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    Net direct tax collection rises 13 pc to Rs 12.12 lakh cr till Sept 17 on higher advance tax mop-up
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September 18, 2026
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Direct tax collections reflect stronger advance tax payments, alongside increased corporate tax, securities transaction tax, and refund issuance.
Net direct-tax collections exceeded Rs 12.12 lakh crore through 17 September, reflecting 13 per cent growth following increased advance-tax receipts. Gross direct-tax collections exceeded Rs 14.32 lakh crore, while refunds exceeded Rs 2.20 lakh crore. Corporate-tax and non-corporate tax collections increased, as did Securities Transaction Tax collections. Advance-tax receipts exceeded Rs 5.22 lakh crore, comprising increased corporate advance tax and non-corporate advance tax payments.
September 18, 2026
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Upper-layer NBFC listing compliance sharpens corporate governance conflict over public accountability, shareholder liquidity, and preservation of private ownership.
Tata Sons' status as an upper-layer non-banking financial company has brought its proposed public listing into focus after the Reserve Bank of India rejected its application to voluntarily surrender core investment company registration. Tata Sons is required to take steps to comply with the enhanced regulatory framework applicable to upper-layer NBFCs, which includes stock-market listing. Classified in 2022, Tata Sons did not meet the original listing deadline and had pursued deregistration after repaying debt.
September 18, 2026
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Upper-layer NBFC compliance places Tata Sons on a listing-oriented path emphasising transparency, governance, shareholder visibility, and philanthropic continuity.
Reserve Bank of India rejection of Tata Sons' application to surrender its core investment company registration requires compliance with the upper-layer non-banking financial company regulatory framework. The resulting regulatory path is associated with public listing. Shapoor Mistry supports listing as a means to enhance transparency, shareholder visibility, and corporate governance accountability, while potentially clarifying the holding company's value and supporting a durable flow of value towards charitable activities without compromising Tata's philanthropic mission.
September 18, 2026
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Duty-free market access will cover all covered exports upon entry into force under the bilateral free trade agreement.
Upon entry into force, the India-New Zealand Free Trade Agreement grants duty-free access in New Zealand for 100 per cent of Indian exports, including textiles and apparel, leather and footwear, engineering goods, pharmaceuticals, agriculture, and processed food products. It also provides enhanced preferential access to the Indian market for specified New Zealand exports. The Agreement further covers services, investment, professional, student and youth mobility, and cooperation in agricultural productivity, pharmaceuticals and medical devices, traditional medicine and AYUSH, technology, and trade facilitation.
September 18, 2026
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Competition clearance for additional shareholding acquisition facilitates increased investment in Azure Power's renewable energy business by OMERS Infrastructure.
Competition approval has been granted for a proposed combination involving OMERS Infrastructure Asia Holdings Pte. Ltd.'s acquisition of certain additional shareholding in Azure Power Global Limited from CDPQ Infrastructures Asia Pte. Ltd. Azure Power Global Limited is the parent entity of the Azure group, which establishes and operates renewable energy plants and sells solar power in India.
September 18, 2026
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Competition approval for interconnected acquisitions enables shared equity acquisition in Great White and sole control acquisition in ITVIS.
Competition-law approval covers an interconnected combination involving acquisition of 50% of Great White Global Private Limited's issued and paid-up equity share capital by EAAA Acquiring Entities and the Continuing Promoter group, through inter-connected steps using an acquisition special purpose vehicle that will merge into Great White. The combination also includes Mr. Mehul Shah's acquisition of sole control over ITVIS Innovations Private Limited.
September 18, 2026
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Competition approval for acquiring three Royals franchises covers cross-border professional cricket franchise ownership interests and related transaction arrangements.
Competition Commission of India granted competition approval for the proposed combination involving Westview Cricket Limited and Poonawalla Sports and Fitness Private Limited acquiring the Rajasthan Royals, Paarl Royals and Barbados Royals professional cricket franchises. The franchises operate respectively in India, South Africa and Barbados, with Rajasthan Royals participating in the Indian Premier League T20 cricket tournament organised by the Board of Control for Cricket in India.
September 17, 2026
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Sanctions bill permits punitive tariffs on oil and gas trading partners, raising energy-market and bilateral relationship concerns.
United States sanctions bill concerning Russia would authorize the President to impose sanctions on Russia and punitive tariffs of up to 100 per cent on nations importing Russian crude oil. The tariff mechanism may affect oil and gas trading partners, bilateral relations and global energy markets, with concern expressed over its implications for energy trade.
September 17, 2026
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Secondary sanctions on Russian energy trade could expose major crude importers to punitive tariffs and economic pressure.
Congressional legislation targeting Russia and Iran would authorise sanctions against Russia's leadership, energy sector, and vessels facilitating evasion of oil-delivery restrictions. It would also permit punitive tariffs of up to 100 per cent on leading trading partners continuing to import Russian oil and gas. India has identified possible effects on bilateral economic relations and the international energy market, while maintaining that diversified sourcing is necessary for energy security and that its trade and economic interests will be protected.
September 17, 2026
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Trust-nominated director consent shapes the contested chairmanship reappointment as regulatory classification renews pressure to consider a stock-market listing.
Validity of the reappointment is therefore contested under the company's internal governance framework despite the majority board vote, and the appointment is expected to be considered for ratification at the annual general meeting. The dispute also concerns the distinction between shareholder influence and directors' decision-making duties. A Trust sought to direct its nominee director to oppose a listing, but the director declined on the basis of independent director duties.
September 17, 2026
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Selective capital reduction offers a proposed shareholder-liquidity route while preserving private-company status, subject to valuation and approval scrutiny.
