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    August 22, 2026
    Canada will impose retaliatory tariffs on US goods beginning Sept 8 as trade negotiations collapse
    August 22, 2026
    Trade war between Canada, US deepens rupture in what had been close and durable alliance
    August 22, 2026
    Canada will impose retaliatory tariffs on US good beginning Sept 8
    August 22, 2026
    J-K parties oppose hike in power tarrif
    August 22, 2026
    IAS officer Gangwar not ‘missing’, away in UP over father’s health: Karnataka minister
    August 22, 2026
    J-K Dy CM terms ED case against his brother 'selective targeting'
    August 22, 2026
    T'gana HC CJ calls for timely, expert dispute resolution in telecom, broadcasting, airport sectors
    August 22, 2026
    Latur CA booked for issuing certificates to facilitate remittance of hundreds of crores abroad
    August 22, 2026
    Stock Market for Beginners: How to Start Investing Without Feeling Overwhelmed
    August 22, 2026
    CGST Zone detects clandestine pan masala, tobacco unit, detects tax evasion of Rs 160 cr
    August 22, 2026
    Korea Industry Expo (KoINDEX) 2026 Opens at Yashobhoomi on 27 August
    August 22, 2026
    Protection in predicate offence doesn't automatically extend to PMLA case: Delhi HC
    August 22, 2026
    DFS Concludes Two-Day Workshop on Enhancing Accessibility of Financial Services for Divyangjans
    August 22, 2026
    National Financial Reporting Authority (NFRA) conducts sixth outreach programmes with focus on small and medium auditors under the theme “Creating a...
    August 22, 2026
    CCI imposes monetary and non-monetary sanctions on Agro Input Dealers Association, Agro Input Welfare Association for indulging in anti-competitive co...
    August 22, 2026
    India-Finland cooperation takes centre stage at circular economy forum
    August 22, 2026
    CCI imposes penalty on Rekha Agencies and SS Marketing for indulging in anti-competitive conduct in respect of Himachal Pradesh Tender 2013 for the pr...
    August 22, 2026
    US is set to impose 50% tariffs on $20 billion worth of Canadian products
    August 21, 2026
    Rupee settles 3 paise higher at 95.71 against US dollar
    August 21, 2026
    29 FDI Investments Worth ₹4,895.65 Crore Reported Under Revised Framework
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    August 22, 2026
    Canada will impose retaliatory tariffs on US goods beginning Sept 8 as trade negotiations collapse
    Show AI Summary
    Retaliatory tariffs escalate trade restrictions as historic tariff authority enables duties without prior investigation or a prescribed duration.
    Retaliatory tariffs are set to escalate bilateral trade restrictions after the United States imposed tariffs of up to 50 per cent on specified Canadian imports. Canada proposes dollar-for-dollar countermeasures covering sectors including steel, dairy, appliances, agricultural equipment, pulp and paper and electronics. Section 338 of the Tariff Act of 1930 is invoked as the legal basis for the United States measures, permitting presidential import duties up to 50 per cent without a prior investigation or prescribed maximum duration. Escalation creates uncertainty for supply chains and renewal of the United States-Mexico-Canada Agreement.
    August 22, 2026
    Trade war between Canada, US deepens rupture in what had been close and durable alliance
    Show AI Summary
    Reciprocal tariffs reshape Canada-United States trade relations, increasing supply-chain risks and accelerating Canadian trade diversification beyond its primary export market.
    Canada-United States trade relations are described as entering a confrontational phase after tariff negotiations collapsed. The United States imposed tariffs on specified Canadian goods, while Canada committed to reciprocal import taxes and suspended negotiations. The dispute marks a retreat from preferential market access and continental integration. Canada's export dependence on the United States may limit retaliation and increase risks to output, employment, investment and integrated supply chains. Trade diversification, non-United States investment and expanded Pacific export infrastructure are identified as responses to a potentially enduring protectionist bilateral relationship.
    August 22, 2026
    Canada will impose retaliatory tariffs on US good beginning Sept 8
    Show AI Summary
    Retaliatory tariffs on United States goods will target key sectors after trade negotiations failed and reciprocal tariff relief was unavailable.
    Retaliatory tariffs on United States goods will take effect from 8 September in response to United States tariffs on Canadian products and unsuccessful negotiations. The dollar-for-dollar measures will cover steel, dairy, appliances, agricultural equipment, pulp and paper, and electronics, with product-specific details to follow. Canada had been willing to remove certain retaliatory tariffs if corresponding United States tariffs were substantially reduced, but considered the final demands unacceptable.
    August 22, 2026
    J-K parties oppose hike in power tarrif
    Show AI Summary
