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
    National Financial Reporting Authority (NFRA) conducts sixth outreach programmes with focus on small and medium auditors under the theme “Creating a...
    CCI imposes monetary and non-monetary sanctions on Agro Input Dealers Association, Agro Input Welfare Association for indulging in anti-competitive co...
    India-Finland cooperation takes centre stage at circular economy forum
    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...
    US is set to impose 50% tariffs on $20 billion worth of Canadian products
    Rupee settles 3 paise higher at 95.71 against US dollar
    29 FDI Investments Worth ₹4,895.65 Crore Reported Under Revised Framework
    India and ADB sign $230 million loan to modernise water supply and sanitation in Chennai
    DGGI unearths clandestine pan masala and tobacco manufacturing network in Uttar Pradesh; 27 undeclared pouch-packing machines seized, evasion of about...
    Mission SAKSHAM: Scaling Capability through Co-operation - Keynote Address by Shri Swaminathan J, Deputy Governor at Mission SAKSHAM Programme for Dir...
    India’s Foreign Exchange Markets: Getting ready for the next Decade [Keynote Address delivered by Deputy Governor Shri Rohit Jain on the Annual Day ...
    Govt rejects ethanol link to sugar price surge, says duty free imports allowed to curb prices
    China moves to wrap up saga of troubled property giant Evergrande after founder gets life sentence
    India's forex kitty swells USD 9.9 bn to USD 716.9 bn
    Bengaluru airport: AERA slashes user development fee to Rs 300 for domestic passengers
    NUMR Inc. helps deliver Axis Bank's data-driven excellence in customer experience
    ED can't add old FIR to Enforcement Case Information Report to sustain PMLA proceedings: Delhi HC
    Rupee settles on flat note, 3 paise higher at 95.71 against US dollar
    VinFast India Partners with Federal Bank to Strengthen Dealer Financing Ecosystem
    Sugar prices soar to Rs 70 per kg ahead of festive season in Bengal, jaggery also dearer
❯❯
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
August 22, 2026
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
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
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
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
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
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
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.
August 21, 2026
Show AI Summary
Climate-resilient urban water security modernises Chennai's supply and sanitation systems through ring-main infrastructure, digital monitoring, and safer sewer operations.
Chennai Climate-Resilient Water Security and Sewerage Project modernises and expands water supply and sanitation infrastructure through a loan arrangement between the Government of India and the Asian Development Bank. Measures include new pipelines, upgraded pumping stations, performance-based utility operations, and a comprehensive ring-main system to improve water-pressure balance, distribution efficiency, reliability and climate resilience. Digital monitoring and advanced blockage-detection technology are intended to improve operational decisions, customer responsiveness and worker safety while eliminating hazardous manual sewer inspections.
August 21, 2026
Show AI Summary
Capacity-based taxation targets undeclared pouch-packing machinery used for clandestine pan masala and tobacco production and untaxed clearances.
Capacity-based taxation of pan masala and specified tobacco products is determined by the number, type and capacity of installed pouch-packing machines. Searches at interconnected manufacturing and trading premises detected unregistered operations using undeclared machinery for clandestine manufacture and clearance of pan masala, scented jarda and gutkha without payment of GST, HSNS cess and central excise duty. Finished goods, raw materials, packing materials and machinery were seized. The manufacturing firm's proprietor was prima facie identified as managing the operation and was arrested under the applicable cess and central excise laws.
August 21, 2026
Show AI Summary
Technology risk oversight requires Urban Co-operative Banks to retain accountability while building shared and role-specific capabilities.
Urban Co-operative Banks must strengthen digital and risk-management capabilities as technology dependence exposes them to cyber threats, fraud, service-provider failures and common-platform vulnerabilities. Outsourcing critical systems does not transfer the bank's responsibility for oversight, safeguards and continuity. Boards and senior management must retain sufficient knowledge to supervise external providers effectively. Mission SAKSHAM supports role-specific, continuous capability building through physical and online learning, while collective infrastructure and shared expertise can supplement individual institutional capacity.
August 21, 2026
Show AI Summary
Foreign exchange market modernisation prioritises delegated decisions, customer transparency, digital workflows, local-currency settlement and accountable risk management.
Foreign exchange market modernisation advances a facilitative, principles-based framework based on delegated decision-making by Authorised Dealers, risk-based reporting, and customer-centric service standards. Authorised Dealers must apply clear internal policies, avoid unnecessary documentation, disclose charges, timelines and grievance mechanisms, and ensure consistent treatment of comparable transactions. Local-currency settlement requires viable trade corridors, competitive hedging, correspondent relationships and robust AML/CFT controls. Digital workflows, electronic trading and reporting infrastructure should improve transparency and resilience, while automated tools remain subject to explainability, review and data-protection safeguards.
August 21, 2026
Show AI Summary
Sugar price containment measures restrict stockholding, permit duty-free imports, and strengthen inventory verification to deter hoarding.
