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
    Political immaturity, mental bankruptcy: BJP leaders on Rahul Gandhi's remark against PM, HM, RSS
    Ensure Aadhaar is used strictly as identity proof: Plea in SC
    Application for grant of entitlement Certificate under Assam Industries (SGST Reimbursement for Eligible Units) Scheme, 2021
    GST REIMBURSEMENT SCHEME
    DIGITAL SIGNATURE CERTIFICATE (DSC) Registering & Signing in GST Portal
    FIMER Announces Strategic Partnership With Redington Solar To Strengthen Pan India Distributor Network
    Payment Modules for Tax Deductors Under GST Act, 2017
    DUTIES AND RESPONSIBILITIES OF TAX DEDUCTOR UNDER GST ACT, 2017
    India, Nordic nations agree to elevate ties to Green Technology and Innovation Strategic Partnership
    Karnataka State Police Data Center earns ISO/IEC 27001 certification
    UK’s Scotch whisky body hopes for 'swift' India FTA implementation
    Filing of Annexure-B for Refund Applications involving Accumulated ITC using the offline utility in GST portal
    Annual Joint Discussions on Comparable Estimates of State Domestic Product (SDP) For FY 2022-23, 2023-24 and 2024-25 on New Base Year 2022-23 between ...
    Union Minister of Commerce and Industry Shri Piyush Goyal Calls for Stronger Industry-Government Collaboration, Urges Turning Global Uncertainties int...
    Oil surge over West Asia crisis to sustained FPI outflows -- what's behind the rupee's fall
    RBI invites comments on the draft “Reserve Bank of India (Capital Adequacy) Amendment Directions, 2026”
    India's Inflation Puzzle: How Will Fuel Price Play Out
    Exicom Delivers its Strongest Quarter of FY26 as Both Businesses Return to Sharp Growth
    SPJIMR CFBE Report: India's SME exporters remain optimistic amid escalating global and family business risks
    Rs 70 crore money laundering case: ED gets court nod to arrest 'godman' Ashok Kharat
❯❯
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
May 20, 2026
Show AI Summary
Political remarks and apology demand follow Congress MP's comments against top leaders, with talk of possible suo motu cognisance.
Political remarks made by a Congress MP against the Prime Minister, the Home Minister and the RSS drew strong criticism from BJP leaders, who described the language as politically immature and reflective of mental bankruptcy. The BJP demanded an unconditional apology and expressed concern over the use of such statements, while one leader suggested that the remarks could invite suo motu cognisance.
May 20, 2026
Show AI Summary
Aadhaar identity proof dispute targets its use for citizenship, domicile, address and voter registration verification.
A public interest plea seeks directions that Aadhaar be used strictly as identity proof and not as proof of citizenship, domicile, residential address or date of birth. It also challenges its use in voter registration Form-6 as proof of residence and date of birth, contending that the existing verification mechanism is inadequate and calls for an overhaul of electoral verification, including a proposed high-powered monitoring committee.
May 20, 2026
Show AI Summary
Entitlement Certificate process under Assam SGST reimbursement scheme covers online application, tracking, approval, and certificate download.
Application and online processing framework for grant of an Entitlement Certificate under the Assam Industries (SGST Reimbursement for Eligible Units) Scheme, 2021, including taxpayer profile creation, login, password management, application submission, document upload, acknowledgement generation, and status tracking through the departmental portal. The portal also provides a tracking facility based on acknowledgement number, year, month, or date of application, with status display against the application until approval. Upon approval, the user may download the Entitlement Certificate from the status page.
May 20, 2026
Show AI Summary
GST reimbursement workflow requires taxpayer registration, annexure filing, certificate upload, refund application and online status tracking.
GST reimbursement under the Assam Industries (Tax Reimbursement for Eligible Units) Scheme is processed through the Commissionerate of Taxes portal by taxpayer registration, login and profile creation, including first-time password change and access to the dashboard. The portal directs the user to the relevant reimbursement workflow for the 2017 or 2021 scheme and enables selection of the appropriate annexures for filing. For reimbursement under the 2021 scheme, the taxpayer must complete Annexure-8 and Annexure-9 with unit particulars, eligibility and certificate details, exemption period and bank particulars, then upload the prescribed certificates and submit the application for jurisdictional approval.
May 20, 2026
Show AI Summary
Digital signature certificate setup in GST portal requires Java, emSigner, token login, and certificate-based electronic signing.
Digital Signature Certificate use in the GST portal depends on system preparation, including a compatible Windows environment, Internet Explorer 11, Java installation, and the emSigner utility. The Java exception site list must include the local port address used by the signer service, and the emSigner service must be running before the portal can recognise the token-based signature setup. The process then moves through token insertion, GST officer login, and selection of the relevant certificate for electronic signing after entry of the token PIN or password.