Tata Trusts has placed before the Tata Sons board a framework for the Shapoorji Pallonji Group to monetise part of its Tata Sons shareholding without requiring a public listing. The transaction would be valued under Rule 11UA principles, completed in two tranches over 18 months, and require Tata Sons to commence a selective capital reduction process before the National Company Law Tribunal. Completion remains contingent on financing capacity, regulatory and tribunal approvals, and scrutiny of valuation, shareholder treatment, and the legal validity of the capital-reduction structure.
September 17, 2026
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Board chair reappointment validity turns on mandatory nominee-director approval, amid separate listing-compliance and succession disputes.
Tata Sons' board reappointed its executive chairman by majority vote, but Tata Trusts contend that the resolution is void under the Articles of Association because both Trust-nominated directors must approve a chairmanship resolution. The dispute also concerns the effect of the chairman's earlier decision to step aside, an ongoing successor-selection process, and uncertainty over a nominee director's status following a failed general meeting. Separately, the rejection of Tata Sons' deregistration request has revived questions over compliance with the listing requirement applicable to an upper-layer non-banking financial company.
September 17, 2026
Show AI Summary
Deep-sea fishing access supports export-oriented harvesting of high-value species, with foreign-port high-seas landings recognised as exports.
Deep-sea fishing policy promotes expansion of fishing operations within India's Exclusive Economic Zone (EEZ) and on the high seas to increase fisherfolk income through exports of high-value species. High-seas catch classification has been altered so that fish caught on the high seas and offloaded at a foreign port are treated as exports rather than imports.
September 17, 2026
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Merchant discount rate on eligible UPI payments places charges on merchants while preserving consumer protections and small merchant exemptions.
Merchant Discount Rate at 0.4 per cent will apply from October 15 to person-to-merchant UPI payments above Rs 2,000, payable by merchants and subject to a cap for high-value transactions. Individual transfers and most everyday merchant payments remain free, while eligible small QR-code merchants are exempt. Essential-service payments and capital-market transactions receive separate fee treatment, and a portion of MDR collections will support small-merchant UPI adoption.
September 17, 2026
Show AI Summary
Board reappointment validity depends on shareholder-nominated director consent, directorship quorum concerns, and leadership continuity amid listing compliance.
Tata Sons' board approved by majority vote the Executive Chairman's reappointment for a further five-year term after he reconsidered an earlier decision not to seek renewal. Tata Trusts contest the validity of the resolution, maintaining that the Articles of Association require affirmative votes from both Trust-nominated directors and that a dissenting vote renders a chairmanship resolution legally void. They also cite the accepted succession process and unresolved directorship status arising from a general meeting lacking quorum.
September 17, 2026
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Buyer-seller engagement supports sourcing and export-market opportunities for tools and hardware businesses through an international trade fair.
International Hardware Fair India 2026 is scheduled for 23-25 October 2026 at Bharat Mandapam, New Delhi, as a trade platform for the tools and hardware sector. Organised by Koelnmesse in association with the Federation of Indian Export Organisations, it is intended to facilitate product discovery, sourcing activity and exploration of domestic and international markets. Its Reverse Buyer-Seller Meet will bring hosted international buyers together with Indian manufacturers and suppliers for direct discussions on product presentations, buyer requirements and export-market opportunities.
September 17, 2026
Show AI Summary
Financial services technology interoperability drives new card, digital banking and UPI platforms for banks, fintechs and consumers.
86400 has expanded its financial-services technology portfolio through CardsXT as a Service, a UPI app experience and IBMB, extending its activities across card-programme infrastructure, consumer-facing digital payments and digital banking. CardsXT is intended to let banks and fintechs build, launch and manage card programmes through an integrated offering, with flexibility to develop and scale card products while reducing card-lifecycle technology complexity. The UPI app experience provides a platform developed by 86400 for a more seamless consumer UPI payments experience.
September 17, 2026
Show AI Summary
Intergovernmental fiscal coordination will guide deliberations on macroeconomic priorities, agricultural transformation, energy transition, growth measurement, and technology-enabled governance.
The thematic programme covers the macroeconomic outlook, financing agricultural transformation, and financing the energy transition. Background material addresses macroeconomic pathways, private financing, implications of GST 2.0 for States, agricultural markets and marketing, agricultural resilience and sustainable resource use, renewable energy and transmission assets, and carbon capture, utilisation and storage. Further sessions address measurement of growth outcomes and the contribution of new-age technology to good governance.
September 17, 2026
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GST-compliant festive planning helps apparel businesses protect input tax credit, manage price thresholds, inventory, cash flow and peak-season operations.
GST-sensitive festive planning for apparel businesses requires early procurement, phased inventory, supplier reorder commitments and separate stock strategies for the post-Diwali wedding season. Pricing and costing require assessment of the revised GST structure for readymade garments and GST-rate reductions affecting man-made fibres and yarns. Proper purchase documentation is important for protecting input tax credit during high-volume festive transactions. Cash-flow planning, credit limits, return policies, retail staffing, digital campaigns and weekly sell-through monitoring support replenishment and pricing decisions.
September 17, 2026
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Competitive Tender Conditions: allegations question replacement of a public-sector power project with terms allegedly favouring a single supplier.
Allegations of tender tailoring concern the replacement of a proposed UJVN-THDC public-sector thermal project with long-term procurement of 1,320 MW from a private generating plant. Congress alleges that 84 of 86 tender conditions were revised after the public-sector venture was abandoned, producing terms suited to an existing Korba expansion acquired by Adani Power through insolvency proceedings. The objections include plant-location flexibility, transmission costs for supply to Uttarakhand, and a 75% fixed-charge ceiling, which are alleged to narrow competition and shift long-term costs to consumers.

