD-INR forex swap facility supported sentiment, while rising crude prices, geopolitical supply risks and foreign institutional equity outflows remained adverse factors.
August 31, 2026
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Income-tax return filing for non-audit business and professional taxpayers closes at midnight, requiring use of applicable forms.
Income-tax return filing for Assessment Year 2026-27 reaches its due date on 31 August 2026 for taxpayers having business or professional income who are not subject to audit. Such taxpayers may file the applicable ITR-3, ITR-4, ITR-5 or ITR-7. ITR-3 applies to individuals and Hindu Undivided Families with proprietary business or professional income, ITR-4 to small and medium taxpayers, and ITR-5 to firms, limited liability partnerships and cooperative societies.
August 31, 2026
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Monthly fiscal accounts track receipt composition, expenditure allocation, tax devolution, interest payments, and major subsidy outgo through July.
Union Government monthly accounts through July 2026 record total receipts comprising net tax revenue, non-tax revenue and non-debt capital receipts, with tax devolution transferred to State Governments. Total expenditure is divided between revenue and capital expenditure. Revenue expenditure includes interest payments and major subsidies.
August 31, 2026
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Personal guarantor insolvency distinguishes guarantee liability from borrower debt while creditor voting challenges question repayment-plan approval.
Personal insolvency proceedings concerning personal guarantees distinguish a guarantor's liability from the underlying borrowing entities' debts. Claims against the guarantor arise from guarantees furnished for loans obtained by Essel Group-associated entities, while the borrowers' repayment obligations remain enforceable and creditors may pursue corporate assets and securities. Dissenting lenders have challenged the resolution-plan voting process, alleging that family-linked associates or related parties should have been excluded from committee of creditors voting.
August 31, 2026
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National accounts revisions align GDP and sectoral estimates with updated price, production and banking service indicators.
National Accounts Statistics-2026 incorporates updated Producer Price Index, Index of Industrial Production and Banking Services Price Index series with base year 2022-23 into annual and quarterly GDP estimates. The revised indicators expand coverage, update weights and improve price mapping for national-account activities. GDP and gross value added estimates from 2022-23 onwards are revised at current and constant prices, with sector-specific effects in mining and quarrying, manufacturing, trade services, general government and departmental enterprises. Supply and Use Tables for 2022-23 and 2023-24 are also updated.
August 31, 2026
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Trade facilitation and pharmaceutical market access advance through regulatory cooperation, preferential trade modernisation, and reciprocal agricultural access.
India and Brazil are advancing bilateral trade, investment and economic cooperation through a diversified partnership focused on pharmaceuticals, chemicals, engineering goods and machinery. India-MERCOSUR engagement is being pursued through early finalisation of Terms of Reference for expansion and modernisation of the Preferential Trade Agreement. Pharmaceutical market access is supported by regulatory cooperation under the CDSCO-ANVISA MoU. Agricultural trade facilitation includes phytosanitary processes, reciprocal market access work and mutual recognition of Electronic Certificates of Origin, alongside multilateral coordination through BRICS, the G20 and the WTO.
August 31, 2026
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Cross-border UPI merchant acceptance enables Indian travellers to make UZQR payments at merchants throughout Uzbekistan.
Cross-border UPI merchant acceptance in Uzbekistan allows Indian travellers to make instant person-to-merchant payments through UPI-enabled applications by scanning the interoperable UZQR code. Integration with the Unified National QR infrastructure extends acceptance across retail, hospitality and service merchants. Regulatory approvals support HUMO's role as NIPL's authorised partner for cross-border merchant acceptance, reducing reliance on international cards and cash.
August 31, 2026
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Mobile-first aviation education supports accessible, self-paced certification-led learning and career awareness across aviation roles and geographic locations.
Flymore Aviation LLP operates a mobile-first aviation learning platform intended to make specialised aviation education more accessible and affordable for aspiring pilots, cabin crew and other aviation-sector professionals. The app provides structured, self-paced aviation courses aimed at building industry knowledge, supporting certification-led skill development, improving career awareness and assisting employment readiness across aviation functions. Course delivery through a digital platform is positioned as an alternative to location-dependent and high-cost classroom training.

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"Rajswa Gyansangam- Annual Conference of Tax Administrators-2016”concludes; Major Take Aways from two day “Annual Conference of Tax Administrators-2016” include further improvement in Tax Payers Services by use of technology and increased human touch; widening of tax base and faster dispute resolution among others

June 18, 2016

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The two day "Rajswa Gyansangam- Annual Conference of Tax Administrators-2016” concluded here yesterday. "Rajswa Gyansangam” was held in national capital on 16th & 17th June, 2016.It was inaugurated by the Prime Minister Shri Narendra Modi in the morning on 16th June,2016 and marked a new height in the generation of innovative ideas and opened new frontiers for the tax administrators. The Prime Minister Shri Modi stressed that facilitation should be the core of the tax ecosystem and the fear of the law rather than the law enforcer should be the maxim on which tax administrators should work. While acknowledging the significant role of revenue collection in the growth and development of the country, he exalted the revenue officers to achieve high standards in taxpayer friendly services towards compliant tax payers. At the same time, Prime Minister asked them to knock on the doors of the non-tax payers so as to increase the number of taxpayers. He asked the Income Tax Department to widen the tax base and take suitable action against the non-filers and tax evaders.