May 20, 2026
Show AI Summary
Pan-India solar inverter distribution expands market access, service support, and adoption across residential and commercial rooftop segments.
Pan-India distributorship agreement was entered into for FIMER's string inverter portfolio, with Redington Solar appointed as the distribution partner to extend nationwide market access for solar inverter products. The arrangement is intended to strengthen reach across commercial and industrial customers, solar developers, EPCs, rooftop installers, and residential users, including support for 3KW and 5KW inverter solutions under the PM Surya Ghar initiative as well as other commercial inverter offerings. The partnership provides single-point distribution support covering product availability, competitive pricing, credit assistance, logistics, commissioning assistance, and after-sales service.
May 20, 2026
Show AI Summary
GST tax deduction at source applies to specified government payments, with monthly deposit, return filing, and certificate issuance requirements.
Section 51 GST TDS applies to specified government deductors from 1 October 2018, requiring registration before payment to suppliers above the prescribed contract threshold. Intra-State supplies attract 1% CGST and 1% SGST, while inter-State supplies attract 2% IGST, with tax computed on the taxable value excluding GST and cess shown in the invoice. Deductors must maintain records, generate CPIN challans, deposit tax, file FORM GSTR-7 within ten days after month-end, and issue FORM GSTR-7A certificates.
May 20, 2026
Show AI Summary
GST tax deduction at source: registration, deduction, payment, monthly return filing and TDS certificate requirements for deductors.
Tax deduction at source under the GST Act applies to specified government entities and public bodies making payment for taxable supplies above the prescribed threshold. The tax deductor must register online in FORM GST REG-07, deduct tax at the applicable rate from taxable supply value, deposit the amount through the GST portal by the due date, file monthly return in FORM GSTR-7, and issue FORM GSTR-7A certificate to the deductee. The guideline also covers treasury and non-treasury payment procedures, amendment of registration and return details, transitional cases, and default consequences including interest, late fee and penalty.
May 19, 2026
Show AI Summary
Green Technology and Innovation Strategic Partnership deepens India-Nordic cooperation on clean energy, sustainability and trusted technologies.
India and the Nordic countries agreed to elevate their relationship to a Green Technology and Innovation Strategic Partnership, focusing on clean energy, sustainability, innovation, emerging technologies and trusted technologies. The partnership is intended to combine innovation, scale and talent while advancing shared commitments to democracy, the rule of law, multilateralism and a rules-based global order. The leaders also discussed trade and investment ties, research collaboration, Arctic and polar research, skill development, talent mobility and cooperation in multilateral fora.
May 19, 2026
Show AI Summary
Information Security Management Systems certification strengthens police data protection, cyber resilience, and confidentiality of sensitive digital infrastructure.
Karnataka State Police Data Center has been awarded ISO/IEC 27001 certification for Information Security Management Systems, recognising compliance with internationally accepted standards for information security, data protection, cyber security practices and information management processes. The certification is said to strengthen confidentiality, integrity and availability of sensitive information and critical digital infrastructure, while improving cyber resilience, protection against unauthorised access, and the security, privacy, transparency and accountability of data management.
May 19, 2026
Show AI Summary
India-UK trade agreement implementation could ease whisky tariffs and support export growth, jobs and market access.
Swift implementation of the India-UK Comprehensive Economic and Trade Agreement is being sought by the Scotch Whisky Association, which expects the pact to support exports to India. The agreement has been signed and ratified in the UK, but operationalisation has encountered delays linked to proposed steel import restrictions. Officials are working on a creative solution so the agreement can be formalised at an early date, while the wider trade deal is presented as reducing whisky tariffs and supporting growth, jobs and export opportunities.
May 19, 2026
Show AI Summary
Input tax credit refund filing now requires Annexure-B through the offline utility with invoice-wise HSN/SAC reporting and GSTR-2B validation.
Annexure-B for refund applications involving accumulated Input Tax Credit must be furnished through the prescribed offline utility on the GST portal for specified refund categories, including exports without payment of tax, supplies to SEZ units or developers, inverted tax structure claims, and export of electricity. The utility requires invoice-wise HSN/SAC-wise reporting, separate line items for different input categories, correct disclosure of taxable value, tax amount, blocked credit status, and proper reporting of ITC reversals. The generated JSON is to be uploaded for validation against GSTR-2B, subject to the system rules for validation, duplicate checks, and file limits.
