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September 24, 2026
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Merchant discount rate on UPI merchant payments may be treated as a taxable payment settlement service with input credit availability.
GST treatment of MDR charged on UPI merchant payments above Rs 2,000 is to be considered by the GST Council. The MDR framework imposes a merchant-borne charge for payment processing and settlement. As these activities are services, MDR may attract GST at 18 per cent, subject to the Council's view. Merchants paying GST on MDR may claim input tax credit, potentially reducing their net tax burden.
September 24, 2026
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Fiscal responsibility limits frame cautions on new projects as budgetary discipline rather than financial crisis.
Finance-department advice treats fiscal indicators as grounds for restraint in approving additional expenditure rather than as evidence that funds are unavailable. Funding new projects may be difficult until additional resources are mobilised or allocations already approved are reallocated. Project proposals lacking budgetary provision or earmarked funding may create cash-flow pressures and fiscal-management challenges, requiring deferment until resources are finalised.
September 24, 2026
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Corporate document forgery allegations trigger investigation into unauthorised insolvency consortium participation and disputed share transfers.
An FIR concerns alleged cheating, forgery, criminal conspiracy, corporate-document misuse, and unauthorised financial liabilities arising from participation in a corporate insolvency resolution process. Allegations include entering a consortium arrangement without the Parekh Group's knowledge or authorisation, reliance on a fabricated and unapproved board resolution, and unauthorised transfer of shares to a group-controlled entity. Investigation covers disputed-record authenticity, alleged digital-signature misuse, and financial transaction trails.
September 24, 2026
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Energy security shapes continued Russian crude sourcing as alternative suppliers replace shortfalls amid potential sanctions-related restrictions.
Russian crude imports are operating near 1.8 million barrels daily in September, with refinery maintenance, stronger Chinese buying, and disruptions to Russian export infrastructure constraining availability. Middle Eastern supply, especially from Iraq and Saudi Arabia, has offset reduced Russian volumes. Potential tougher restrictions on countries purchasing Russian oil could complicate procurement, but energy security and tight physical oil markets make a significant near-term reduction in Russian crude purchases unlikely. Replacement remains technically possible but may raise procurement costs and competition for medium-grade crude.
September 24, 2026
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Direct tax payment gateway integration enables nationwide payments through digital options, branch channels, and customers' respective internet-banking services.
IDFC FIRST Bank's payment-gateway integration for Central Board of Direct Taxes collections enables Direct Tax payments through UPI, credit cards, debit cards, Retail and Corporate Internet Banking, and branch-based cheque, demand draft, or cash payments. Customers of other banks may use their own internet-banking facilities through the gateway. Taxpayers create a challan on the Income Tax e-Filing Portal, select Payment Gateway and IDFC FIRST Bank, choose a payment mode, complete payment, and download or print the paid challan. Payment confirmations are also accessible.
September 24, 2026
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Insurance distribution controls target commissions, expenses and loan-linked sales, reshaping bancassurance arrangements and intermediary remuneration structures.
IRDAI's consultation proposals for insurance distribution contemplate lower Expenses of Management limits, tighter commission controls, and greater control over loan-linked insurance practices. The prospective framework concerns insurer and intermediary remuneration, distribution expenses, and bancassurance fee structures. Reported concerns centre on potential effects on insurer earnings, intermediary economics, and lending-linked distribution arrangements; the measures are not described as final operative obligations or enforcement action.
September 24, 2026
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Personal loan eligibility and repayment planning: loan variants and digital applications remain subject to assessment, verification, and applicable terms.