Sugar price containment measures include stock limits for dealers, consumption-based inventory restrictions for bulk consumers, duty-free raw sugar imports, and physical verification of mill stocks to prevent hoarding and artificial scarcity. Price increases are attributed to lower domestic output, festive demand, crop damage, tighter global supplies, and speculation rather than sugar diversion for ethanol. Earlier crushing is advised to improve seasonal availability, while the ethanol programme supports management of sugar surpluses, mill liquidity, and timely sugarcane payments.
August 21, 2026
Show AI Summary
Cross-border insolvency enforcement constrains asset recovery as Evergrande liquidation, founder asset confiscation, and audit-related claims continue.
Evergrande's insolvency process involves liquidation proceedings for its mainland property-development unit and its Hong Kong-listed holding company. Cross-border recovery is constrained by separate Hong Kong and mainland China legal systems, particularly because most operational assets are located in mainland China. Liquidators are pursuing asset-tracing and recovery measures against the founder and connected persons, as well as claims concerning pre-collapse audits. Investigations identified revenue overstatement through manipulated financial data. Creditor recoveries are expected to be limited due to substantial liabilities and constraints on asset realisation.
August 21, 2026
Show AI Summary
Foreign exchange reserves rose through higher currency assets and gold holdings amid measures to attract external forex inflows.
India's foreign exchange reserves increased during the reporting week, led by higher foreign currency assets and gold reserves. Foreign currency assets include the dollar-value effects of movements in non-US currencies held as reserves. Special drawing rights declined marginally, while the reserve position with the International Monetary Fund increased marginally. Concessional swap arrangements formed part of measures to attract foreign-exchange inflows, while earlier reserve movements were linked to rupee pressure and dollar-sale intervention in the foreign-exchange market.
August 21, 2026
Show AI Summary
Incremental tariff recovery aligns airport user charges with completed infrastructure, preventing passengers from funding non-operational capital projects prematurely.
User development fees and airport tariffs for Bengaluru International Airport have been revised for the April 2026 to March 2031 control period. The incremental Average Revenue Requirement framework excludes costs of identified high-value capital projects from tariffs until the relevant assets are completed, commissioned and available for users. Incremental tariff recovery may begin only upon operational availability, aligning charges with infrastructure use, reducing premature recovery risk for passengers and airlines, and encouraging timely completion of major capital works.
August 21, 2026
Show AI Summary
Customer experience analytics enables banks to convert real-time feedback into operational improvements across high-value customer journeys.
Customer experience analytics is used in banking to transform customer data and real-time feedback into operational improvements across key customer journeys. Operational teams retain responsibility for strategy and execution, supported by in-house analytics and technology platforms for multi-channel journey mapping, journey analytics and prioritisation of high-value customer segments. AI-driven customer experience management tools capture customer signals, analyse journey performance and operationalise actionable insights across teams.
August 21, 2026
Show AI Summary
Predicate-offence dependency limits retrospective addition of old FIRs to preserve money-laundering proceedings after the original scheduled offence is closed.
Predicate-offence dependency under the Prevention of Money Laundering Act requires an ECIR to rest on a subsisting scheduled offence. Closure of the FIR forming its basis through an accepted cancellation report prevents continuation of money-laundering proceedings unless that closure is overturned. A previously registered FIR cannot be belatedly added merely to preserve an existing ECIR and coercive powers. Where statutory requirements are met, an independently registered ECIR may be required. Expansion of an ECIR cannot rest solely on tenuous factual links between successive disputes.
August 21, 2026
Show AI Summary
Indian rupee export invoicing rules now permit overseas contracts and invoices in rupees or foreign currency for eligible destinations.
Foreign Trade Policy provisions were amended to facilitate invoicing of overseas exports and receipt of export 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, replacing the earlier general requirement that export earnings be received in a freely convertible currency. The applicable requirements vary according to the destination country.
August 21, 2026
Show AI Summary
Dealer inventory financing supports working-capital flexibility, vehicle inventory management and electric-vehicle network expansion for authorised dealers.
Dealer inventory financing is to be provided by Federal Bank to VinFast India's authorised dealer network under a memorandum of understanding. The tailored financing is intended to improve dealers' working-capital flexibility, support maintenance of vehicle inventory, strengthen operational capability, and enable timely response to demand as the electric-vehicle distribution network expands.
August 21, 2026
Show AI Summary
Sugar supply pressures drive festive-season price increases as imports, stockholding limits and ethanol diversion shape market conditions.
Sugar prices in Bengal have risen sharply ahead of the festive season, with higher prices also affecting jaggery and other sugar-derived products. Supply constraints, mill stock releases, lower production in Brazil, ethanol diversion and possible hoarding have been identified as contributing factors. Raw-sugar imports have been permitted to augment availability, while stockholding restrictions limit inventories of specified bulk consumers. Lower projected closing stocks and possible future production effects from El Nino may sustain pressure on sugar availability and increase costs for sweetmeat producers.