May 19, 2026
Show AI Summary
State Domestic Product estimation discussions focus on reconciling methodologies, data sources, and comparable GSDP estimates.
Annual joint discussions between the National Accounts Division and State/UT economics and statistics directorates are held to reconcile differences in State Domestic Product estimates compiled independently by the States/UTs and the national accounts authorities. The current exercise covers current price Gross State Domestic Product estimates for FY 2022-23, 2023-24 and 2024-25 on the revised base year 2022-23, with sectoral groups examining revised methodologies and data sources to arrive at comparable SDP estimates.
May 19, 2026
Show AI Summary
Industry-government collaboration drives reforms, export growth and digital infrastructure expansion for stronger competitiveness and resilient growth.
Industry-government collaboration is urged to improve ease of doing business, strengthen competitiveness and accelerate reforms through resilience, productivity, supply-chain strength and export growth. Investment in data centres, cloud services and digital infrastructure is promoted, with cloud services from India or Indian data centres to the rest of the world described as enjoying 100 per cent tax-free status till 2047. Export-led growth, value addition, industrial parks, a single-window system and integrated digital access are presented as key operational priorities.
May 19, 2026
Show AI Summary
Rupee depreciation driven by oil prices, capital outflows and dollar strength raises inflation and external pressure.
Sharp depreciation of the Indian rupee is attributed to elevated crude oil prices, sustained foreign portfolio outflows, widening trade deficits and broad US dollar strength. India's heavy dependence on imported oil increases dollar demand, while rising gold imports and higher overall imports widen the current account gap and add pressure on the currency. Reserve Bank of India intervention can smooth volatility, but it cannot fully offset structural pressure from oil costs and capital outflows.
May 19, 2026
Show AI Summary
Pillar 3 disclosure requirements are being aligned with Basel norms as draft capital adequacy amendments invite public comments.
The Reserve Bank of India has issued draft amendment directions to align Pillar 3 disclosure requirements with the Basel Pillar 3 disclosure framework and invited public comments. The consultation covers proposed amendments to capital adequacy directions for commercial banks and small finance banks, reflecting a review aimed at greater consistency in prudential disclosure norms. Comments may be submitted through the designated online regulatory channel, by post, or by email within the stated consultation period.
May 19, 2026
Show AI Summary
Inflation pass-through from fuel prices keeps CPI under watch as wholesale costs and RBI caution rise.
Retail inflation remained below the RBI's medium-term target even as wholesale inflation rose sharply, with fuel and energy prices driving a marked divergence between CPI and WPI readings. Petrol and diesel price increases are expected to add to retail inflation gradually through transport, logistics, food distribution and other input costs. The RBI is expected to maintain a cautious pause on interest rates while monitoring global crude prices, food inflation and the transmission of fuel price increases into retail inflation.
May 19, 2026
Show AI Summary
EV charging and critical power growth drive Exicom's strongest FY26 quarter with EBITDA breakeven and expanding capacity.
Exicom Tele-Systems reported its strongest quarter of FY26, with standalone revenue and EBITDA margin improving sharply and consolidated EBITDA turning breakeven for the first time since the Tritium acquisition. The company linked the improvement to stronger domestic EV charging demand, rising exports and Tritium's commercial scale-up, while noting that the full-year consolidated loss reflected a longer period of Tritium operations in FY26. It also highlighted growth in the critical power business and the inauguration of an integrated Hyderabad manufacturing facility.
May 19, 2026
Show AI Summary
Trade confidence in SME family businesses remains strong, but worsening risk and governance tensions are dragging down export potential.
India's SME family business exporters show strong trade optimism, but that confidence is being reduced by a hostile and worsening risk environment. A study of 461 leaders uses four indices to measure forward-looking optimism, macro risk burden, risk momentum, and family governance risk, producing a modestly positive Net Trade Confidence Score. The report highlights a structural gap between business expectations and operating conditions and calls for targeted support on trade literacy, export finance, and family governance in internationalisation decisions.
May 19, 2026
Show AI Summary
Money laundering through benami accounts and extortion allegations drove custodial interrogation in a large financial crime probe.
Proceedings under the Prevention of Money Laundering Act involved allegations that Ashok Kharat orchestrated an extortion racket and laundered more than Rs 70 crore through benami bank accounts. The agency alleged misuse of victims' documents, opening of multiple accounts in a single day, and acquisition of properties in the names of Kharat and his family members from the alleged proceeds.