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Provisional estimates of Annual National Income, 2020-21 and Quarterly estimates (Q4) of Gross Domestic Product, 2020-21

May 31, 2021

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1. The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation, has released the Provisional Estimates of National Income for the financial year 2020-21, both at Constant (2011-12) and Current Prices. These are presented in Statements 1 to 4.

2. Quarterly Estimates of Gross Domestic Product (GDP) for the fourth quarter Q4 (January-March) of 2020-21, both at Constant (2011-12) and Current Prices along with the corresponding quarterly estimates of expenditure components of GDP are also released. These are presented in Statements 5 to 8. Estimates including growth rates of Q1, Q2 and Q3 of 2020-21 released earlier have been revised in accordance with the revision policy of National Accounts.

3. The Second Advance Estimates (SAE) of National Income for the year 2020-21 were released on 26th February, 2021. These estimates have now been revised incorporating latest information on (i) Index of Industrial Production (IIP), (ii) Third Advance Estimates of Crop Production, (iii) Production of Livestock products and Fisheries, (iv) Accounts of Central & State Governments, (v) GST data on Taxes and Supplies, details of other taxes. Besides information on indicators like Deposits & Credits, Passenger and Freight Traffic of Railways, Passengers and Cargo Handled by Civil Aviation, Cargo Handled at Major Sea Ports, Sales of Commercial Vehicles etc., available for first 9/10 months of the financial year at the time of SAE, have been revised with updated data (upto March 2021).

4. Early results on the performance of Corporate Sector for April-December 2020, which were used in SAE, have been revised using the latest available information. Considering the current Covid situation, the statutory timelines for filing the requisite financial returns of fourth quarter have been extended by the Government. Consequently, the private corporate sector estimates of industries are based on other indicators like IIP, GST etc. This may have implications on subsequent revision of these estimates.

5. Improved performance of indicators, used in compilation of GVA, in the fourth quarter of 2020-21, owing to calibrated and steady opening of the economy, is reflected in the improved growth estimated now for the year 2020-21 as compared to the previous projection in SAE. In addition to this, revised data received from some source agencies for the previous quarters and receipt of GST data for third quarter along with fourth quarter have also contributed to the revision in the estimates. 

