Rule 218 prescribes deadlines and modes for depositing TDS, TCS, and tax payable under section 392(2)(a). Government offices follow separate same-day or monthly deposit requirements, while other deductors and collectors must meet March and monthly deadlines. Specified deductions may be deposited through a challan-cum-statement within 30 days with Form No. 141. Government offices depositing without challans must furnish Form No. 137, communicate the Book Identification Number, and obtain an Account Office Identification Number. Challan and challan-cum-statement payments may be subject to electronic remittance requirements.

Credit Valuation Adjustment framework revisions align CVA capital treatment with final Basel III standards. Eligible banks may use the full or reduced basic approach, while banks with an insignificant volume of non-centrally cleared derivatives may calculate their CVA capital charge at 100 per cent of the counterparty credit risk capital charge. The draft also clarifies CVA hedge recognition, introduces risk weights sensitive to sector and credit quality, and separates systematic and idiosyncratic CVA risk in the full basic approach.

Proposed amendments to the leverage ratio framework would revise Chapter VII of the 2025 Commercial Banks Prudential Norms on Capital Adequacy Directions to implement the Basel Committee's Leverage Ratio 2017 Standard. Public comments and feedback on the draft Eleventh Amendment Directions, 2026, are invited until August 28, 2026, through the designated online platform, postal submission, or email.

BHAVYA Scheme Phase-I proposals submitted by State and Union Territory governments will be evaluated and scored under prescribed eligibility and evaluation criteria. Challenge-based project selection considers connectivity and site suitability, quality of core, value-added and social infrastructure in the detailed project report, and the industrial ecosystem and policy enablers. The Scheme guidelines provide for completion of the first-phase selection process within one year from notification.

BRICS ministers adopted measures supporting a development-centred multilateral trading system with the World Trade Organization at its core, preservation of Special and Differential Treatment, binding two-tier dispute settlement, and developing economies' policy space for food security and public stockholding. MSME measures include study of an invoice discounting mechanism and credit-assessment principles focused on cash flow rather than collateral. Value-chain measures provide for a GVC Action Plan, technical cooperation, Special Economic Zone cooperation and digitised trade documents, alongside principles for trusted cross-border digitally delivered services.

Government e-Marketplace digitises public procurement through a unified platform promoting transparency, efficiency, good governance and wider supplier participation. Seller-facing measures include reduced transaction charges, exemption of smaller orders, a cap on maximum transaction fees and reduced vendor assessment fees. The platform uses Artificial Intelligence and Machine Learning tools to identify suspected cartelisation, collusion and order splitting, while its digital transactional trail supports expenditure monitoring, identification of inefficiencies and evidence-based policy interventions.

The Government amended the earlier order constituting the Authority for Advance Ruling under the Telangana Goods and Services Tax framework. Sri Sahil Imaandar, Additional Commissioner, Ranga Reddy GST Commissionerate, Hyderabad Zone, was appointed as a Member in place of Sri B. Raghu Kiran. The Committee is to function from the office of the Commissioner of State Tax, Telangana, Hyderabad, with necessary implementation action assigned to the Commissioner of Commercial Taxes.

Criminal justice reports cover bail and an expedited trial in an assault prosecution, arrest for allegedly sheltering an accused, allegations of rape and murder of a minor, and claimed irregularities in a police recruitment examination. Regulatory developments include a ban on extremist literature associated with proscribed organisations and judicial disapproval of coercive demolition. Administrative coverage includes farmer loan-waiver transfers following Aadhaar authentication and debate over the E20 fuel-blending programme.

Deduction for credit facilities provided by a co-operative society may extend to nominal or associate members if they are valid members under the applicable State co-operative law and the society's bye-laws. The exclusion for co-operative banks applies only to licensed entities conducting banking business with the public. Interest or dividend from investments with co-operative societies may qualify for the specific deduction, subject to verification of the investment's nature and source. Where bank-interest income is assessed under income from other sources, permissible expenditure must be considered. The deduction and expense claims require factual verification under these principles.

An erratum issued under the Telangana Goods and Services Tax Act, 2017 and the corresponding Rules corrects an entry in G.O. Rt. No. 246 dated 19 July 2022. Against item No. (2), the name "Sri Sahil Imaandar" is substituted with "Sri Sahil Inamdar."