News

Back

All News

Showing Results for :
Reset Filters
No Records Found

News

Back

All News

Showing Results for : Reset Filters
Customs & Trade

Trump facing new inflation warning from bond market, adding to his mid-term challenges

June 1, 2026

Contents
Summary
Note

Note

-

Bookmark

Print

Print

Washington, Jun 1 (AP) The world is getting more uptight about lending money to President Donald Trump's government — causing interest rates to climb in ways that are worsening affordability pressures, hampering economic growth and creating a new risk for Republicans in November's mid-term elections.

The energy price spike triggered by the Iran war has seeped into the price of bonds that help fund the US government. Interest rates on a 10-year US Treasury note are topping 4.44%, up from 3.95% before the war started at the end of February.

Average mortgage rates have climbed to their highest levels in nine months, while auto sales are slumping.

The challenge is global in scale, as interest rates have risen for multiple countries as the world has been adjusting to the prospect of higher inflation, mounting questions about the sustainability of government debt and a dramatic surge in investment in artificial intelligence.

Trump has tried to assure Americans that he has a plan to trim the roughly USD 1.8 trillion annual budget deficit. In the past, he has pointed to revenue from tariffs, payments from foreigners for his “Gold Card” visa, spending cuts made by the Department of Government Efficiency, and faster economic growth.

Last week, he said the fraud task force led by Vice President JD Vance would be the key to unlocking massive savings.

“If he does really great, we'll have a balanced budget without having to do anything,” Trump said.

Economists say Trump's strategies to meaningfully curb the deficit are unlikely to deliver the promised results.

The cost of servicing the national debt has tripled since 2021 to more than USD 1 trillion annually, said Jessica Riedl, a budget and tax fellow at the Brookings Institution.

"President Trump signed a tax cut bill that will likely add USD 5 trillion to 10-year deficits — and tariffs are offsetting only a small fraction of those costs,” she said. “Budget deficits are still projected to soar past $4 trillion annually within a decade under current policies.” Deficits are expected to grow over the next decade as the costs of Social Security and Medicare outstrip tax revenues.