Eligible customers may seek collateral-free personal loans within stated amount, tenure and interest-rate ranges. Loan amount, interest rate and tenure determine the EMI and total interest payable, while calculator results are estimates rather than final repayment obligations. Eligibility includes nationality, age, employment and credit-score conditions, but approval, final pricing and loan amount remain subject to lender assessment, document verification and applicable terms. Online applications require personal, financial and employment details and KYC verification.
September 24, 2026
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Nidhi company deposits lack insurance protection, requiring verification of government declaration before relying on high-return promises.
Each company seeking to function as a Nidhi must file Form NDH-4 for declaration or updated Nidhi status and comply with the Companies Act, 2013 and applicable Nidhi Rules. Nidhi companies may accept deposits and grant loans only to members. Public investors should verify declared Nidhi status rather than rely on unusually high-return promises, agent representations, or informal assurances. Deposits with Nidhi companies are not insured by the Deposit Insurance and Credit Guarantee Corporation, and recovery may be difficult where a company fails or fraud occurs.
September 24, 2026
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FCNR(B) liquidity deployment remains within banks' discretion, guided by credit pipelines, asset-liability positions, and prudent underwriting standards.
Banks retain full discretion to deploy liquidity mobilised through FCNR(B) deposits, based on their credit pipeline, lending proposals, liquidity outlook and asset-liability position. No sector-specific direction applies to use of these funds. FCNR(B) deposits are fixed-term foreign-currency deposits in which principal and interest are repayable in the same foreign currency, protecting non-resident depositors from direct rupee exchange-rate risk. Continued prudent credit appraisal and underwriting standards are expected.
September 24, 2026
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Compulsory Muslim marriage registration shifts registration to registrars under a statewide procedural framework, with local officials authorised when needed.
Compulsory registration of Muslim marriages will operate under the Assam Muslim Marriage Registration (Compulsory) Rules, 2026, framed under the Assam Compulsory Registration of Muslim Marriage and Divorces Act, 2024. Registration will be undertaken by registrars, with panchayat-level officials potentially authorised where application volumes require additional capacity. The framework addresses the registration forum after kazis were barred from registering Muslim marriages.
September 24, 2026
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Macroeconomic resilience supports fiscal consolidation, financial-sector stability, and orderly foreign-exchange management through persistent global and market shocks.
Policy management emphasises clear communication, policy certainty, macroeconomic and financial-sector stability, efficient use of buffers, and sustained structural reform. Fiscal prudence is treated as necessary to avoid unsustainable stimulus and preserve long-term stability. External-sector resilience rests on services exports and remittances, while oil and gold shocks and weaker capital inflows have created temporary balance-of-payments pressure. Further improvement is linked to lower oil dependence, export diversification, trade agreements, capital inflows and orderly foreign-exchange market management.
September 24, 2026
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Software export growth strengthens IT ecosystem as campus expansion supports startup activity, infrastructure development, and skilled employment.
Software export revenue generated by Technopark reached Rs 17,092 crore in FY 2025-26, reflecting year-on-year growth of approximately 17.3 per cent. Growth is attributed to IT infrastructure, a skilled talent base, and company performance. Technopark also operates as an IT and ITeS hub and startup ecosystem centre, with ongoing campus development intended to expand its position among major IT hubs.
September 24, 2026
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Artificial intelligence centre of excellence partnership advances industry-aligned training, supervised internships, startup mentorship, and applied research collaboration.
IIEST Shibpur and Tata Consultancy Services have entered into a Memorandum of Understanding to establish an Artificial Intelligence Centre of Excellence at the Electrical Engineering Department's high-performance computing laboratory. The collaboration supports industry-aligned training, professional certifications, practical projects, supervised internships, startup mentorship, curriculum benchmarking, and applied research in natural language processing, computer vision, image processing, and advanced data analytics.