India's foreign exchange reserves increased during the week ended July 31, principally because of higher foreign currency assets and gold reserves. Foreign currency assets include US dollar valuation effects arising from movements in currencies such as the euro, pound and yen. Special Drawing Rights and India's reserve position with the International Monetary Fund also increased. The movement followed measures to attract foreign exchange inflows, including an FCNR(B) measure, after earlier reserve declines associated with rupee pressure and dollar sales for foreign exchange market intervention.

Sugarcane purchased predominantly from non-members and gate-cane suppliers is treated as a commercial transaction rather than additional cane price paid to member-growers under the statutory price regime. Deductibility of expenditure exceeding the Fair and Remunerative Price depends on whether the purchase price was commercially expedient and competitive in the local market. Comparable prices paid by nearby sugar factories may support the claim, subject to verification that the stated comparable price was accepted. If that verification confirms competitiveness, the full sugarcane purchase expenditure is allowable as business expenditure.

Higher-rate TDS for non-residents without PAN is inapplicable where prescribed information and documents are furnished to the deductor. The relaxation covers interest, royalty, fees for technical services, dividends, and payments on transfer of capital assets. Required particulars include contact and overseas address details, a Tax Residency Certificate where available under residence-jurisdiction law, and a Tax Identification Number or government-issued unique identification number. The higher-rate mechanism is also inapplicable where the non-resident is not required to obtain PAN.

Assignment of proper-officer functions under the Telangana Goods and Services Tax Act, 2017 is made to the Deputy Commissioner (STU-1), Abids Division, for specified taxpayers. The functions include assessment under section 73 and scrutiny of returns under section 61 for the identified financial years, including issuance relating to GSTR-9 and ASMT-10. Assessments must be undertaken only through the Scrutiny Module following the prescribed procedure under the TGST and CGST Acts, 2017.

The Telangana One Time Settlement Scheme, 2022 for disputed tax under legacy Acts is extended. Applications may be made up to 30 November 2022, arrears may be scrutinised and intimated up to 15 December 2022, and settlement letters with agreed payment may be submitted up to 31 December 2022. Payable amounts may be discharged in four equal interest-free monthly instalments. Existing applicants who have not paid the first instalment or applicable lump-sum amount may pay by 31 December 2022.

Interconnected acts of supplying inferior timber, procuring false inspection certificates and submitting multiple bills under one contract may form a single cheating charge where they further one conspiracy and criminal object; separate charges are not required merely because payments arose from individual bills. Partners may be charged where bills were submitted for the firm in furtherance of the common conspiracy. A corruption charge is not invalid solely because the prosecution sanction does not expressly allege personal pecuniary gain, as the factual basis for gain may be proved at trial. A court trying conspiracy may also try cheating and abetment committed pursuant to that conspiracy outside its territorial jurisdiction.

Rule 216 governs applications for allotment of a Tax Deduction and Collection Account Number (TAN). Government entities must apply in Form No. 134, while all other applicants must use Form No. 135. Applications must be made before tax is deducted or collected; where no prior application has been made, an application is required within 30 days from the end of the relevant month. Supporting documents must establish identity, address, and date of birth or incorporation, as applicable.

The farm loan waiver scheme covers eligible short-term crop loans within the prescribed ceiling and eligibility period. Waiver amounts are credited to verified bank accounts after field verification and completion of Aadhaar authentication. Aadhaar authentication is the operative condition for automatic processing of benefits, while eligibility rules and technical conditions have raised concerns about exclusion of distressed farmers.

Interest Subvention Support under the Export Promotion Mission-Niryat Protsahan is transitioned from RBI to EXIM Bank as implementing agency from 1 April 2026. EXIM Bank will manage operationalisation, portal workflows, verification and claim settlement. Lending institutions must pass subvention benefits upfront to eligible MSME exporters and submit externally audited reimbursement claims to EXIM Bank. EXIM Bank will verify IEC-specific annual ceilings, process monthly reimbursements and submit consolidated fund claims. Supplementary or additional claims for the January-March 2026 quarter will continue to be processed by RBI.

Reassessment based on intelligence regarding alleged bank-fund diversion through letters of credit may be valid where fresh tangible material supports a prima facie belief of escaped income, statutory notices communicate the reasons, objections are considered, and approval is obtained within the prescribed period. However, expenditure funded by banks directly paying vendors upon encashment of letters of credit cannot be treated as unexplained merely because purchases are alleged to be bogus or funds diverted. The addition under the unexplained-expenditure provision and consequential special-rate taxation therefore fail where the source is admitted or established. A consequential natural-justice challenge requires no separate determination once reassessment initiation is upheld.