The 10-year US Treasury rate climbed as high as 4.67% in the middle of May and has since eased as negotiations over the Iran ceasefire continued — just as rates initially climbed in 2025 because of Trump's “Liberation Day” tariffs and then began to decline once Trump backed off the most extreme increases.

When Kent Smetters, faculty director of the Penn Wharton Budget Model, broke down the math tied to rising 30-year Treasury yields, he estimated that 60% of the increase had come from the expectation that America will continue its outsized borrowing and the other 40% was tied to the inflation driven by the Iran war and Trump's tariffs.

Glenn Hubbard, a former chairman of the White House Council of Economic Advisers during the George W Bush administration, worries that the US may no longer have the same borrowing capacity as before to effectively combat an economic crisis, such as the 2008 crash or the coronavirus pandemic.

“I don't think we have the space that we had in 2008 or 2020 to deal with it,” said Hubbard, now a professor at Columbia University's Business School. “Washington doesn't seem to be full of ideas — good or bad — to solve it.” Higher interest rates are giving Democratic candidates in the races to determine control of the House and Senate another line of attack at a time when voters are concerned about high costs for food and gasoline.

In Colorado's fifth congressional district, Democrat Jessica Killin is leaning into the message that the persistent deficits and higher interest rates make it harder to buy or renovate a home, afford a new car or manage credit card debt.

“Things are already expensive,” said Killin, an Army veteran who was a top aide to Doug Emhoff, the former second gentleman. “We can already talk about gas, but the cost of borrowing only makes that worse.” Joe Reagan, an Army veteran also seeking the Democratic nomination, said in an email that he is talking “a lot about fiscal stewardship” in his campaign. “Every dollar spent paying interest is a dollar that isn't being invested in infrastructure, education, veterans' services, or economic growth," he said.

They are challenging Republican Rep Jeff Crank in a district that their party views as a potential pickup. Killin said the deficit is an example of how “Trump says one thing and does the opposite.” In his March 2025 address to Congress, Trump declared that “in the near future, I want to do what has not been done in 24 years: balance the federal budget. We're going to balance it.” Crank, the Republican incumbent, did not reply to requests for comment.

The administration maintains that it is going to steadily reduce budget deficits. As a share of the overall economy, the deficit last year was lower than it was in 2024, though that drop depended in part on tariff revenues that are subject to refunds after the Supreme Court ruled them to be illegal.

Treasury Secretary Scott Bessent last week cited a report showing that there was as much as USD 500 billion annually in fraudulent government spending that could be eliminated, “so that would reduce the deficit substantially.” Bessent appeared to draw that conclusion from a 2024 report by the Government Accountability Office that estimated there had been between USD 233 billion to USD 521 billion each year in fraudulent spending. But those numbers were drawn in part from the pandemic era when the government borrowed heavily to stabilise the economy.

The White House and Treasury did not respond to questions about the source of Bessent's claims.

On deficits, Bessent told reporters at the White House that the administration was essentially dealt a bad hand from former President Joe Biden, a Democrat.

“We inherited the worst budget deficit in history — in history — when we were not in a recession or not at war,” Bessent said.

Bessent had previously announced that the administration would aim to reduce the annual deficit to 3% of overall US gross domestic product. It's roughly double that percentage currently and Bessent did not directly answer a question about the timeline for hitting his target.

As of now, investors continue to buy shares in US companies, causing the stock market to increase in value in a sign of confidence in America's economic potential. But the increase in interest rates also suggests that investors view the national debt as a vulnerability for the US.

The financial markets might be able to inflict enough pain with higher rates in order to compel political leaders to address the systemic imbalances. Multiple economists said they expected that markets would force the deficit issue before voters would.

Hubbard emphasised that the whole bond market system rests on the trust that the debt will be repaid. He noted that the word "credit" is linked to a Latin term that is also the root of the word creed about a system of beliefs.

“That is what debt is about: I believe you will pay me back,” Hubbard said. “That works until it doesn't.” (AP) SCY SCY

Topics

Acts Income Tax