    Power tariff revision faces political opposition over increased consumer electricity costs and conflict with prior free-electricity commitments.
    Power tariff regulation in Jammu and Kashmir and Ladakh has been revised through approval of an average tariff increase, effective from 1 September 2026. Political representatives have opposed the increase on the ground that it adds to consumer hardship amid unemployment, inflation, and sectoral difficulties. The criticism also contrasts the revised tariff with prior commitments concerning free domestic electricity and gas.
    August 22, 2026
    IAS officer Gangwar not ‘missing’, away in UP over father’s health: Karnataka minister
    Show AI Summary
    Recruitment examination integrity prompted enforcement scrutiny and proposed disciplinary inquiry, while an officer's absence was attributed to family emergency.
    Reported absence of an IAS officer was attributed to a family medical emergency and a pending leave request, rather than enforcement searches concerning an alleged recruitment-examination scam. The officer denied any connection with those searches and expressed willingness to face an inquiry. Enforcement searches at the Karnataka Public Service Commission concerned a money-laundering investigation into alleged recruitment irregularities. The State Cabinet decided to advise suspension of the commission chairperson and initiation of an inquiry after an earlier suspension was set aside for lacking the Cabinet's aid and advice.
    August 22, 2026
    J-K Dy CM terms ED case against his brother 'selective targeting'
    Show AI Summary
    Money-laundering and benami asset allegations prompt enforcement proceedings, while the accused officer's brother calls the action selective targeting.
    Enforcement proceedings under the Prevention of Money Laundering Act concern allegations that suspended police officer Vijay Choudhary managed numerous assets through benami transactions and engaged in money laundering. An Anti-Corruption Bureau FIR had already been registered in relation to the allegations. Surinder Choudhary characterised the action as selective targeting but maintained that investigating agencies and the judiciary should address and decide matters concerning his family.
    August 22, 2026
    T'gana HC CJ calls for timely, expert dispute resolution in telecom, broadcasting, airport sectors
    Show AI Summary
    Specialised dispute resolution requires technical expertise, timely proceedings, mediation support, and human oversight to safeguard natural justice.
    Specialised, timely and effective dispute-resolution mechanisms are necessary for technically complex disputes in telecom, broadcasting, airport tariffs and cyber sectors. Technology may assist legal reasoning but cannot replace judicial reasoning, requiring verification, professional responsibility and meaningful human oversight. Effective specialised adjudication should combine domain expertise with judicial discipline, respond to technical complexity, and protect natural justice, transparency and reasoned decision-making. Mediation and other consensual mechanisms can support dispute resolution.
    August 22, 2026
    Latur CA booked for issuing certificates to facilitate remittance of hundreds of crores abroad
    Show AI Summary
    Form 15CB certification faces scrutiny where inadequate verification allegedly enables foreign remittances through shell companies and false certificates.
    Alleged misuse of Form 15CB certification has resulted in criminal proceedings concerning certificates issued for foreign remittances without verification of underlying documents. Form 15CB requires certification of applicable taxability and tax-deduction particulars for specified remittances to non-residents before processing by an authorised dealer. The allegations concern certificates that potentially enabled cross-border transfers through shell or non-existent companies, involving cheating, false certification, false evidence and common intention.
    August 22, 2026
    Stock Market for Beginners: How to Start Investing Without Feeling Overwhelmed
    Show AI Summary
    Beginner stock market investing requires regulated accounts, risk-aware financial planning, diversification and informed company assessment before purchasing securities.
    Beginner stock market investing requires a bank account, a trading or broking account with a SEBI-registered broker, and a Demat account for electronic holding of securities. Investments involve risk of loss and should align with financial goals, time horizon and loss-bearing capacity. Investors should understand primary and secondary markets, distinguish long-term investing from short-term trading, assess companies before purchase, diversify holdings, consider charges, maintain records and avoid borrowed-money investing, rumours and momentum-driven decisions.
    August 22, 2026
    CGST Zone detects clandestine pan masala, tobacco unit, detects tax evasion of Rs 160 cr
    Show AI Summary
    Capacity-based tobacco taxation targets undeclared packing machinery used for clandestine production and clearance without indirect tax payment.