News

Back

All News

Showing Results for :
Reset Filters
No Records Found

News

Back

All News

Showing Results for : Reset Filters

Abdullah presents JK's first budget in 7 years with Rs 1.12 lakh cr outlay, terms it roadmap for growth

March 7, 2025

Contents
Summary
Note

Note

-

Bookmark

Print

Print

Jammu, Mar 7 (PTI) Chief Minister Omar Abdullah on Friday presented the first budget of Jammu and Kashmir in seven years and announced an allocation of Rs 1.12 lakh crore for 2025-26, terming it as a roadmap for economic growth and a true reflection of people's aspirations.

He said J&K is at the threshold of a new era of peace and prosperity, with a semblance of normalcy returning after over three-and-a-half decades of turmoil.

Presenting the budget in the legislative assembly here, Abdullah, who also holds the finance portfolio, praised Prime Minister Narendra Modi, Union Home Minister Amit Shah and Union Finance Minister Nirmala Sitaraman for their support in various sectors.

Abdullah, dressed in traditional khan suit with a blue blazer and a skull cap, started his over one-and-half-hour speech in English, with the Persian couplet, "Tan Hama Daag Daag Shud – Punmba Kuja Kuja Neham…" (my entire body is covered with bruises where should I apply the balm), amid thumping of benches by his party legislators.

He said the improved environment is contributing to economic progress, with J&K's economy expanding from Rs 1,64,103 crore in 2019-20 to Rs 2,45,022 crore in 2023-24.

"In 2024-25, the primary, secondary, and tertiary sectors are projected to contribute 20 per cent, 18.30 per cent, and 61.70 per cent to GSVA (Gross State Value Added), respectively. It is a testament to the strong foundations laid by the leadership of J&K that despite its geographical challenges and the multi-decade turmoil, the socio-economic indicators continue to remain robust," he said.

Abdullah expressed confidence that J&K will emerge as a leading region in development, playing a vital role in the vision of a developed India by 2047.

"Jammu & Kashmir continues to face significant infrastructure deficits in areas like road connectivity, water supply, sewerage, tourism, and power. Addressing these challenges requires substantial financial resources and continued support from the central government.

"This year, we actively engaged with the central government, resulting in the formation of an expert committee to resolve fiscal issues. I met with the Prime Minister (Narendra Modi, Home Minister (Amit Shah), and Finance Minister (Nirmala Sitaraman) on multiple occasions. I am pleased to share that our efforts have paid off -- the central government has approved special assistance for J&K and will support fiscal reforms to enhance revenue and expenditure management," Abdullah said.

"The total net budget estimates for fiscal 2025-26 are Rs 1,12,310 crore, excluding provisions for ways and means advances and overdrafts," Abdullah said.

With a focus on a zero-deficit budget, he said: "The expected revenue receipts are Rs 97,982 crore and capital receipts are Rs 14,328 crore. Similarly, revenue expenditure is estimated to be Rs 79,703 crore and capital expenditure Rs 32,607 crore." Detailing the estimates, he said gross receipts are estimated at Rs 1,40,309.99 crore, including provisions for an overdraft of Rs 28,000 crore.

"Given these receipts, total gross expenditure is estimated to be Rs 1,40,309.99 crore," he added.