September 24, 2026
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Money-laundering searches prompt protests over alleged political misuse while operations continue at public development offices and residences.
Enforcement Directorate search and survey operations connected with a money-laundering investigation continued at development authority offices and premises linked with housing administration, a realty company, and private residences. AAP workers protested against the searches, alleging political and administrative pressure through central investigative agencies. The party further alleged that the operations could disrupt the development authority's functioning and impede Punjab government welfare schemes.
September 24, 2026
Show AI Summary
Money-laundering investigation procedure raises allegations over FIR registration, conflict concerns, and the choice between police, vigilance, or federal inquiry.
A police inquiry, rather than a Vigilance inquiry, was directed following an Enforcement Directorate communication seeking registration of an FIR for cognizable offences. It was contended that FIR registration should be dealt with by the police and that governmental or ministerial intervention would raise concerns where a person facing allegations is involved in deciding the investigative course. A transfer to a federal investigative agency was sought on grounds of investigative independence and perceived conflict of interest.
September 24, 2026
Show AI Summary
Trade truce extension maintains tariff pauses and export-restriction rollbacks while negotiations continue on broader economic commitments.
United States-China trade relations may remain governed by the Busan Agreement through January 10 under a stated two-month extension, though Chinese official confirmation is pending. The arrangement maintains pauses on elevated tariffs and prior rollbacks of restrictions affecting critical minerals and high-technology exports. Negotiations may produce a broader economic package or further continuation of existing terms, while implementation of agreed commitments is under review. The parties have also proposed reciprocal alerts on AI-related hacking incidents involving national-security concerns.
September 24, 2026
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Gold Smuggling Enforcement: Concealed foreign-origin gold recovered from vehicles and a traveller, with arrests under customs law.
Gold-smuggling enforcement involved the seizure of approximately 21 kg of foreign-origin gold in two operations and the arrest of five persons under the Customs Act, 1962. Gold bars were recovered from sophisticated vehicle-chassis cavities, while gold bars and cut pieces were recovered from a passenger's specially designed cotton waist belt. The operations concerned suspected cross-border gold movement and targeted organised smuggling networks using sophisticated concealment methods.
September 24, 2026
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Cross-border gold smuggling enforcement resulted in Customs Act seizures after coordinated recovery of foreign-origin gold from border locations and a passenger.
Cross-border smuggling of foreign-origin gold through the Bangladesh route led to coordinated recoveries and seizures under the Customs Act, 1962. Gold recovered near the India-Bangladesh border was taken over for customs proceedings, including a seizure under Section 110. Foreign-origin gold concealed by a train passenger was also recovered and seized, with investigation indicating its smuggling from Bangladesh.
September 24, 2026
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BRICS tax cooperation creates standing platforms for international taxation, revenue statistics, professional capacity building and peer learning.
India-led BRICS tax cooperation established standing Working Groups on International Taxation and Transfer Pricing and Revenue Statistics, providing institutional platforms extending beyond individual Chairships. It also institutionalised an annual Young Tax Professionals Capacity Building Programme, launched the BRICS Tax Cross-Learning Lab for peer learning on client-centric administration and human-resources practices, and approved the Terms of Reference for the BRICS Tax Support Network.
September 24, 2026
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Wildlife trafficking enforcement applies protected-species safeguards to seized Tokay Geckos and enables further statutory action against suspected illegal trade.
Wildlife-trafficking enforcement led to interception of two persons and seizure of 86 live Tokay Geckos under the Wildlife (Protection) Act, 1972. Tokay Geckos receive Schedule I protection under that legislation and are listed in Appendix II of CITES, regulating international trade. The persons and recovered geckos were transferred to the Mariani Range Forest Office for further action.