    Clandestine manufacture and clearance of pan masala, scented jarda and tobacco products without registration or payment of GST, HSNS Cess and central excise duty was detected through an intelligence-led search. Undeclared Form-Fill-Seal packing machines, workers, finished goods, raw materials, transport vehicles, packing materials and records indicated unaccounted production and clearance. Capacity-based monthly HSNS Cess for pan masala is computed according to the number, type and capacity of installed packing machines, while a corresponding capacity-based central excise levy applies to chewing tobacco, jarda and gutkha.
    August 22, 2026
    Korea Industry Expo (KoINDEX) 2026 Opens at Yashobhoomi on 27 August
    Show AI Summary
    Trade exhibition connects Korean exporters with Indian buyers through sector-specific consultations and certification guidance for market entry.
    KoINDEX 2026 is a business-to-business trade exhibition bringing Korean manufacturers and exporters together with buyers in India and South Asia. It focuses on beauty and personal-care products, processed and functional foods, and construction, building and safety products. Commercial engagement includes pre-matched export consultations with project owners, contractors, distributors, wholesalers, e-commerce platforms and food distribution businesses. A seminar addresses Bureau of Indian Standards certification and market-entry requirements for Korean products entering the Indian market.
    August 22, 2026
    Protection in predicate offence doesn't automatically extend to PMLA case: Delhi HC
    Show AI Summary
    Independent PMLA proceedings require separate anticipatory bail assessment; predicate-offence protection alone cannot establish pre-arrest protection.
    Protection in a predicate-offence FIR does not automatically extend to independent PMLA proceedings. Anticipatory bail in a money-laundering investigation must be assessed under the applicable PMLA condition and on the material connecting the applicant to alleged proceeds of crime. Relevant considerations include the financial trail, recorded statements, bank-account analysis, compliance with summonses, cooperation with inquiry, and the need for personal participation in evidence collection and confrontation with documentary and digital material.
    August 22, 2026
    DFS Concludes Two-Day Workshop on Enhancing Accessibility of Financial Services for Divyangjans
    Show AI Summary
    Financial accessibility for Divyangjans requires compliance standards, practical implementation measures and stronger institutional capacity across financial services.
    Accessibility of financial services for Divyangjans was examined through a workshop focused on public sector banks, insurance companies, regulators and public financial institutions. Discussions covered accessibility standards, compliance requirements, legal provisions, practical implementation challenges and institutional best practices under the Sugamya Bharat initiative. Participants considered operational measures to strengthen institutional capacity, inclusivity and equitable access to financial services.
    August 22, 2026
    National Financial Reporting Authority (NFRA) conducts sixth outreach programmes with focus on small and medium auditors under the theme “Creating a Better Financial Reporting Ecosystem” in Ahmedabad
    Show AI Summary
    Audit quality enhancement for small and medium auditors emphasises technology, global standards, inspection insights and stronger financial reporting.
    Audit quality and financial reporting reliability were the focus of NFRA's outreach programme for small and medium audit firms. The programme promoted professional capacity-building, alignment with contemporary global standards, adoption of appropriate audit technology, and the public-interest role of the accountancy profession. Technical sessions covered audit strategy documentation, risks of material misstatement, and practical lessons from audit-firm oversight to support improved day-to-day audit practice and high-quality financial reporting.
    August 22, 2026
    CCI imposes monetary and non-monetary sanctions on Agro Input Dealers Association, Agro Input Welfare Association for indulging in anti-competitive conduct
    Show AI Summary
    Cartelisation by agro-input dealer associations attracted monetary sanctions, cease-and-desist directions, and mandatory competition-compliance training for responsible officials.
    Cartelisation by the two agro-input dealer associations and named individuals contravened Section 3(3)(b) read with Section 3(1) of the Competition Act, 2002. Monetary sanctions were imposed, and association office-bearers were held liable under Section 48. The parties and liable officials were directed to cease and desist from future anti-competitive conduct and to organise competition-compliance training to promote awareness and compliance within the associations.
    August 22, 2026
    India-Finland cooperation takes centre stage at circular economy forum
    Show AI Summary
    Circular economy partnerships promote resilient value chains, resource efficiency and sustainable growth alongside evolving India-EU trade integration.