The Prime Minister Shri Narendra Modi emphasised that “RAPID” (Revenue, Accountability, Probity, Information, Digitisation) should become the cornerstone of tax architecture.

Later, the Union Finance Minister, Shri Arun Jaitley also interacted extensively with the officers of the two Boards during two separate Sessions on 16th June, 2016. He highlighted the fact that the Indian economy is in a transformational phase and emphasised the need to take advantage of the global changes that are reshaping the world economy. He further stressed that India is bound to become a major manufacturing hub of the world ; in this regard, reforms such as “GST” and a modern non adversarial tax regimen are crucial to catapult the share of manufacturing sector to 25% of GDP. The Minister of State for Finance, Shri Jayant Sinha delivered the valedictory address on the evening of 17th June, 2016.

A joint session of CBDT and CBEC was addressed by renowned novelist Chetan Bhagat on “Taxing with Love”. He suggested that the tax departments should treat the tax payers as its “customers” and a tax paying culture should be inculcated in the country by honouring the top taxpayers. He also gave certain practical solutions for simplification of forms and user friendly website.

Separate Technical sessions were held by the Central Board of Direct Taxes (CBDT) & Central Board of Excise & Customs (CBEC). The Technical Sessions of CBDT over the two day period covered wide ranging subjects like Tax Payer Services, New Initiatives in E- Governance, Exchange of Information with foreign jurisdictions, Investigation into Undisclosed Foreign Assets, Income Declaration Scheme 2016, Litigation Management & Dispute Resolution, Scheme for Paperless Assessments, Promoting Accountability & Service Orientation etc.

On the CBEC side, the deliberations covered subjects like analysis of revenue trends, update on GST, strategy to mitigate litigation, expansion of digital footprint, facilitation of trade, impact of WTO TFA and standardization of processes and dissemination of knowledge to officers at the cutting edge.

The CBEC also conducted a taxpayer survey in association with FICCI/KPMG which was released. The survey brought-out several specific suggestions; significantly it also revealed that 72% of the respondents felt a perceptible change in the policies of CBEC.

A Panel discussion was conducted where Chairman, Quality Council of India Sh. Adil Zainulbhai, Ms. Rama Bijapurkar, Market Analyst and Ms.Shalini Narayan, Social media expert discussed the ways and means to improve the brand image of Customs and Excise Department, wherein the need for the department to “walk the talk” and engage with the stakeholders through use of social media was stressed.

The Conference was extremely productive. The take-aways from the Conference on the CBEC side are:-

  • Need for preparation for roll-out of GST with focus on IT and increased capacity building through training of officers.
  • Need to focus on Dispute Resolution: Identify 20 topmost litigated issues and examine from policy perspective whether any intervention is required.
  • Review powers of adjudication & enhance them for speedier disposal of adjudication
  • Issuance of a master circular – review allexisting circulars in the Central Excise , rescindredundant ones and finalise one comprehensive circular.
  • The Customs Single Window to develop Integrated Risk management System combining the risk parameters of participating Government agencies to aid in faster Custom clearances.
  • Strengthen Authorised Economic Operator (AEO) scheme and target to bring 1000 AEO from current 31. This should significantly improve ease of doing business
  • Simplification of procedures for write off of tax arrears
  • Publication of details of cases which have been withdrawn.( This is in terms of FICCI/KPMG survey. )
  • Replication of Good practices of the various field formations throughout the country.
  • Dedicated attention on augmentation of infrastructure for the tax payer and tax administrators.
  • Examine the findings of FICCI-KPMG survey for suitable policy changes.
  • Focus on at least two infrastructural residential projects to meet the needs of young officers -Dwarka in New Delhi and CIDCO flats in Mumbai

On the CBDT side, the following action points were identified:

  • Organizing the jurisdictions in the Department on functional lines along with periodic performance review by supervisory officers.
  • Further consultations with field officers to prescribe roles and responsibilities at all levels.
  • Reduce litigation and provide alternative dispute resolution mechanisms.
  • Examine the language of the communications from CPC on processing to make them enhance easy comprehension and avoid unnecessary appeals.
  • Creating a “Litigation Management Corner” on website of all Pr. CCsIT to provide information on High Court orders to avoid filing of appeal on settled issues in High Court.
  • Increase voluntary acceptance of paperless assessment, by pro-active engagement with all stakeholders through advertising and awareness campaigns including through the departmental website.
  • Upgradation of infrastructure like computers, scanners, Wifi, etc for assessing officers.
  • The Pr.CCsIT to ensure that all their assessing officers are allotted dedicated and secure official email account by 30.06.2016 for communication with the taxpayers for e-assessment.
  • E-assessments will be fast-tracked as an incentive to the taxpayers to opt for e-assessment.
  • The Pr. CCsIT to send construction proposals for 57 vacant lands in their jurisdictions within three months to address the shortage of space. Proposals for purchase of ready-build office/ residential space may also be expedited.
  • Donating surplus old steel almirahs to schools/ colleges will be examined by the Board on reference made by Pr. CCsIT.

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Acts Income Tax