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Conference on “Financing India’s Journey towards Viksit Bharat” concludes in New Delhi

September 21, 2026

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Day One focused on macroeconomic priorities, savings, investment and fiscal resilience; Day Two focused on agricultural transformation, energy transition and included short sessions on role of technology, banking and aspects of measuring GSDP

The Conference on “Financing India’s Journey towards Viksit Bharat” with Finance Ministers and Finance Secretaries of States and Union Territories with Legislature, experts from academia, industry, banking and policymaking, concluded in New Delhi, today. The conference witnessed series of deliberations across two days on India’s financing requirements and pathways for sustained, inclusive and broad-based growth.

The two-day conference was attended by the Union Minister for Finance & Corporate Affairs and had the Chief Ministers of Assam, Delhi, Goa, Haryana, Jammu & Kashmir, Keralam, Manipur, Meghalaya, Nagaland; Deputy Chief Ministers of Arunachal Pradesh, Bihar, and Odisha; and Finance Ministers of Andhra Pradesh, Assam, Gujarat, Himachal Pradesh, Jharkhand, Maharashtra, Tamil Nadu, Tripura, UP, Uttarakhand, and West Bengal, besides senior officers of States and Ministry of Finance in attendance.

DAY ONE

On day one, Smt. Anuradha Thakur, Secretary, Department of Economic Affairs (DEA) Ministry of Finance, welcomed the participants and set out the context in the inaugural session.

Smt. Thakur highlighted that this first-of-its-kind Conference adopts a longer-term and broader canvas, bringing together issues related to public & private finance, assembling experts from academia, industry, banking and policymaking States shared their perspectives and underscored that the journey towards Viksit Bharat rests on deep complementarities and multi-tiered partnership between the Union & the States. She mentioned that macroeconomic stability and fiscal prudence have received global recognition, including four sovereign rating upgrades by major international rating agencies over the past 16–17 months, with JCR recently upgrading India by one notch from BBB+ to A-.

The DEA Secretary emphasised that the scale of transformation to attain Viksit Bharat could not be met by Government Budgets alone. Private-sector financing, innovative financing mechanisms and stronger cooperation across levels of government will play a critical role.

She informed the gathering that working groups, with participation from States, will take forward the thematic deliberations and identify sectoral financing requirements and actionable recommendations.

Shri Sudhir Shrivastava, former Additional Chief Secretary, Government of Maharashtra, made a presentation on States’ Financing Perspective in the inaugural session.

In his Keynote Address, Shri N.K. Singh, President and Life Trustee, Institute of Economic Growth, and Chairman, 15th Finance Commission (XVFC), highlighted India’s strong macroeconomic foundation, and noted the 7.8 per cent GDP growth in Q1 of FY 2026–27 and the recent upgrade by Japan Credit Rating Agency from BBB+ to A-.

He emphasised that India’s gross domestic savings rate, currently around 34 per cent of GDP, needs to rise towards 38–40 per cent to sustain the 7–8 per cent growth required for Viksit Bharat. On fiscal sustainability, Shri Singh advocated State-wise debt sustainability assessments, and stressed greater fiscal transparency, including accounting for off-budget borrowings, guarantees, arrears and borrowings through State-owned entities. On revenue mobilisation, he observed that the larger opportunity lies in leveraging information rather than merely increasing tax rates. AI and machine learning, combined with existing tax databases, can help identify compliance gaps, broaden the effective tax base and improve revenue mobilisation. Shri Singh stressed the need to move from public finance to private capital, with public resources playing a catalytic role. He also emphasised predictable rules, enforceable contracts, faster dispute resolution and stronger investment treaties to facilitate domestic and foreign investment. On factor-market reforms, Shri Singh identified capital, labour and land as critical areas, touched upon our relatively higher cost of capital, emphasised labour productivity through skilling, apprenticeships and stronger university-industry linkages, and urged States to improve land-use efficiency, streamline approvals and strengthen digital land records.

THEMATIC SESSIONS

The first thematic session, “Macroeconomic Overview,” was moderated by Shri Ajay Seth, Chairman, Insurance Regulatory and Development Authority of India. Dr. Sajjid Z. Chinoy, Managing Director and Chief India Economist, J.P. Morgan, and Part-time Member, Prime Minister’s Economic Advisory Council (PM-EAC), delivered the keynote address in this thematic session.

The panel deliberated on three themes: “Enhancing Savings and Investment Rates for Viksit Bharat 2047,” presented by Dr. Samiran Chakraborty, Chief Economist, India, Citibank; “Fiscal Golden Rule at the State Level, Facilitated by Innovative Finance,” addressed by Prof. Ashima Goyal, Professor, Indira Gandhi Institute of Development Research, Mumbai; and “Strengthening Public Finances to Improve Fiscal Resilience and Mobilising Resources,” discussed by Prof. N. R. Bhanumurthy, Director, Madras School of Economics.

A special session featured Shri Uday Kotak, Founder and Non-Executive Director, Kotak Mahindra Bank.