6. Public Administration, Defence & Other Services category includes the Other Services sector i.e. Education, Health, Recreation, and other personal serviceswhich have a greater share in the overall category. Owing to their contact intensive nature, these services had to bear the maximum brunt of the lockdown induced by the prevailing pandemic. With the gradual opening of the economy, the performance of these services has improved over the quarters.

7. GDP is derived as the sum of the gross value added (GVA) at basic prices, plus all taxes on products, less all subsidies on products. The total tax revenue used for GDP compilation includes Non-GST Revenue and GST Revenue. The Revised Estimates of Tax Revenue for 2020-21 as available in the Annual Financial Statement of the Central Government for 2021-22, and latest information on the website of Controller General of Accounts (CGA) and Comptroller and Auditor General of India (CAG) have been used for estimating taxes on products at Current Prices.  For obtaining Taxes on Products at Constant Prices, volume extrapolation is done using volume growth of taxed goods and services and aggregated to get the total volume of taxes. There was a sharp spike from ₹ 2.27 lakh crore in BE 2020-21 to ₹ 5.95 lakh crore in the revised Estimates for the major subsidies (especially food subsidies) of Centre, presented in Budget 2021-22, in RE 2020-21. Revised provision of subsidies of Centre has been considered after adjusting for arrears of previous years and repayment/prepayment of loans, as per information received from Ministry of Finance. For subsidy component of States, latest information available on the CAG website has been taken into account.Estimates of Revenue expenditure, Interest payments, Subsidies etc. were projected using the latest available data on the CGA and CAG websites and the information available in the Budget 2020-21 documents of Union and States, while accounting for relative shares of Centre & States, for estimating Government Final Consumption Expenditure (GFCE) and subsidies.

8. The estimates of Gross Fixed Capital Formation (GFCF) are compiled using the commodity flow approach. Capital expenditure of Government will be indirectly reflected in the estimates of GFCF. The change in the estimates of ‘Valuables’ category is owing to latest information available on the indicator.

9. To meet the crisis caused by the pandemic, the Government has announced numerous policy measures, from providing the most vulnerable with daily food rations to postponing some deadlines for compliance and tax filings. Clarifications provided by International agencies like IMF, EUROSTAT etc. on treatment/economic classification of various measures provided by the Government in the pandemic times were also considered while compiling the estimates. Percentage changes in the main indicators used in estimation are given in the Annexure.

10. The measures taken by the Government to contain spread of the Covid-19 pandemic have had an impact on economic activities as well as on data collection mechanisms. The Quarterly estimates of National Accounts are indicator based and data sourced from various Ministries/ Departments/ Private agencies serve as valuable inputs in the compilation of these estimates. There have been disruptions in data flow from some source agencies leading to data coverage issues. The limitations in the datasets and the timeliness have a bearing on the GDP estimates and its subsequent revisions. To address the data challenges arising out of the unprecedented situation, the National Statistical Office has explored alternate data sources, indicators and methodology along with clarifications from International agencies, to capture the current economic situation, as per accepted best practices. Estimates are, therefore, likely to undergo sharp revisions in due course, as per the release calendar. Users should take this into consideration when interpreting the figures.

11. Real GDP or Gross Domestic Product (GDP) at Constant (2011-12) Prices in the year 2020-21 is now estimated to attain a level of ₹135.13 lakh crore, as against the First Revised Estimate of GDP for the year 2019-20 of ₹145.69 lakh crore, released on 29th January 2021. The growth in GDP during 2020-21 is estimated at -7.3 percent as compared to 4.0 percent in 2019-20.

12. GDP at Current Prices in the year 2020-21 is estimated to attain a level of ₹197.46 lakh crore, as against the First Revised Estimates of ₹203.51 lakh crore in 2019-20, showing a change of -3.0 percent as compared to 7.8 percent in 2019-20.

13. GDP at Constant (2011-12) Prices in Q4 of 2020-21 is estimated at ₹38.96 lakh crore, as against ₹38.33 lakh crore in Q4 of 2019-20, showing a growth of 1.6 percent.

14. Estimates of Gross/Net National Income and Per Capita Income along with GVA at Basic Prices by kind of economic activity, Expenditures on GDP for Provisional Estimates and Fourth Quarter (Q4) 2018-19, 2019-20 and 2020-21 at Constant (2011-12) and Current Prices, along with percent changes and applicable rates, are given in Statements 1 to 8.

15. The next release of quarterly GDP estimates for the quarter April-June 2022
(Q1 of 2021-22) will be on 31.08.2021.

Annexure

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