Abdullah highlighted that the Union Territory's own revenues, both tax and non-tax, are estimated at Rs 31,905 crore.

"Additionally, Rs 41,000 crore is expected as central assistance and Rs 13,522 crore as CSS and PMDP for the Union Territory of Jammu and Kashmir," he added.

Revealing fiscal indicators, he projected the tax-GDP ratio at 7.5 per cent for 2025-26.

The budget has estimated the fiscal deficit for 2025-26 it to be at 3.0 per cent of the Union Territory's GDP.

"This is substantially lower than the 5.5 per cent in 2024-25 (RE)," he added.

The GDP for 2025-26 is projected at Rs 2,884,22 crore, reflecting a growth of 9.5 per cent over the previous year, he added.

The chief minister said the budget for J&K Police, which was around 11 per cent of total allocation, has been migrated to the ministry of home affairs' budget from 2024-25 onward.

"In addition to this, J&K will receive an extra Rs 5,000 crore in grants for 2024-25 and 2025-26. I sincerely thank the prime minister, home minister, and finance minister for their unwavering support in strengthening J&K's fiscal health and realising its vision for growth and prosperity," he said.

This is the first budget of the National Conference led government after it came to power in October last year, ending six years of central rule.

The last budget session took place in 2018 under the then PDP-BJP government in the erstwhile state of J&K, which was accorded the status of Union Territory after Ladakh was carved out as a separate UT following the abrogation of Article 370 on August 5, 2019.

Before presenting the budget, Abdullah wrote in a post on social media platform X that he could have never imagined that he would be presenting the budget one day.

"A little more than 7 years ago, tongue firmly in cheek, I was imitating the ritual of Finance Ministers holding up their briefcases as they enter Assemblies & Parliament to deliver the budget. Never in a million years did I ever imagine I'd be doing this for real," he posted, sharing a picture of himself carrying a briefcase as he walked with the late BJP leader Devender Singh Rana.

"With great humility and a profound sense of duty, I stand before you today to present my first budget as finance minister -- marking the first budget of an elected government in seven years," he said in the assembly.

He further said this budget is more than just a financial statement, it is a roadmap for a new and prosperous Jammu and Kashmir, reflecting the aspirations of its people and laying a strong foundation for economic growth, social progress, and sustainable development.

"As we navigate challenges and embrace new opportunities, I seek the unwavering support and active collaboration of every member of this august House. Together, transcending political differences, we must unite to fulfil our shared commitment to building a stronger, self-reliant Jammu and Kashmir, working for the greater good of our people," he said.

Abdullah said the journey of Jammu and Kashmir has been one of resilience and determination.

"Our government is committed to transforming J&K into a modern, progressive, and economically vibrant region. Our government endeavours to frame a roadmap to reclaim the prudence, sagacity and self-confidence which have been the cornerstones of our identity for generations," he said.

Abdullah said "Our challenges are vast, and our limitations are many. But we must collectively pledge to confront those challenges head-on, with unwavering resolve.

"I have endeavoured to prepare this maiden budget as a true reflection of the dreams of our people, the needs of our future generations, and the aspirations of every citizen of Jammu and Kashmir." Expressing gratitude to people for their enthusiastic participation in assembly elections, he said the unprecedented voter turnout is a clear testament to their unwavering resolve to move beyond the shadows of past turmoil and actively contribute to the journey of development and progress.

"By granting us a strong mandate, they have entrusted us with the responsibility to serve them. I assure them that we will serve them with sincerity and fulfil their aspirations for a prosperous and thriving J&K," he said.

The restoration of full statehood is a deeply cherished aspiration of the people of J&K, he said, adding that his government remains resolute in working towards its fulfilment.

He also assured of strengthening democracy at grassroots by empowering Panchayati Raj institutions and urban local bodies, which play a crucial role in local governance and development.

"Our government is committed to holding elections to these bodies, reinforcing our commitment to accountable, inclusive, and decentralised governance for the holistic development of Jammu and Kashmir," he said.

The budget emphasises inclusive growth, fiscal prudence, and strategic investments in infrastructure, agriculture, industry, healthcare, education, and digital governance, Abdullah said.

"We are focused on bridging regional disparities, empowering youth and women, and fostering a business-friendly environment to attract investment and innovation," he added. PTI TAS AB HVA

Topics

Acts Income Tax