DAY TWO

The second day commenced with as session on “Financing Agriculture Sector Transformation,” moderated by Dr. Devesh Chaturvedi, former Secretary, Department of Agriculture. The keynote address was delivered by Dr. Harsh Kumar Bhanwala, Public Interest Director and Chairman of MCX.

The panel examined “Market Access and Reliable Agricultural Financing,” with Shri Anil Kumar SG, Founder and Non-Executive Chairman, Samunnati; “Issues in Post-Harvest Marketing, Logistic Support, Infrastructure and Food Processing,” with Dr. Shoumitro Chatterjee, Assistant Professor, Johns Hopkins University, USA; and “Experience of IFAD on Financial Instruments that Could Be Scaled Up or Need to Be Explored in the Context of Agriculture Transformation,” with Dr. Marc De Sousa Shield, Country Director and Head, South Asia Hub, International Fund for Agricultural Development (IFAD).

The third thematic session, “Financing the Energy Transition,” was moderated by Shri Alok Kumar, former Secretary, Ministry of Power. Shri Tarun Kapoor, Advisor to the Prime Minister, delivered the keynote address for this session.

The panelists made presentations on “Financing Renewable Energy and Transmission Assets,” with Mr. Harsh Shah, Managing Director, IndiGrid; “Financing of Battery Energy Storage Systems (BESS), Pumped Storage Projects (PSP) and Other Energy Storage Solutions,” with Dr. Praveer Sinha, Managing Director and Chief Executive Officer, Tata Power; and “Financing Carbon Capture, Utilization and Storage (CCUS) and Designing a Carbon Credits Framework to Ensure Primacy for the Country’s NDC Targets,” with Mr. Rahul Kitchlu, Practice Manager and Head of Energy and Mining Sectors, South Asia Region, The World Bank.

All the sessions included experience-sharing by State Governments, providing an opportunity to exchange perspectives on financing priorities and challenges.

SPECIAL SESSIONS

Two special-session presentations addressed emerging dimensions of India’s development journey. Dr. Saurabh Garg, Secretary, Ministry of Statistics and Programme Implementation (MoSPI), presented “Measuring India’s Viksit Bharat Journey: A Gross State Domestic Product (GSDP) Perspective”; and Shri S. Krishnan, Secretary, Ministry of Electronics and Information Technology (MeitY), spoke on “Role of New-Age Technology in India’s Journey Towards Viksit Bharat.”

CONCLUDING SESSION

In his remarks during the concluding session, Dr. V. Anantha Nageswaran, Chief Economic Adviser, Government of India, observed that the Conference had provided a valuable opportunity for the Union and States to move beyond discussions on resource generation and sharing, and deliberate collectively on financing India’s development over the next two decades. He noted that the quality of discussions and the openness with which States shared their perspectives had strongly established the case for holding the Conference annually. He emphasised that while India’s savings base was substantial and would need to grow further, significantly greater participation by private capital would be essential to mobilise the investment required for Viksit Bharat.

He outlined three priorities for States: creating an enabling environment for private investment through the availability of land, power and logistics, supported by effective single-window clearances; improving the quality of investment through robust project-preparation pipelines and credible project reports to facilitate access to domestic and multilateral finance, alongside directing credit towards underserved districts with growth potential; and strengthening States’ own capital expenditure despite fiscal constraints. In this context, he referred to Shri Sudhir Shrivastava’s proposal to raise capital outlay from approximately 2.4 per cent to 3 per cent of GSDP by 2031-32.

Emphasising that “Viksit Bharat depends on Viksit Rajya,” Dr. Nageswaran called for the practices shared by States, ongoing deregulation efforts and expert recommendations to be taken forward and translated into partnerships with clear responsibilities and timelines. He concluded by underscoring the dual imperative before India: sustaining the long-term development journey towards 2047 while accelerating resource mobilisation over the next five years, when global financing opportunities remain available.

Shri Challa Sreenivasulu Setty, Chairman, State Bank of India, addressed the topic of “Sources of Finance from Banking Sector”, in the concluding session of the two-day conference.

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