    India-Finland circular economy cooperation is being developed through business, technology, investment and commercial partnerships supporting resource-efficient and sustainable growth. Discussions focused on competitive and resilient value chains based on circularity, traceability, resource efficiency and sustainable business practices. Circular economy principles extend beyond waste management into product design, value chains, resource use, skills development and new business models. The India-EU free trade agreement remains subject to legal review and formal ratification and is not yet in force.
    August 22, 2026
    CCI imposes penalty on Rekha Agencies and SS Marketing for indulging in anti-competitive conduct in respect of Himachal Pradesh Tender 2013 for the procurement of tyres
    Show AI Summary
    Bid rigging through pre-bid exchange of sensitive price information attracted penalties and cease-and-desist directions in tyre procurement.
    Bid rigging in tyre procurement was established where Rekha Agencies and SS Marketing exchanged commercially sensitive price-bid information before submitting bids for the Himachal Pradesh Tender 2013. The concerted conduct contravened the prohibition on anti-competitive agreements and bid rigging. Monetary penalties and cease-and-desist directions were imposed on both enterprises. An official of Rekha Agencies was also penalised for liability arising from the contravention, while proceedings against the official of SS Marketing stood abated following his death.
    August 22, 2026
    US is set to impose 50% tariffs on $20 billion worth of Canadian products
    Show AI Summary
    Import tariffs on Canadian products trigger potential retaliatory levies after bilateral negotiations fail to reach agreement.
    Import tariffs on Canadian products are set to be imposed by the United States at a 50% rate after bilateral negotiations did not produce an agreement. The measures cover products including hockey sticks and tongue depressors and affect a limited share of Canada's annual exports to the United States. Canada has indicated possible retaliatory levies, intensifying the bilateral trade dispute.
    August 21, 2026
    Rupee settles 3 paise higher at 95.71 against US dollar
    Show AI Summary
    Rupee exchange-rate movement reflected geopolitical tensions, crude oil conditions and market intervention, while export payment rules expanded rupee invoicing.
    Foreign Trade Policy amendments facilitate export invoicing and receipt of payments in Indian rupees. For exports to countries outside the Asian Clearing Union, export contracts and invoices may be denominated in Indian rupees or any foreign currency. The earlier general requirement that export earnings be received in a freely convertible currency is thereby eased, while applicable rules continue to vary according to destination.
    August 21, 2026
    29 FDI Investments Worth ₹4,895.65 Crore Reported Under Revised Framework
    Show AI Summary
    Non-controlling land-bordering country ownership permits eligible foreign investment through the automatic route, subject to sectoral conditions and reporting.
    Foreign direct investment may use the automatic route where non-controlling beneficial ownership from a land-bordering country in the investor entity does not exceed 10%, subject to sectoral caps, entry routes and other applicable conditions. The beneficial ownership test applies at the investor-entity level. Eligible investors need not obtain separate prior Government approval after reporting relevant information to the Government. The framework replaces the earlier approval requirement applicable even to minimal beneficial ownership from land-bordering countries.

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      Home› news › Income Tax › 2016 › September, 2016 › This
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      Income Tax

      Direct Tax Collections up to August, 2016 show an Increase of 15.03% over the net collections for the corresponding period last year; Till August 2016, 22.30% of the Budget Estimates of direct taxes for Financial Year 2016-17 has been achieved.

      September 12, 2016

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      Press Information Bureau

      Government of India

      Ministry of Finance

      12-September-2016 12:08 IST

      The figures for Direct Tax Collections up to August, 2016 show that net revenue collections are at ₹ 1.89 lakh crore which is 15.03% more than the net collections for the corresponding period last year. Till August 2016, 22.30% of the Budget Estimates of direct taxes for Financial Year 2016-17 has been achieved.

      As regards the growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT), in terms of gross revenue collections, the growth rate under CIT is 11.55% while that under PIT (including STT etc.) is 24.06%. However, after adjusting for refunds, the net growth in CIT collections is (-)1.89% while that in PIT collections is 31.76%. Refunds amounting to ₹ 77,080 crore have been issued during April-August, 2016, which is 22.18% higher than the refunds issued during the corresponding period last year.

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